The IMF updates its FY24 GDP growth prediction for India to 6.3%.

According to the International Monetary Fund's October 2023 World Economic Outlook (WEO) report, which was published on Tuesday, the country of India's economic growth for the current fiscal year has been increased from 6.1% to 6.3%.

The international lender anticipates that retail inflation in the South Asian country would increase to 5.5% in 2023–2024 before declining to 4.6% in 2024–2025.

"Growth in India is projected to remain strong, at 6.3% in both 2023 and 2024, with an upward revision of 0.2 percentage points for 2023, reflecting stronger-than-expected consumption during April-June," according to the International Monetary Fund.

The Reserve Bank of India expects GDP growth to be 6.5% this fiscal year, with consumer price index (CPI)-based inflation coming in at 5.4%.

The IMF stated that projections for monetary policy are consistent with meeting the inflation target set by the Indian central bank over the medium term.

The IMF also predicted that in FY24 and FY25, the country's current account deficit would stay at 1.8% of GDP.

In spite of what it called the "remarkable strength" of the U.S. economy, the IMF lowered its growth projections for China and the euro area and claimed that overall global growth remained low and uneven.

The IMF decreased its 2024 projection by 0.1 percentage point to 2.9% from its July forecast, but kept its forecast for global real GDP growth in 2023 steady at 3.0% in its most recent WEO.