India To Grow 7.3% This Year

United Nations: India will retain its record as the world’s fastest-growing major economy, expanding at a rate of 7.3 per cent this fiscal year despite a cut of 0.2 per cent from the projection made in January, according to the International Monetary Fund (IMF)’s World Economic Outlook report released on Tuesday. This is Gita Gopinath’s first flagship report after she took over this year as the IMF’s chief economist. The outlook report said that India’s growth is “supported by the continued recovery of investment and robust consumption amid a more expansionary stance of monetary policy and some expected impetus from fiscal policy”. Even though the IMF cut the growth projection for this year by 0.2 per cent from the 7.5 per cent made in January, it is higher than last year’s growth of 7.1 per cent and is projected to increase to 7.5 per cent next year, though lower than the earlier 7.7 projection. (IANS)

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