New Delhi, Oct 4: The Intertiol Monetary Fund (IMF) has raised India’s growth forecast by 0.2 percentage points to 7.6 per cent for 2016-17 and 2017-18, citing recovery on account of “effective policy actions”.
“Growth in emerging Asia, and especially India, continues to be resilient. India’s gross domestic product is projected to expand 7.6 per cent this year and next, the fastest pace among the world’s major economies,” IMF said in its latest “Global Economic Outlook” report released on Tuesday.
The Fund had predicted 7.4 per cent growth in its July report.
“India’s economy continued to recover strongly, benefiting from a large improvement in the terms of trade, effective policy actions, and stronger exterl buffers, which have helped boost sentiment,” it said.
Stating that important policy actions towards the implementation of the goods and services tax (GST) have been taken, it pointed out that this will augur well for investment and growth. (IANS)