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Indian economy to contract by 4.5% this fiscal: IMF
25 Jun '20
1 min read
Pic: Shutterstock
The International Monetary Fund (IMF) recently cut its projection for India’s growth, estimating that the Indian economy will contract this fiscal by 4.5 per cent following a longer period of lockdown and slower recovery than anticipated in April, but will smartly bounce back during the next fiscal. It released its latest update to the World Economic Outlook.
The Outlook released in April projected that India will grow by 1.9 per cent during the current fiscal.
IMF also expects better days ahead. It projects growth of 6 per cent during the next fiscal. However, it is 1.4 percentage points lower than the April outlook. Taking note of liquidity support under the Atmanirbhar Bharat package, it feels that various sectors will gain from that.
“India has unveiled liquidity support (4.5 per cent of GDP) through loans and guarantees for businesses and farmers and equity injections into financial institutions and the electricity sector,” the report said.
The Outlook released in April projected that India will grow by 1.9 per cent during the current fiscal.
IMF also expects better days ahead. It projects growth of 6 per cent during the next fiscal. However, it is 1.4 percentage points lower than the April outlook. Taking note of liquidity support under the Atmanirbhar Bharat package, it feels that various sectors will gain from that.
“India has unveiled liquidity support (4.5 per cent of GDP) through loans and guarantees for businesses and farmers and equity injections into financial institutions and the electricity sector,” the report said.
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