International Monetary Fund (IMF) has projected India’s economic growth rate to be 11.5 percent in 2021. India is the only country in the large economies among the Coronavirus epidemic (Covid-19) whose economic growth rate will be in the double digits this year.
The IMF has forecast growth in its latest world economic scenario released on 26 January 2021. This explains the rapid revival in the economy. In the year 2020, due to the epidemic, it is estimated to fall by eight per cent.
The Indian economy is expected to recover significantly in FY 2021. The International Monetary Fund (IMF) has shown this in its latest World Economic Outlook report. For the financial year 2021, India’s economy is expected to grow at the fastest pace of 11.5 per cent. In this way, India can become the fastest growing country in the year 2021.
The IMF had earlier projected 8.8 per cent growth rate for FY 2021 in its report released in October. At the same time, the IMF has projected India’s GDP growth to be (-) 8 per cent for FY 2020.
Earlier, the IMF had projected GDP growth rate of (-) 10.3 per cent for FY 2020. At the same time, IMF has predicted 6.8 percent growth in India’s GDP for the financial year 2022.
The IMF revised the figures saying that the Indian economy is projected to decline by eight per cent in 2020. China is the only major country whose growth rate is estimated to be positive 2.3 per cent in 2020.
According to the Monetary Fund, in 2022, India’s economic growth rate is expected to be 6.8 per cent and China will be 5.6 percent. With this latest estimate, India has regained the status of a developing country with rapid economic growth.