IMF cuts India's growth forecast to 5.9 percent

NEW DELHI, April 11 (Xinhua) -- The International Monetary Fund (IMF) on Tuesday cut India's gross domestic product (GDP) growth forecast for the financial year 2023-24 (April 2023-March 2024) by 20 basis points to 5.9 percent.

The IMF's latest forecast is lower than the country's central bank Reserve Bank of India's (RBI) GDP projection of nearly 6.4 percent during the financial year 2023-24.

In its World Economic Outlook report, the IMF also lowered India's GDP forecast for the financial year 2024-25 to 6.3 percent from 6.8 percent it had predicted in January this year.