IMF revises India growth forecast, sees GDP shrinking at sharper 8% in FY21

Expects economy to grow 11.5% next year, which could slightly correct govt's fiscal mathematics

The International Monetary Fund (IMF) has pegged contraction in India's economy at 8 per cent in the current financial year, higher than the 7.7-per cent decline projected by the government's advance estimates. However, the international organisation expects a growth rate of 11.5 per cent in the next financial year before slowing to 6.8 per cent in 2022-23, making India regain the tag of the fastest-growing large economy in the world in both the years.

In the World Economic Outlook released on Tuesday, the IMF said the second-quarter (Q2) gross domestic product numbers for India surprised it on the upside. India’s economy