The country’s digital public infrastructure and  the government’s  strong  infrastructure program will continue to  support  growth, the IMF said. 

  The Indian  economy is  expected  to grow at 6.3% in the current  and next  fiscal  years,  the International Monetary Fund (IMF) said  on  Monday, supported by  financial and  macroeconomic  stability. 

 The  IMF said in its Article IV consultation report, which  assesses  a  country’s  current and medium-term economic  prospects, the country’s digital public infrastructure and the government’s robust infrastructure program. The government will continue to support growth.  

 “India has  even higher  growth potential,  with greater contributions from labor and human capital, if comprehensive reforms are implemented,” the IMF said. 

The  IMF’s  growth  forecast  for the current  fiscal  year, ending March 31, 2024, is lower than the  Reserve Bank of  India’s (RBI) forecast of 7%. “Overall  inflation is expected to gradually  ease towards  the target  level,  although it remains volatile due to  the  food price  shock,”  the IMF said. 

 Volatility in  food prices pushed  retail inflation to 5.55% in November from 4.87% the previous month.  Although  this  figure is  within the  RBI’s allowable range  of  2-6%,  it  is still higher than  the target of 4%. 

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