The International Monetary Fund (IMF) said on Tuesday that it expects some slowdown in India’s economy over the next financial year and projected growth of 6.1% from 6.8% in the current fiscal year ending March 31.

“Our growth projections for India are actually unchanged from our October outlook. We have 6.8% growth for the current fiscal year, which extends to March, and then we expect some slowdown to 6.1% for FY2023. And that is largely due to external factors,” Pierre-Olivier Gourinchas, Chief Economist and Director, IMF Research Department, told reporters here.

“Growth in India is expected to decline from 6.8% in 2022 to 6.1% in 2023 before picking up to 6.8% in 2024, with resilient domestic demand despite external headwinds,” the update said. IMF World Economic Outlook.

“Another relevant point here is if we look at China and India together, they’re about 50% of global growth in 2023. So a very significant contribution,” he said.

“I want to say that we had a positive view of India in our October forecast. That positive view is largely unchanged,” Gourinchas said in response to a question.

In a blog post, he wrote that India remains a bright spot. Together with China, it will account for half of global growth this year, compared to only a tenth for the United States and the euro zone combined, he added. PTI