The International Monetary Fund, in its latest World Economic Outlook report on Tuesday has revised India's economic growth forecast for the ongoing financial year FY22 to 9%. IMF forecasted India's real GDP growth at 9.5% in October 2021 and has downgraded it by 0.5 percentage points on the possible impact of the Omicron variant of Covid-19 on mobility restrictions and business activities. Besides, IMF has upgraded India's growth figures for FY23 and FY24 by 0.5 percentage points each, to 9% and 7.1%, respectively, compared to its October forecast. India's prospects for 2023 are marked up on expected improvements to credit growthand, subsequently, investment and consumptionbuilding on better-than-anticipated performance of the financial sector, IMF stated.
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