IMF raises India's GDP forecast to 7% for 2024-25

Debashis Dhara, a vegetable vendor, speaks on his mobile phone at a retail market area in Kolkata, India, March 22, 2022. Picture taken March 22, 2022. REUTERS

The International Monetary Fund on Tuesday raised India's growth forecast for 2024-25 to 7% from 6.8% on the back of improving private consumption, particularly in rural India.

The IMF left unchanged its estimate for a 6.5% growth in Asia's third largest economy's gross domestic product in the 2025-26 financial year, it said in the World Economic Outlook.

The IMF had raised its forecast for India's GDP growth to 6.8% from 6.5% in April.