IMF downgrades India’s growth forecast from 6.1% to 5.9%
By MYBRANDBOOK
The International Monetary Fund has downgraded its growth forecast for the Indian economy from 6.1% to 5.9% for the current fiscal 2023-24, mainly because of the slow domestic consumption and data revision. Krishna Srinivasan, director of the Asia and Pacific Department, IMF, said that the revisions to India’s growth have been very modest and probably reflects two factors.
Srinivasan said, “One is that domestic consumption growth is starting to slow, albeit modestly. The other factor is data revisions in 2019 to 2020, which suggests the economic position of India before the pandemic was better. The impact of the pandemic was more limited than we thought, and recovery has been stronger.nThat explains how we see the revisions to the forecast. Now, in terms of what are the risks, again, the external risks, which are the same across the region in terms of what happens to partner country growth with slowing growth in the US and Europe. All these are factors which are external risks to the growth forecast.”
All those point to the fact that output gaps are closing, he remarked at a news conference in Washington.
Srinivasan said that domestically, the government is placing a lot of emphasis on capital spending and that if it comes below what is expected, that could also weigh on growth prediction.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
PRAMA HIKVISION INDIA PRIVATE LIMITED
MICROTEK INTERNATIONAL PVT. LTD.
MATRIX COMSEC PVT. LTD.
VEHERE INTERACTIVE PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : VIJAY SHEKHAR SHARMA
Vijay Shekhar Sharma is an Indian technology entrepreneur and multimil...
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
ICONS OF INDIA : SANJAY GUPTA
Sanjay Gupta is the Country Head and Vice President of Google India an...
PARTNER SPEAKERS
PSU
DRDO - Defence Research and Development Organisation
DRDO responsible for the development of technology for use by the mili...
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
