The International Monetary Fund – IMF has slashed the forecast of India’s growth rate to 6.8 percent. With this one has prepared to face worst days in the near future.
The International Monetary Fund – IMF has slashed forecast of India’s growth rate for the financial year 2022-23 to 6.8 percent.
According to the IMF apart from India the slash of growth forecast to other countries was attributed to political instability across the world including Russia-Ukrain war, high inflation and the implications of Covid pandemic. But there are apprehensions on the negative impact of this growth rate in country like India which has political stability. The forecast of India’s growth rate in 2021-22 is 8.7 percent, in January 2022 it is 8.2, in July it is projected at 7.4 percent and now with the IMF’s cautious approach, the forecast of India’s growth rate slashed to 6.8 percent. This numbers themselves showed whether India is moving forward or back tracking.
But BJP leaders will play in defense mode by saying that there is no exemption to India with the entire world has been suffering under economic slowdown. The opposition parties commenting that don’t expect improved economic conditions in a country where the finance minister is asking the people to compare the down fall of rupee with the US dollar.
It is not new to the Indian citizens in overcoming the tough situations. They faced the Covid pandemic with courage and determination. Though, the BJP-ruled Central government has claimed that it supplied food grains like rice and wheat to the people through rations shops free of cost, the situation comes to normal with the people risking their lives in search of jobs and perform their duties without fail.
But the caution by the IMF has been forecasting the worst days in the near future.
