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The International Monetary Fund has slashed India’s growth forecast for the fiscal year 2016-17 and 2017-18, following sluggish recovery in domestic investment. Businesses in the South Asian economy have been held back on plans of further expansion.
The global multi-lateral lender cut its expansion forecast for India by 0.1 percentage point to 7.4 percent from 7.5 percent in 2016 and 2017. However, it retained its tag of the world’s fastest-growing major economy.
"In India, economic activity remains buoyant, but the growth forecast for 2016-17 was trimmed slightly, reflecting a more sluggish investment recovery," the IMF said in its latest update of the World Economic Outlook (WEO).
Further, the Asian Development Bank (ADB) said on Monday that the Indian economy has overcome the global headwinds and is on track to meet its projected growth target of 7.4 percent in 2016-17, supported by brisk consumer spending and an uptick in the rural economy, reports said. The Indian economy grew 7.6 percent during fiscal year 2015-16.
"Brexit has thrown a spanner in the works," said Maury Obstfeld, Chief Economist, IMF.
Meanwhile, the IMF has predicted the world economy to grow at 3.1 percent in 2016 as compared with 3.2 percent estimated in the April WEO, with Brexit being largely responsible for the reduction in forecasts.
