IMF trims India growth forecast for current financial year to 6.7 %

According to the latest World Economic Outlook, the International Monetary Fund (IMF) has trimmed India’s growth forecast for 6.7% from its earlier estimate of 7.2% for the financial Year 2017-18. It cited the lingering impact of demonetization and transition cost to the Goods & Services Tax (GST) For the slowdown. India is expected to regain the fastest growing major economy tag next year when it is forecast to grow 7.4%, slower than earlier estimate of 7.7% but higher than China's 6.5%. Earlier this month, RBI lowered its growth forecast for 2017-18 to 6.7% from 7.3%.