IMF cuts India's GDP projection to 6.8% in 2022-23

New Delhi: The International Monetary Fund (IMF) on Tuesday slashed India's economic growth projection in 2022-23 to 6.8 per cent.

Earlier, in July, it had projected a growth of 7.4 per cent for India in the current financial year.

Reasons like contraction in US economy in the first half of 2022, a fall in Euro, lockdowns in China and continued Coronavirus outbreaks, have been listed by IMF for trimming India's growth projection.

In 2021-22, India's economic growth was 8.7 per cent.

"The global economy continues to face steep challenges, shaped by the lingering effects of three powerful forces - the Russian invasion of Ukraine, a cost-of-living crisis caused by persistent and broadening inflation pressures, and the slowdown in China," said Pierre-Olivier Gourinchas, Economic Counsellor and IMF Director of Research.