International Monetary Fund projected India to be the only major economy which will see growth in double digits in the next fiscal year. Updating its World Economic Outlook, IMF increased the projection for India's growth in FY 22 at 11.5% from 8.8%. It also revisioned India's growth in this fiscal year at -8% from -10.3%.
"Notable revisions to the forecast include the one for India (2.7 percentage points for 2021 [FY2022]), reflecting carryover from a stronger-than-expected recovery in 2020 after lockdowns were eased," the IMF said.
Policy support and vaccines are expected to lift the economic activities across the world, the IMF said in its World Economic Outlook. The global economic growth for the fiscal year 2021 is projected at 5.5% and 4.2% in 2022.