IMF growth rate cut to India 4.8% follows blatant forecast by Congress's P Chidambaram; Deets inside -

New Delhi, January 21: It was world economic slowdown India thought was affecting its economy but the case here seems totally different. Drastically slashing India’s growth estimate to 4.8 per cent for the current fiscal year, the International Monetary Fund blamed its economic slowdown for a lion’s share of its cut of 0.1 per cent to global growth projections.

 

A day after the IMF Chief Economist did so, Congress's P Chidambaram who recently returned from Tihar jail on account of frauds in INX media case, flagrantly noted that the IMF predictions were a reality check in 2019-20 growth and that the rate were to slip down a more.

 

 

"IMF Chief Economist Gita Gopinath was one of the first to denounce demonetisation. I suppose we must prepare ourselves for an attack by government ministers on the IMF and Dr Gita Gopinath", he tweeted, who was actively criticised Indian economy on social media even as he was in prison for three months. 

The International Monetary Fund’s World Economic Outlook cut the global economic growth projections made in October by 0.1 per cent for last year to 2.9 per cent and to 3.3 per cent for the current year. “A more subdued growth forecast for India accounts for the lion’s share of the downward revisions,” the IMF said.

 

The slashing of India’s growth projections follow downward trend from 7.5 per cent at this time last year to 6.1 per cent last October. The WEO Update released in Davos, where the World Economic Forum is meeting, further indicated that India may be turning around after what it had said was one of the negative surprises.

 

In the next fiscal year, India’s growth rate is expected to increase by 1 per cent to 5.8 per cent and to 6.5 in 2021-22. Despite the cuts for India, it is the second-fastest growing major economy in the world after China this year and the next, and it is expected to overtake China in 2021.