India is not going to become the world's super boss just like that, China got a big blow

According to the IMF report, the growth rate in India is estimated to be 6.3 percent in both 2023 and 2024. In this way, IMF has increased its forecast for 2023 by 0.2 percent. This has been done due to stronger than expected consumption during April-June.

On one hand, the economic growth estimates of big countries around the world are being reduced. On the other hand, India's growth estimates are continuously increasing. After the World Bank, now the IMF i.e. International Monetary Fund has increased India's economic growth. On the other hand, China's economic growth has declined. Talking about the figures, IMF has increased India's GDP growth forecast for 2023-24 by a slight 0.2 percent to 6.3 percent. On the other hand, IMF has reduced the global economic growth to three percent. China, the world's second largest economy, has been dealt a major blow by reducing its growth estimates.

IMF gave a blow to China

IMF had said in July that India's growth rate for 2023-24 could be 6.1 percent. This figure was less than the Reserve Bank of India's estimate of 6.5 percent during this period. In the IMF's World Economic Outlook on Tuesday, China's growth forecast has been reduced by 0.2 percent for 2023 and 0.3 percent for 2024, to 10 percent and 4.2 percent respectively. In this way, India's growth rate for the current financial year is expected to be higher than China.

Growth may remain at 6.3 percent in two consecutive years

According to the IMF report, the growth rate in India is estimated to be 6.3 percent in both 2023 and 2024. In this way, IMF has increased its forecast for 2023 by 0.2 percent. This has been done due to stronger than expected consumption during April-June. IMF said that according to monetary policy projections, the Reserve Bank of India can achieve the inflation target in the medium term.

Import of Russian oil up to 40 percent

The government has entrusted the responsibility of keeping inflation at four percent level to RBI, which can fluctuate by two percent upwards and downwards. The IMF said that India imported 35 to 40 percent of crude oil from Russia during April-June, 2023, whereas before the Ukraine war this figure was less than five percent. Also, India has significantly increased its oil exports to the European Union.