IMF predicts India to grow at 7.3% in 2018, 7.4% in 2019

The International Monetary Fund forecasted a growth rate of 7.3% in the year 2018 and that of 7.4% in 2019 on the lines of increasing oil prices and tightening of global financial conditions. The international organization said that India's growth has rebounded from "transitory shocks" such as the demonetization of high-value currency notes and the introduction of the Goods and Services Tax. The IMF called for reforms in labor and land markets in the country, as well as improving the business climate. It also suggested that Government intervention in the foreign exchange market should be limited to addressing disorderly market conditions. Inflation is expected to rise because of the narrow gap in output and effects of exchange rate depreciation.

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