India to Be Fastest-Growing Economy in Next Fiscal at 11.5%: IMF

The report, however, expected the gross domestic product to dip to 6.8 percent in 2022-23 fiscal year.

The International Monetary Fund (IMF) projects India's economy to bounce back by 11.5 percent in the next financial year, making it the fastest-growing major economy and attributed it to the effect of easing of lockdown measures last year.

The World Economic Outlook (WEO) Update released in Washington last week increased the forecast by 2.7 percent from its earlier forecast made in October last year, "reflecting carryover from a stronger-than-expected recovery in 2020 after lockdowns were eased".

The report, however, expected the gross domestic product (GDP) to dip in 2022-23 fiscal year to 6.8 percent.