Bengaluru: The International Monetary Fund has revised its growth forecast for India for the financial year 2021-22 to 11.5% which is 270 bps higher than the October forecast.

According to the IMF, the upward revision in India's FY 2022 forecast reflects carryover from a stronger-than-expected recovery in FY 2021. In FY 2023, the economy will likely grow by 6.8 per cent.

Going by the latest World Economic Outlook Update released on Tuesday, India is set to emerge as the only key country to record double-digit growth and reclaim the status of the world’s fastest-growing major economy. 

The IMF stated that India's real gross domestic product shrank as much as 8 per cent in FY21 due to the Covid-19 pandemic. 

The IMF projection comes a week after the global body's chief Kristalina Georgieva hailed India for its "very decisive" steps to deal with the coronavirus pandemic and its economic consequences.

"What the government has done on the monetary policy and the fiscal policy side is commendable. It is actually slightly above the average for emerging markets. Emerging markets on average have provided six per cent of the GDP. In India, this is slightly above that. Good for India is that there is still space to do more. If you can do more, please do," Georgieva had said.