The International Monetary Fund (IMF) on Tuesday projected India’s growth to be 6.1 percent in 2023 from 6.8 percent in 2022, though the country will remain the fastest-growing large economy in 2023 and 2024. On Tuesday, the IMF released the January update to its World Economic Outlook, in which global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, before rising to 3.1 percent in 2024. In its note, the IMF said: “Growth in India is set to decline from 6.8 percent in 2022 to 6.1 percent in 2023 before picking up to 6.8 percent in 2024, with resilient domestic demand despite external headwinds.” , According to the report, growth in emerging and developing Asia is expected to rise in 2023 and 2024 to 5.3 percent and 5.2 percent, respectively, after the deeper-than-expected slowdown in 2022 to 4.3 percent attributable to China’s economy. “Our growth projections,” actually for India, “have not changed from our October outlook.” We have 6.8 percent growth for this current fiscal year, which runs until March, and then we’re expecting some slowdown to 6.1 percent in fiscal year 2023. “And that is largely driven by external factors,” Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department, IMF, told reporters here. According to the update, growth in China is projected to rise to 5.2 percent in 2023, reflecting rapidly improving mobility, and to fall to 4.5 percent in 2024 before settling at below 4 percent over the medium term amid declining business dynamism and slow progress on structural reforms. “Overall, I want to point out that, on the whole, emerging market economies and developing economies appear to be already on their way up,” said the Chief Econo-, Mist, and Director. “We have a slight increase in growth for the region from 3.9 percent in 2022 to 4 percent in 2023.” The January update also said growth in the ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) is similarly projected to slow to 4.3 percent in 2023 and then pick up to 4.7 percent in 2024. “Another relevant point here is that if we look at both China and India together, they will account for about 50 percent of world growth in 2023.” “So a very significant contribution,” Olivier Gourinchas said.