Why in news?
The International Monetary Fund (IMF) on 20th January, lowered India’s economic growth estimate for the current fiscal to 4.8%
Reasons for slowdown.
Decline in rural demand growth and an overall credit sluggishness for the lowering of India forecasts
- The International Monetary Fund (IMF), is an international organization headquartered in Washington, D.C.
- Formed in 1944 at the Bretton Woods Conference. Formally came into existence in 27 December 1945
- It now plays a central role in the management of balance of payments difficulties and international financial crises
- Membership of IMF consisting of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world