Indian Prime Minister Narendra Modi. PHOTO: AFP/FILE
In a wide-ranging report on Asia's third-biggest economy, the IMF forecast GDP growth for the fiscal year 2018-2019 at 7.3 per cent before rising to 7.5 per cent the following year.
The IMF said India was facing a "broadly positive outlook" thanks to "strengthening investment and robust private consumption".
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India's growth expanded to 7.7 per cent for the quarter from January to March, the highest for seven quarters according to Bloomberg News, as it started to recover from a rocky start to several of Modi's economic initiatives.
Despite teething problems, the IMF commended Modi's government for introducing a nationwide goods and services tax in 2017 which aims to create a single market in India.
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It also praised the government for relaxing rules on foreign direct investment but added that more needed to be done.
The IMF directors stressed that "India would benefit from further liberalisation of trade and foreign investment, and welcomed the authorities' commitment to a multilateral rules-based trade system."
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