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IMF Division Chief has given a big statement regarding India’s economy.
While praising the IMF Division Chief, the Indian economy has been described as a very strong economy.
The IMF Division Chief has called India one of the brightest spots in the global economy.
Washington: International Monetary Fund (IMF) Division Chief Daniel Leigh has praised the Indian economy on Tuesday. Along with this, he reiterated the faith in the Indian economy and said that it is a ‘very strong economy’. He said that India is currently one of the brightest spots in the global economy with a high growth rate.
According to news agency ANI, Daniel said, ‘Yes, we have a high growth rate for India which is 6.8 in 2022. Let us not forget that this is one of the bright spots in the global economy at the moment. Such a high growth rate and it has been up to 5.9 with -.2 revision as compared to January. What is happening here is also a set of historical revisions.
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The IMF on Tuesday reduced its growth forecast for 2023-24 to 5.9 per cent from 6.1 per cent. Data from the World Economic Outlook showed that India remains the fastest growing economy in the world despite a significant decline. Daniel further said, ‘We feel that 2020-2021 has actually been much better than we thought. And the arbitrary demand from consumers that informed our previous forecast is about to subside because they are already overstocked.’
He further said, ‘This year the higher growth rate has been revised. We will go up to 6.3 again next year. A very strong economy that will allow India to move towards a higher standard of living and create the necessary jobs that is needed.’ The IMF has projected India’s inflation to slow down to 4.9 per cent in the current year and 4.4 per cent in the next fiscal. The IMF growth estimate is lower than the Reserve Bank of India’s (RBI) estimate. The central bank has predicted 7 per cent GDP growth for the financial year 2022-23 and 6.4 per cent in the current financial year starting April 1.
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Tags: IMF, Indian economy
FIRST PUBLISHED : April 12, 2023, 08:39 AM IST
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