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Very strong economy… IMF division chief convinced of Indian economy, says ‘positive point’



strong points

The head of the IMF division made a big statement regarding the Indian economy.
While praising the IMF division chief, the Indian economy was described as a very strong economy.
The IMF division chief called India one of the brightest spots in the global economy.

Washington: International Monetary Fund (IMF) Division Chief Daniel Leigh praised India’s economy on Tuesday. Along with that, he reiterated his confidence in India’s economy and said it was a “very strong economy”. He said India is currently one of the brightest spots in the global economy with a high growth rate.

According to the ANI news agency, Daniel said, “Yes, we have a high growth rate for India which is 6.8 in 2022.” Let’s not forget that this is one of the bright spots in the global economy right now. Such a high growth rate and it reached 5.9 with a revision of -0.2 from January. What is happening here is also a set of historical revisions.

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The IMF on Tuesday cut its growth forecast for 2023-2024 to 5.9% from 6.1%. 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 think 2020-21 has actually been a lot better than we thought. And the arbitrary consumer demand that informed our previous forecast is about to subside as they are already overstocked.

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He added, “This year, the higher growth rate has been revised. We will go back to 6.3 next year. A very strong economy which will allow India to move towards a higher standard of living and create the necessary jobs.’ The IMF has forecast that inflation in India will slow to 4.9% in the current year and 4.4% in the next fiscal year. The IMF’s growth estimate is lower than that of the Reserve Bank of India (RBI). The central bank forecast GDP growth of 7% for the 2022-23 fiscal year and 6.4% for the current fiscal year from April 1.

Tag: imf, Indian economy