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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.
Read- Industries caught up, highest output in 3 months, PMI data indication
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.
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.
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Tag: imf, Indian economy
FIRST POST: April 12, 2023, 08:39 HST
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