International Monetary Fund (IMF) has distanced itself from the recent statement of its Executive Director Krishnamurthy Subramaniam regarding India’s growth rate, saying that this estimate is not his. The IMF has said that Subramaniam was acting as India’s representative on its platform. IMF spokeswoman Julie Kozak said on Thursday that the views expressed by Subramanian were in his role as India’s representative to the IMF. She was replying to a question on Subramaniam’s recent statements in which he had projected a growth rate of eight per cent for India. This is different from previous growth rate projections released by the IMF.
Rapid improvement taking place in India
Subramaniam had said at an event in New Delhi on March 28 that the Indian economy could grow at eight percent by 2047 if the country doubles down on the good policies implemented in the last 10 years and accelerates reforms. He had said, “So the basic idea is that the kind of growth that India has seen in the last 10 years, if we can double down on the good policies that have been implemented in the last 10 years and accelerate the reforms, then “India can definitely grow at eight percent from here to 2047.”
will modify the world economic scenario
“We have an Executive Board of Directors, made up of Executive Directors,” an IMF spokeswoman explained. These are representatives of countries or national groups. “This is certainly different from the work of IMF staff.” Kozak said, “The IMF will revise its world economic outlook in the next few weeks. But our growth forecast as of January was for medium-term growth of 6.5 percent, and that was a slight upward revision from October. “Again, we will offer the latest forecast in a few weeks.”
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