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IMF commends India's economic growth amid global recession
The IMF stated that India's economy has demonstrated "robust growth" but has the potential to grow further
IMF concludes executive board meeting on Article IV constructions on India / Image - IMF
The executive board of the International Monetary Fund (IMF), recently commended India for its “economy’s strong economic performance, resilience, and financial stability, while also facing continued global headwinds.”
They observed that while India is one of the fastest growing economies globally, it has the ability to "grow faster and more sustainably if a comprehensive structural reform agenda is implemented" and that its excellent performance will probably continue in the future.
In its report, the IMF said “India’s economy showed robust growth over the past year. Headline inflation has, on average, moderated although it remains volatile. Employment has surpassed the pre pandemic level and, while the informal sector continues to dominate, formalization has progressed.”
“Real GDP is projected to grow at 6.3 percent in FY2023/24 and FY2024/25. Headline inflation is expected to gradually decline to the target although it remains volatile due to food price shocks,” their projections said.
The report also praised India's G20 presidency for demonstrating the country’s important role in as well as the Reserve Bank of India’s (RBI) proactive monetary policy actions and strong commitment to price stability.
"(IMF Executive) Directors welcomed the authorities' near-term fiscal policy, which focuses on accelerating capital spending while tightening the fiscal stance," the IMF's Article IV consultation report said.
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