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India is a global bright spot, a powerhouse of growth and innovation: Prime Minister
Commenting on the growth forecast of IMF, the Prime Minister, Shri Narendra Modi said that India is a global bright spot, a powerhouse of growth and innovation. It is because of strength and skills of our people, Shri Modi said.
He has also reiterated commitment that we will continue to strengthen our journey towards a prosperous India, further boosting our reforms trajectory.
Responding to the X threads of IMF, the Prime Minister said; “Powered by the strength and skills of our people, India is a global bright spot, a powerhouse of growth and innovation. We will continue to strengthen our journey towards a prosperous India, further boosting our reforms trajectory.”
India’s economic growth forecast for the current fiscal year has been raised to 6.3% from 6.1% earlier, the International Monetary Fund said in its October 2023 World Economic Outlook (WEO) report that was released on October 10.
The global lender expects retail inflation in the South Asian nation to rise to 5.5% in 2023/24 before easing to 4.6% in 2024/25.
“Growth in India is projected to remain strong, at 6.3% in both 2023 and 2024, with an upward revision of 0.2 percentage points for 2023, reflecting stronger-than-expected consumption during April-June,” the IMF said. The Reserve Bank of India has projected consumer price index (CPI)-based inflation for the current fiscal year at 5.4% while GDP growth is seen at 6.5%.
Monetary policy projections are consistent with achieving the Indian central bank’s inflation target over the medium term, the IMF said. The country’s current account deficit is expected to remain at 1.8% of GDP in FY24 and FY25, the IMF added. IMF cut its growth forecasts for China and the euro area and said overall global growth remained low and uneven despite what it called the “remarkable strength” of the U.S. economy.