India Is Doing Better In Economic Growth While Others Are Slowing Down: IMF IMF on Tuesday, in its World Economic Outlook projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2021 for India
By Teena Jose •
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A top official of International Monetary Fund (IMF), on Tuesday, has said that when everyone is slowing down in terms of economic growth, India has not remained unimpacted, but is doing better and is in a relatively bright spot compared to other countries.
"Just look at the global conjuncture right now, which is the overarching problem. The growth was slowing across many parts of the world even as inflation is rising. We expect countries accounting for one-third of the global economy to go into a recession this year or the next. Inflation is rampant. So that is the overarching story," said Krishna Srinivasan, IMF director of Asia and Pacific department, to PTI.
"Almost every country is slowing. In that context, India is doing better and is in relative bright spot compared to the other countries in the region," said Srinivasan.
As per reports, IMF on Tuesday, in its World Economic Outlook projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2021 for India. The projection for 2023 slips sown further to 6.1 per cent. More than a third of the global economy will contract in 2023, while the three largest economies, the US, the European Union and China, will continue to stall.
Mentioning about the government's role and impact, Srinivasan said that Indian government has an ambitious plan for CAPEX. The country needed to continue with it because that would give a boost to domestic demand. According to him, the Indian government is addressing the impact of inflation on the poor and the vulnerable, which is very good.
"India has done phenomenally on digitalization. If you look at the digital public infrastructure in India, it's quite amazing. You can leverage digitalization to address many things, which both short term and long term to have, to boost growth, both in the near term and over the longer term," said Srinivasan, while addressing many other economic segments of the country that includes economic reforms to be done in the country, foreign investment policies, taxes and so on.
