IMF Distances Itself From Subramanian’s 8% Growth Projection for India

During a recent interaction, Subramanian had stated that the Indian economy could grow at 8% till 2047 if the country continues with the good policies

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TheNews21 Bureau
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The International Monetary Fund (IMF) has clarified that the recent remarks made by Krishnamurthy Subramanian, Executive Director at the IMF, about India’s growth figures do not represent the views of the IMF. Subramanian, who serves as India’s representative at the global body, had projected a growth rate of 8% for the Indian economy.

“The views conveyed…by Mr. Subramanian were in his role as India’s representative at the IMF,” said Julie Kozack, IMF spokesperson, in response to a question about Subramanian’s comments. She emphasized that his projection of 8% growth differs from the IMF’s latest growth rate projections.

During a recent interaction, Subramanian had stated that the Indian economy could grow at 8% till 2047 if the country continues with the good policies implemented over the last 10 years and accelerates reforms. “If we can redouble the good policies that we have implemented over the last 10 years and accelerate the reforms, then India can grow at 8% from here on till 2047,” he had said.

However, the IMF spokesperson clarified that the organization’s growth projections, as of January, were for medium-term growth of 6.5% for India, which was a slight upward revision from the October projections. “Again, we will be presenting the latest forecast in just a couple of weeks,” Kozack added.

The IMF’s clarification highlights the distinction between the views of individual country representatives on its Executive Board and the official projections and assessments made by the IMF staff.

India’s economic growth has been a subject of intense scrutiny, with various agencies and analysts offering different projections. The upcoming World Economic Outlook report from the IMF will provide its latest assessment of India’s growth prospects.

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