India becomes star performer, contributes more than 16 percent to global growth: IMF

The International Monetary Fund meeting was held on Monday. India's contribution to global development was discussed in this meeting. It was said in this meeting that India's contribution to global growth is estimated at more than 16 percent. In such a situation, India has emerged as a star performer.

Nada Chaueri, India's mission to the IMF, said in an interview "For some time now, we have been seeing India growing at a very strong rate. India is one of the star performers compared to other countries. It is one of the fastest growing large emerging markets and our current According to estimates, its contribution to global growth this year is more than 16 percent."

On Monday the IMF released its annual Article IV consultation with India. According to the advisory, the South Asian country, based on prudent macroeconomic policies, is also one of the fastest-growing major economies in the world this year.

In his interview, Choueiri said that the country's economy is facing global adversities. In this, it is rapidly disintegrating. This is also due to the slowdown in global development.

Important steps are also being taken by the government to strengthen the development of the country. The government is taking several steps to develop the necessary logistics. India's population is very large. The country's sustainability rate is expected to increase through structural reforms. The government has taken several steps to enhance development.

The government has promoted digitalization. This has placed India on a strong platform for increased productivity and growth in the future. The IMF in its annual report recommends that policy priorities focus on replenishing fiscal buffers, achieving price stability, maintaining financial stability, and accelerating inclusive growth through comprehensive structural reforms while maintaining debt sustainability. should be done.

India's economy has emerged strongly from the pandemic to become an important driver of global growth. After a surge during fiscal year 2022/23, headline inflation has moderated on average, although it remains volatile. On the political front, general elections are expected to be held in April 2024, the IMF report said. Macroeconomic policies are partly in line with the advice of previous IMF staff.

Nada Chaueri said “The financial sector has been resilient, largely unaffected by global financial stress into early 2023. While the budget deficit has declined, public debt remains high, and fiscal buffers need to be rebuilt at the global level. But India's 2023 G20 presidency has demonstrated the country's important role in advancing multilateral policy priorities."