India a global bright spot & powerhouse of growth, PM Modi says after IMF raises India's GDP projection
| 2023-10-11
Prime Minister Narendra Modi Modi credits India growth story to the strength and skills of the people. (File)
IMF's India projection reflects stronger-than-expected consumption during April-June
India is a global bright spot, Prime Minister Narendra Modi said on Wednesday (October 11, 2023) after the International Monetary Fund (IMF) forecast robust economic growth in the country.
Releasing the latest World Economic Outlook growth projections on Tuesday, the IMF raised India's GDP projection marginally by 0.2 per cent to 6.3 per cent even as it slashed the global growth forecast to three per cent.
Commenting on the growth forecast of IMF, Prime Minister Narendra Modi said that India is a global bright spot, a powerhouse of growth and innovation. It is because of the strength and skills of our people, he noted.
He has also reiterated the commitment to continue to strengthen the journey towards a prosperous India, further boosting the country's 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.”
According to the IMF's 'World Economic Outlook', growth in India is projected to remain strong, at 6.3 per cent in both 2023 and 2024, reflecting stronger-than-expected consumption during April-June.
India's growth is projected to be higher than China's, the second-largest economy in the world. The growth for China has been estimated at 5% in 2023 and 4.2% in 2024.
According to the IMF's latest World Economic Outlook, global recovery remains slow, with growing regional divergences. "The baseline forecast is for global growth to slow from 3.5 percent in 2022 to 3.0 percent in 2023 and 2.9 percent in 2024, well below the historical (2000–19) average of 3.8 percent" it said.
Forecasts for global growth over the medium term, at 3.1 percent, are at
their lowest in decades, and prospects for countries to catch up to higher living standards are weak, the IMF report added.
Releasing the latest World Economic Outlook growth projections on Tuesday, the IMF raised India's GDP projection marginally by 0.2 per cent to 6.3 per cent even as it slashed the global growth forecast to three per cent.
Commenting on the growth forecast of IMF, Prime Minister Narendra Modi said that India is a global bright spot, a powerhouse of growth and innovation. It is because of the strength and skills of our people, he noted.
He has also reiterated the commitment to continue to strengthen the journey towards a prosperous India, further boosting the country's 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.”
According to the IMF's 'World Economic Outlook', growth in India is projected to remain strong, at 6.3 per cent in both 2023 and 2024, reflecting stronger-than-expected consumption during April-June.
India's growth is projected to be higher than China's, the second-largest economy in the world. The growth for China has been estimated at 5% in 2023 and 4.2% in 2024.
According to the IMF's latest World Economic Outlook, global recovery remains slow, with growing regional divergences. "The baseline forecast is for global growth to slow from 3.5 percent in 2022 to 3.0 percent in 2023 and 2.9 percent in 2024, well below the historical (2000–19) average of 3.8 percent" it said.
Forecasts for global growth over the medium term, at 3.1 percent, are at
their lowest in decades, and prospects for countries to catch up to higher living standards are weak, the IMF report added.
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