IMF: India’s biggest contribution to global growth, becomes star performer in IMF report
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IMF: Due to India’s growth rate and increase in domestic demand, the whole world is looking towards the country. Due to this, it is now being seen as a trigger for the global economy. Nada Choueiri, associated with the ‘Mission of India’ at the International Monetary Fund (IMF), said that India is setting an example by moving forward with strong growth rates on the basis of economic reforms in key areas like digitalization and infrastructure. And its contribution to global growth is estimated to be more than 16 percent. For some time now we have been seeing that India Is growing at a very strong rate. If you look at peer countries and talk about actual growth, it is setting an example. It is one of the fastest growing large emerging markets. According to our current estimates, its contribution to global growth this year will be more than 16 percent. The IMF on Monday released its annual Article IV consultation with India. According to this, the South Asian country is on track to become one of the fastest growing major economies in the world this year based on prudent macroeconomic policies.
Potential to grow strongly in India
Nada Choueiri said the economy nevertheless faces global headwinds, including a slowdown in global growth in a fragmented world. He said that a lot of emphasis is being laid by the government on the objective of investing in infrastructure and developing all kinds of facilities necessary for a solid base for growth. He said that India has a large population and a large number of youth, hence it has the potential to grow at a strong rate if this potential is harnessed through structural reforms. India’s economy has emerged strongly after the global pandemic to become an important driver of global growth.
The country emerged strongest from Covid
Praising India in the IMF report, it has been said that the country’s economy (Indian Economy) has emerged most strongly from the Covid period to become a strong trigger of global development. After a surge during 2022-23, inflation in India has remained low on average. However, there was instability in it. Currently, employment opportunities in India have crossed the pre-pandemic levels. The dominance of the informal sector continues, while progress has been made in formalization. Nada Chaueri said that political stability is important for investment and development in any country. The Government of India has taken many important steps to promote the business environment in its country. But, the work is only half done. However, there are several important processes that need to be further simplified. But there are some important steps like single national window, one-stop shop for companies. The IMF advised that in many states, there is too much bureaucracy, which needs to be tackled and streamlined.
what is imf
Full name of IMF is International Monetary Fund (IMF).International Monetary Fund) Is. It is an international organization that works to provide economic cooperation and assistance so that the economic situation around the world can be strengthened. The IMF was established in 1944 and was established under the Bretton Woods Treaty together with the World Bank. The main function of IMF is to help various countries facing financial problems. It supports economic policies and reforms to help countries maintain economic security so that they can play a positive role in world trade. The IMF provides guidance to its member countries on financial policies, use of currency, and other economic issues and helps them make plans for economic recovery. The headquarters of IMF is in Washington DC, United States of America.
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