Today: 31 May 2025
19 December 2023
1 min read

IMF lauds India

The current account deficit is anticipated to improve to 1.8 per cent of GDP in FY2023/24, supported by resilient services exports and lower oil import costs…reports Asian Lite News

The Executive Board of the International Monetary Fund (IMF) came up with a ringing endorsement of India’s growth story after concluding the Article IV consultation with New Delhi, commending the nation’s robust economic growth, resilient financial sector, and notable progress in formalisation and digital infrastructure.

According to the IMF, India’s economy exhibited robust growth over the past year, surpassing pre-pandemic employment levels and showcasing resilience in the informal sector.

The financial sector experienced its strongest performance in years, demonstrating resilience in the face of global financial stress.

Despite a widening current account deficit in FY2022/23, driven by post-pandemic domestic demand recovery and external shocks, India’s services exports and strategic diversification of critical oil imports provided stability.

The IMF projects a continued strong growth trajectory for India, with real Gross Domestic Product (GDP) expected to grow at 6.3 per cent in FY2023/24 and FY2024/25.

The current account deficit is anticipated to improve to 1.8 per cent of GDP in FY2023/24, supported by resilient services exports and lower oil import costs.

The foundational digital public infrastructure and robust government programs are poised to sustain growth, with the potential for even higher growth through comprehensive reforms.

Risks to India’s economic outlook are considered balanced. Global factors such as a sharp growth slowdown or supply disruptions could impact the nation through trade and financial channels.

Domestically, weather shocks pose a potential threat to inflation, while strong consumer demand and private investment could positively influence growth.

The directors highlighted the importance of further liberalization of foreign investment, structural reforms, and climate policy implementation.

The executive directors broadly supported India’s macroeconomic policies and reforms, acknowledging the country’s strong economic performance in the face of global challenges.

They emphasised the need for continued appropriate policies to sustain economic stability and encouraged further progress in key structural reforms to unlock India’s significant potential. (ANI)

ALSO READ-IMF Revises Pakistan’s Loan Requirement to $25B

Previous Story

Modi vows to make India world’s third-largest economy

Next Story

Princess Diana’s Iconic Evening Dress Sells for Record $1.14 Million

Latest from -Top News

World needs Dubai’s ambition: Morgan

Piers Morgan has hailed Dubai’s transformation as an example of what visionary leadership can achieve. British broadcaster Piers Morgan has praised the extraordinary ambition and vision of His Highness Sheikh Mohammed bin

Mohammed honours football champions

Ruler of Dubai hails players as role models during palace reception His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, received the

Abu Dhabi sets 2050 energy vision

Abu Dhabi unveils AED400 billion energy roadmap, inked climate finance pact ahead of 2026 UN Water Conference Abu Dhabi has unveiled a sweeping strategic framework to transform its energy and water sector

Gargash: UAE’s pragmatism sets regional example

Anwar Gargash says the UAE stands as a beacon of what is possible when pragmatism and vision come together. As political instability, economic fragmentation and rapid technological change continue to reshape the

US flag returns to Damascus

Billions in energy deals and lifted sanctions mark Syria’s reintegration, as US reopens embassy and declares the war-torn nation “open for business” under new regional partnerships. The United States has reopened its
Go toTop

Don't Miss

India needs to work with New Zealand in agriculture sector, says Kant

Amitabh Kant noted that the National Dairy Development Board (NDDB)

Big Gains Ahead for India’s Wedding Season

India’s wedding season from mid-November to mid-December is expected to