The International Monetary Fund (IMF) on Tuesday released its latest projections on world economic growth, just a couple of hours before Finance Minister Nirmala Sitharaman tabled the Economic Survey 2023. IMF predicted that India is expected to grow at 6.8 per cent again in the financial year 2024 and the chief economic advisor (CEA) said that the government expects the predictions of the IMF to come through.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

“We expect the predictions of the IMF to come through. The government here is not just the enabler but a partner to economic growth as well,” said CEA,  Dr  A Nageswaran, while addressing the press after the Economic Survey is tabled on Tuesday.

 

6-6.8  per cent.

According to the Economic Survey, the reforms were undertaken before 2014 primarily catered to product and capital market space. They were necessary and continued post-2014 as well. The government, however, imparted a new dimension to these reforms in the last eight years. With an underlying emphasis on enhancing the ease of living and doing business and improving economic efficiency, the reforms are well placed to lift the economy’s potential growth.

“Even as a crisis was being addressed, economic reforms were pursued and when underlined conditions turned favorable, the effects of reforms show through. That is exactly what has been reflected in the IMF forecast. That’s what we expect in the medium term as well,” added CEA during his address.

In the medium-term outlook, India is expected to outperform once the global shocks of the pandemic and Russian-Ukraine conflict resulting in a spike of commodity crises fade away, mentioned the survey.