IMF projects impressive 11.5% growth rate for India in 2021

[Ryzen_renoir]

WASHINGTON : The IMF on Tuesday projected an impressive 11.5% growth rate for India in 2021, making the country the only major economy of the world to register a double-digit growth this year amidst the coronavirus pandemic.

 

 

The International Monetary Fund's growth projections for India in its latest World Economic Outlook Update released on Tuesday reflected a strong rebound in the economy, which is estimated to have contracted by 8% in 2020 due to the pandemic.

 

 

In its latest update, the IMF projected a 11.5% growth rate for India in 2021. This makes India the only major economy of the world to register a double-digit growth in 2021, it said.

China is next with 8.1% growth in 2021 followed by Spain (5.9%) and France (5.5%).

 

“What we see is that transition, combined with policy support, seems to have worked well. Why? Because if you look at mobility indicators, we are almost where we were before COVID in India, meaning that economic activities have been revitalized quite significantly," the IMF chief said.

Commending the steps being taken by the Indian government on the monetary policy and the fiscal policy side, she said it is actually slightly above the average for emerging markets.

“Emerging markets on average have provided six per cent of GDP. In India this is slightly above that. Good for India is that there is still space to do more," she said, adding that she is impressed by the appetite for structural reforms that India is retaining.

[Ryzen_renoir]

 

Even with this impressive number , india would have grown only 2.58% from 2019 to 2021