India Can Contribute More Than 15% In Global Growth: IMF MD Georgieva

Washington: International Monetary Fund (IMF) Managing Director, Kristalina Georgieva on Wednesday said that the emerging markets and developing economies are expected to account for around 80 per cent of the global growth this year and the next. Of this, India alone is expected to contribute over 15 per cent.


She said that India remains a bright spot at a time when the IMF is projecting 2023 to be difficult with global growth slowing down from 3.4 per cent last year to 2.9 per cent in 2023.

“Why is India a bright spot? Because one, the country has done really well to turn the digitalization that has been already moving quite well into a major driver of overcoming the impact of the pandemic and creating opportunities for growth and jobs,” Georgieva noted.

“Second, because India’s fiscal policy has been responsive to economic conditions. We have seen the new budget presented, and it signals the commitment to fiscal consolidation, while at the same time provides significant financing for capital investments. And three, because India didn’t shy away to learn the lessons from the pandemic and to implement very strong policies to overcome what has been really a difficult time for a number of months,” she said.

she also noted that India took a very brave step with the digital ID that put the foundation for digitalization, “India’s UPI is an excellent example of tech-boosting financial inclusion. Last month, this layer of India’s digital public infrastructure processed over 8 bn transactions. That system allows 400 mn people in rural areas to participate with legacy ‘push-button’ cellphones.”
she also said that “beyond its role as a global growth engine, India uniquely positioned to bring countries together. In a world facing challenges and rising geopolitical tensions, this leadership is critical and beautifully captured in theme of India’s G20 presidency.”
(With Agency Inputs)

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