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India to remain driver for global growth in the foreseeable future, says IMF Executive Director
Photo Courtesy: Unsplash

India to remain driver for global growth in the foreseeable future, says IMF Executive Director

| @indiablooms | 18 Apr 2024, 10:43 am

IMF Executive Director has said India will remain a driver for global growth in the foreseeable future.

In an interview with ANI,  Krishnamurthy V Subramaniam noted that India, ever since the Covid-19 pandemic, has witnessed consistent growth at 7 per cent plus. He predicted that India would have 8 per cent growth in the fourth quarter and called it "good" growth considering the current global economic situation.

Speaking on India's position in the current global economy, he said: "I think India will continue to be the driver for global growth in the foreseeable future. The maximum sort of contributor to global growth. I expect growth in India to be consistently above 7 per cent in this decade. You would recall back in September 2021, when I was with the government as well. I predicted that India will emerge out of Covid with 7 per cent plus growth. So I continue to maintain that assessment."

He said: "If you look at the Indian economy now, ever since Covid, it has grown consistently at 7 per cent plus, 9.7 per cent the year after Covid, then 7 per cent and then this year, 8.2 per cent, 8.1 per cent, and 8.4 per cent growth in the first three quarters. So even with a much lower 7.3 per cent growth, if it so happens, actually in the fourth quarter, India will have an average of 8 per cent growth. And I think that is very good in the current global economic situation. As I said, 3.1 per cent expectation for the global economy."

He made the comments at a time when India is gearing up for polling in the seven-phased Lok Sabha elections, starting on Friday.

The counting of votes will take place on June 4.

The election assumes significance as Prime Minister Narendra Modi and his government are trying to return to power for the third straight term, a rare incident in India’s political history.

In 2014, Modi led his saffron party to power by beating the Indian National Congress, a political outfit which sat in power for two straight terms under former PM Manmohan Singh.

Modi once again formed the government in 2019, marking his second straight term as the PM of the world’s most populated nation.

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