India is a source of growth for the global economy for the next few decades says IMF

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InternationalMonetary Fund (IMF) has said India is a source of growth for the global economyfor the next few decades.

Releasing the report of its annual consultations withIndia, IMF’s mission chief for India, Ranil Salgado said in Washington thatIndia contributes 15 per cent of the growth in the global economy in purchasingpower parity measures. He said this is next to only China and the UnitedStates.

In its report, the IMF has forecast India’s growth to rise to 7.3per cent in Financial Year 2018-19 and 7.5 per cent in Financial Year 2019-20,on strengthening investment and robust private consumption.

Stating that sevento eight per cent growth is one of the best in the world, Salgado said Indiatakes good policies to create jobs, to create even stronger economic growth.

Hesaid India is benefiting from good macroeconomic policies,stability-oriented policies as well as some important reforms in recent years. The IMF report also described the Goods and Services Tax (GST) as a”milestone reform” in India’s tax policy.

 

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TheDispatch Staff