Team News Riveting
New Delhi, January 27
The International Monetary Fund (IMF) had said that India would reclaim the status of world’s fastest-growing economy and projected its growth at 11.5 per cent in 2021.
Commerce and Industry Minister Piyush Goyal termed the IMF projections for India as “Bright star in the global economy.”
“Bright Star in Global Economy: India to continue its growth story at rapid pace under PM @NarendraModi ji, with @IMFNews projecting an impressive 11.5% growth rate for India in 2021. It makes India the only major economy to register double-digit growth in 2021,” Goyal tweeted.
In its latest World Economic Outlook update released on Tuesday, the IMF predicted that India’s gross domestic product (GDP) will grow at the pace of 11.5 per cent in 2021. IMF projections show that India’s economy will grow much better than China which is predicted to grow at 8.1 per cent, followed by Spain (5.9 per cent), France (5.5 per cent) and the United States (5.1 per cent).
Experts said that the growth was expected as India’s fundamentals had been very strong. The projection of growth at 11.5 per cent in 2021 and 6.8 per cent in 2022 is the highest growth rate to be recorded by any country. The IMF observed that the substantial revision in India’s growth projection was because of stronger than expected recovery after lockdown.
According to market experts, COVID-19 pandemic had impacted worldwide economies in a big way but Indian economy had come out of initial hits due to measures taken by the government and strong consumer demands.
The same is evident from strong GST collections and good agricultural growth. The projection for 11.50 per cent growth by the IMF in GDP is yet another confirmation of the strong recovery of the economy.
