India is on the right track and is innovating on the policy side, including on digital identity and payments, but it also needs to capture all the segments of the financial market and institutions to make sure that every piece fits together like a puzzle to fuel growth in the country, according to a top IMF official.
Inflation and depleted incomes have raised household indebtedness and food insecurity, it said, urging the IMF and the World Bank to scale up its work to address rising levels of food insecurity and to support countries in achieving Sustainable Development Goal 2 and nutrition for all.
IMF MD Georgieva said this is adding to exceptional and coordinated actions taken over the past year.
Notably in 2020, India's economy contracted by a record eight per cent, the International Monetary Fund (IMF) said as it projected an impressive 12.5 per cent growth rate for the country in 2021.
The International Monetary Fund has said that India's economy is on the path of gradual recovery.
Gopinath lauded the Serum Institute of India, saying it produces the most number of vaccines in the world in a regular year and has been manufacturing the COVID-19 vaccine doses that are delivered to COVAX and then distributed to countries around the world.
The International Monetary Fund (IMF) on Tuesday projected an impressive 11.5 per cent growth rate for India in 2021, making the country the only major economy of the world to register the double-digit growth this year amidst the catastrophic coronavirus pandemic.
There are multiple areas where the reforms are needed, including infrastructure, the Chief Economist of the Washington-based global financial institution said on Tuesday.
The IMF on Tuesday projected an impressive 11.5 per cent 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.
Chief Economist of IMF Gita Gopinath reacted to a complimentary post by Amitabh Bachchan, saying he was the greatest of all time and that she was a huge fan of the Bollywood superstar.
The IMF Managing Director during a global media roundtable on Thursday predicted a less bad outlook for India in the upcoming World Economic Update due to the steps taken by it.
There is, however, a need to strengthen the social safety net for those who might be adversely affected by the transition to the new system, Gerry Rice, Director of Communications at IMF, said at a news conference in Washington on Thursday.
Gopinath suggested that fiscal authorities can actively support demand through cash transfers to support consumption and large-scale investment in medical facilities, digital infrastructure and environment protection.
India's priorities should be to protect the most vulnerable people, well targeted support and protecting small and medium sized enterprises so that they do not collapse as the country battles the COVID-19 pandemic, Managing Director of the International Monetary Fund Kristalina Georgieva has said.
The International Monetary Fund in its annual World Economic Outlook significantly downgrades India's growth for the fiscal year 2020 to minus 10.3 pe
Gandhi also shared a graph citing its source as the International Monetary Fund's World Economic Outlook report which showed Bangladesh closing in on India and almost catching up with it in terms of per capita GDP this year. "Solid achievement of 6 years of BJP's hate-filled cultural nationalism: Bangladesh set to overtake India," Gandhi said in a sarcastic tweet accompanied by clapping emojis.
The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday.
The cash-strapped economy of Pakistan is going to take another restricting hit, this time by the International Monetary Fund (IMF) as it looks towards furthering the constraints on short-term borrowings for filling the budgetary gap which has arisen from the forecast that Pakistan's gross financing needs would be up to 1.5 per cent higher than its gross domestic product in comparison to the previous estimates.
The remarks by the International Monetary Fund’s Chief Spokesperson Gerry Rice came in response to a question on the recent FDI announcements made by companies like Facebook and Google in India.
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