IMF projects 11.5% GDP growth, experts say India to achieve $5 trillion economy – Times of India


NEW DELHI: With International Monetary Fund (IMF) projecting that India will reclaim the standing of world’s quickest-rising economy and projected its development at 11.5 per cent in 2021, experts on Wednesday stated that India is rebounding to achieve the goal of a $5 trillion economy.
Commerce and trade 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 only major economy to register double-digit growth in 2021,” Goyal tweeted.
Charan Singh, CEO, EGROW Foundation and former RBI chair professor stated, “As was expected, and I had been arguing that India’s fundamentals are strong, IMF, in its latest release has projected India’s growth at 11.5 per cent in 2021 and 6.8 per cent in 2022. This is the highest growth rate to be recorded by any country.”
Singh stated that IMF noticed that the substantial revision in India’s development projection is as a result of of stronger than anticipated restoration after lockdown.
“Hence, India has saved the lives of people in lockdown, and now galloping to recoup growth trajectory. This has been due to the well-calibrated, adequately sequenced policies of the Government. Thus, a V-shaped recovery is on the way, and India is rebounding, to achieve a $5 Trillion Economy, despite the Covid set-back,” he added.
DK Mishra, a market knowledgeable, stated that Covid-19 pandemic has impacted worldwide economies in a giant approach however Indian economy has come out of preliminary hits due to measures taken by authorities and powerful shopper calls for.
“The same is evident from strong GST collections and good agricultural growth. The projection for 11.50 per cent growth by IMF in GDP is yet another confirmation of the strong recovery of the economy. The future outlook with the Covid vaccine in the market will be good for our economy,” he stated.
In its newest World Economic Outlook replace launched on Tuesday, the IMF predicted that India’s gross home product (GDP) will develop on the tempo of 11.5 per cent in 2021. IMF projections present that India’s economy will develop significantly better than China which is predicted to develop at 8.1 per cent, adopted by Spain (5.9 per cent), France (5.5 per cent) and United States (5.1 per cent).

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