India To Achieve $5 Trillion Economy: IMF

With International Monetary Fund (IMF) projecting that India will 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

BY Realty Plus
Published - Friday, 29 Jan, 2021

India To Achieve $5 Trillion Economy: IMF

With International Monetary Fund (IMF) projecting that India will 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." Charan Singh, CEO, EGROW Foundation and former RBI chair professor said, "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 said that IMF observed that the substantial revision in India's growth projection is because of stronger than expected recovery 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.” In its latest World Economic Outlook update released on January 26, 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 United States (5.1 per cent).