IMF says ‘8% growth view for India not ours’, distances itself from top executive's remarks - Hindustan Times
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IMF says ‘8% growth view for India not ours’, distances itself from top executive's remarks

Apr 05, 2024 07:52 PM IST

Krishnamurthy Subramanian projected a growth rate of 8 per cent for India- different from the last growth rate projections by the IMF.

The International Monetary Fund responded to recent remarks of Krishnamurthy Subramanian, Executive Director at the IMF about India's growth figures saying that it does not represent the views of the IMF. Krishnamurthy Subramanian made the comments as India's representative at the global body, the IMF said.

 A participant stands near a logo of IMF at the International Monetary Fund - World Bank annual meeting  in Nusa Dua, Bali, Indonesia.(Reuters)
 A participant stands near a logo of IMF at the International Monetary Fund - World Bank annual meeting  in Nusa Dua, Bali, Indonesia.(Reuters)

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"The views conveyed ...by Mr. Subramanian were in his role as India's representative at the IMF," Julie Kozack, IMF spokesperson, said responding to a question on recent remarks by Krishnamurthy Subramanian. He projected a growth rate of 8 per cent for India- different from the last growth rate projections by the IMF.

What Krishnamurthy Subramanian said on India's growth?

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The Indian economy could grow at 8 per cent till 2047, he said and this is possible if the country redoubles good policies that it has implemented over the last 10 years. He said, “So, the basic idea is that with the kind of growth that India has registered in the last 10 years, if we can redouble the good policies that we have implemented over the last 10 years and accelerate the reforms, then India can grow at 8 per cent from here on till 2047.”

What IMF spokesperson said on Krishnamurthy Subramanian's remarks?

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IMF spokesperson clarified, "We do have an Executive Board. That Executive Board is made up of executive directors who are representatives of countries or groups of countries, and they make up the Executive Board of the IMF. And that's distinct, of course, from the work of the IMF staff."

"But our growth projections as of January were for medium term growth of 6.5 per cent, and that was a slight upward revision relative to October. Again, we will be presenting the latest forecast in just a couple of weeks," the spokesperson said.

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