India’s growth outlook of 8% not official view, says IMF spokesperson

Responding to media inquiries, IMF spokesperson Julie Kozack explained that Subramanian's statements were not made in his role as India's representative at the global agency.

Shivangini
Updated5 Apr 2024
IMF spokesperson Julie Kozack explained that Subramanian's statements were made 'in his role as India's representative at the IMF.
IMF spokesperson Julie Kozack explained that Subramanian’s statements were made ’in his role as India’s representative at the IMF.(AFP)

The International Monetary Fund (IMF) has clarified that recent comments by Krishnamurthy Subramanian, India's Executive Director at the IMF, regarding India's economic growth do not reflect the official position of the organisation, as per newswire PTI.

Responding to media inquiries on Thursday, IMF spokesperson Julie Kozack explained that Subramanian's statements were made “in his role as India's representative at the IMF”. This distinction is important because Executive Directors at the IMF serve a dual role, representing their home countries while also contributing to the Fund's broader decision-making processes.

Subramanian's comments likely differed from the IMF's latest official projections for India's economic growth. The IMF typically releases its economic forecasts through regular reports and press briefings.

“Growth in India is projected to remain strong at 6.5% in both 2024 (FY25) and 2025 (FY26), with an upgrade from October of 0.2 percentage point for both years, reflecting resilience in domestic demand,” the IMF said in its report.

Subramanian, at an event in New Delhi on March 28, had predicted that the Indian economy could grow at 8 per cent till 2047, if the country redoubles the good policies that it has implemented over the last 10 years and accelerate reforms.

"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," he had said, as quoted by PTI.

Meanwhile, the IMF has projected a positive outlook for the Indian economy, with growth expected to remain robust in the near future. However, CRISIL's analysis painted an even brighter picture for India's long-term growth trajectory. Amish Mehta, Managing Director and CEO of CRISIL, predicted that the Indian economy will cross the $5 trillion mark and approach $7 trillion by fiscal 2031, with an estimated average annual growth of 6.7 per cent. This robust growth will propel India to become the world's third-largest economy and an upper-middle-income country by 2031, which will significantly boost domestic consumption.

CRISIL's Chief Economist Dharmakirti Joshi emphasised the crucial role of both manufacturing and services in propelling India's growth. He projected manufacturing and services to grow at 9.1 per cent and 6.9 per cent respectively, between fiscals 2025 and 2031. While manufacturing is expected to catch up, services will likely remain the dominant driver of India's economic expansion.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeEconomyIndia’s growth outlook of 8% not official view, says IMF spokesperson

Most Active Stocks

Bharat Electronics

300.95
10:29 AM | 13 JUN 2024
10.4 (3.58%)

Tata Steel

182.50
10:29 AM | 13 JUN 2024
0.25 (0.14%)

GAIL India

219.75
10:28 AM | 13 JUN 2024
2.8 (1.29%)

Zee Entertainment Enterprises

164.95
10:22 AM | 13 JUN 2024
-1.9 (-1.14%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Usha Martin

414.40
10:23 AM | 13 JUN 2024
36.25 (9.59%)

Aegis Logis

839.60
10:26 AM | 13 JUN 2024
73.15 (9.54%)

Elgi Equipments

655.00
09:59 AM | 13 JUN 2024
51.25 (8.49%)

Praj Industries

685.85
10:20 AM | 13 JUN 2024
51.55 (8.13%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,441.00-219.00
    Chennai
    73,370.00139.00
    Delhi
    73,155.00353.00
    Kolkata
    72,797.00-577.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    99.84/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumFor youGet App