IMF commends India’s economic resilience and growth amid global challenges, projects 6.3% growth in 2023-24

OpIndia bringing the ‘right’ side of India OpIndia bringing the ‘right’ side of India Wednesday, December 20, 2023 Latest News About Us Contact Us Write for Us MyVoice Facebook Instagram RSS Twitter Youtube OpIndia bringing the ‘right’ side of India Politics ‘Donate for Desh’ turns into ‘Donate for despair’: Congress’ desperate attempt to collect money falls flat. Here is the paltry sum they collected after. .

. Jawaharlal Nehru’s portrait swapped with Dr. Ambedkar’s in Madhya Pradesh assembly, Congress accuses BJP of ‘erasing history’ ‘Shameful, ridiculous’: VP Jagdeep Dhankar reacts to TMC MP Kalyan Banerjee doing mimicry in Parliament premises and Rahul Gandhi’s videography of it LK Advani and MM Joshi accept invitation to attend Ram Temple idol consecration ceremony extended by VHP Arvind Kejriwal likely to dodge ED summons in Delhi liquor scam for the second time, will go for 10-day Vipassana instead Opinions ‘Hamid Ansari used to help gangster Mukhtar Ansari despite being the Vice President’: BJP MLA Sushil Singh Ashok Gehlot ruined Rajasthan’s economy, left a debt of Rs 5.

37 lakh crore on the state, failed to boost GDP N Ram pats his own back for a pompous, gassy editorial in The Hindu, The Wire has a monumental meltdown: Fallout of SC decision. . .

As TV reporters shamelessly fight for smoke canister thrown in Parliament, here are a few things we should all be worried about after witnessing. . .

Chadar of sanitised history over ugly side of ‘Sufi saints’: I got death threats by Islamists for talking about historical facts – so let. . .

Fact-Check All Media Fact-Check Political Fact-Check Social Media Fact-Check ‘Islam is incompatible with Europian culture’: 5-year-old video of Italian PM Giorgia Meloni goes viral, reported as recent statement Fact Check: Did Pakistani caretaker PM confirm that unknown men poisoned Dawood Ibrahim? Here is the truth Routine action against encroachment in Lucknow being peddled with misleading claims of harassment and assault of Kashmiri vendors, UP Police issues clarification Fact Check: Did a Hindu man masturbate in front of women in UK? No, the perpetrator is Sheraz Riaz Media Times of India eulogises Joseph Stalin, the communist dictator who killed millions, as ‘The Man of Steel’ Party wanted to deny him ticket, those who helped him are dead or in BJP: Rajdeep Sardesai tries to defend Congress over scam accused. . .

Parliament security breach mastermind Lalit Jha arrested, had fled to Rajasthan News24 posts misleading tweet on Muslim sculptors making idol of Ram Lalla, here are the facts on the idols being made for the Ram. . .

N Ram pats his own back for a pompous, gassy editorial in The Hindu, The Wire has a monumental meltdown: Fallout of SC decision. . .

Variety All Books Culture and History Satire WTF News After banning animal sacrifice at Shyama Mai Temple, the next target may be Maa Kali’s narmund mala: How this Sanatana tradition differs from Bakrid ‘Loo break’: Vivek Ramaswamy faces an awkward hot mic moment during active Space on X with 2. 3 million listeners, Elon Musk quips ‘Hope you. .

. Uttar Pradesh: Kashi Vishwanath Dham welcomes record 12. 9 crore devotees in 2 years since the inauguration of the temple corridor High priest to lead the consecration ceremony of Ram Mandir in Ayodhya is a descendant of priest who presided over the coronation of Chhatrapati.

. . Specials All Interviews OpIndia Explains OpIndia Scoops ‘Hamid Ansari used to help gangster Mukhtar Ansari despite being the Vice President’: BJP MLA Sushil Singh PM Narendra Modi to inaugurate 2nd Kashi Tamil Sangamam in Varanasi, to launch and inaugurate various projects along with a Vande Bharat train Who is Shahrukh Pathan’s father: Convicted for 10 years over drug peddling, evidence of collusion with Pakistanis and more ‘They came in a vehicle with no number plates, set fire on Bittu Bajrangi’s brother’: Arman had earlier burned his own shop to blame.

. . More… Social Media Entertainment Political History of India Government and Policy Economy and Finance Sports World Crime Law Support Us हिन्दी में ગુજરાતીમાં Search OpIndia bringing the ‘right’ side of India Politics Politics ‘Donate for Desh’ turns into ‘Donate for despair’: Congress’ desperate attempt to collect money falls flat.

Here is the paltry sum they collected after. . .

News Reports Jawaharlal Nehru’s portrait swapped with Dr. Ambedkar’s in Madhya Pradesh assembly, Congress accuses BJP of ‘erasing history’ News Reports ‘Shameful, ridiculous’: VP Jagdeep Dhankar reacts to TMC MP Kalyan Banerjee doing mimicry in Parliament premises and Rahul Gandhi’s videography of it News Reports LK Advani and MM Joshi accept invitation to attend Ram Temple idol consecration ceremony extended by VHP News Reports Arvind Kejriwal likely to dodge ED summons in Delhi liquor scam for the second time, will go for 10-day Vipassana instead Opinions News Reports ‘Hamid Ansari used to help gangster Mukhtar Ansari despite being the Vice President’: BJP MLA Sushil Singh News Reports Ashok Gehlot ruined Rajasthan’s economy, left a debt of Rs 5. 37 lakh crore on the state, failed to boost GDP Opinions N Ram pats his own back for a pompous, gassy editorial in The Hindu, The Wire has a monumental meltdown: Fallout of SC decision.

. . Opinions As TV reporters shamelessly fight for smoke canister thrown in Parliament, here are a few things we should all be worried about after witnessing.

. . Opinions Chadar of sanitised history over ugly side of ‘Sufi saints’: I got death threats by Islamists for talking about historical facts – so let.

. . Fact-Check All Media Fact-Check Political Fact-Check Social Media Fact-Check Fact-Check ‘Islam is incompatible with Europian culture’: 5-year-old video of Italian PM Giorgia Meloni goes viral, reported as recent statement News Reports Fact Check: Did Pakistani caretaker PM confirm that unknown men poisoned Dawood Ibrahim? Here is the truth News Reports Routine action against encroachment in Lucknow being peddled with misleading claims of harassment and assault of Kashmiri vendors, UP Police issues clarification News Reports Fact Check: Did a Hindu man masturbate in front of women in UK? No, the perpetrator is Sheraz Riaz Media Media Times of India eulogises Joseph Stalin, the communist dictator who killed millions, as ‘The Man of Steel’ News Reports Party wanted to deny him ticket, those who helped him are dead or in BJP: Rajdeep Sardesai tries to defend Congress over scam accused.

. . News Reports Parliament security breach mastermind Lalit Jha arrested, had fled to Rajasthan News Reports News24 posts misleading tweet on Muslim sculptors making idol of Ram Lalla, here are the facts on the idols being made for the Ram.

. . Opinions N Ram pats his own back for a pompous, gassy editorial in The Hindu, The Wire has a monumental meltdown: Fallout of SC decision.

. . Variety All Books Culture and History Satire WTF News News Reports After banning animal sacrifice at Shyama Mai Temple, the next target may be Maa Kali’s narmund mala: How this Sanatana tradition differs from Bakrid News Reports ‘Loo break’: Vivek Ramaswamy faces an awkward hot mic moment during active Space on X with 2.

3 million listeners, Elon Musk quips ‘Hope you. . .

News Reports Uttar Pradesh: Kashi Vishwanath Dham welcomes record 12. 9 crore devotees in 2 years since the inauguration of the temple corridor News Reports High priest to lead the consecration ceremony of Ram Mandir in Ayodhya is a descendant of priest who presided over the coronation of Chhatrapati. .

. Specials All Interviews OpIndia Explains OpIndia Scoops News Reports ‘Hamid Ansari used to help gangster Mukhtar Ansari despite being the Vice President’: BJP MLA Sushil Singh News Reports PM Narendra Modi to inaugurate 2nd Kashi Tamil Sangamam in Varanasi, to launch and inaugurate various projects along with a Vande Bharat train News Reports Who is Shahrukh Pathan’s father: Convicted for 10 years over drug peddling, evidence of collusion with Pakistanis and more News Reports ‘They came in a vehicle with no number plates, set fire on Bittu Bajrangi’s brother’: Arman had earlier burned his own shop to blame. .

. More… Social Media Entertainment Political History of India Government and Policy Economy and Finance Sports World Crime Law Support Us हिन्दी में ગુજરાતીમાં More Search Home Economy and Finance IMF commends India’s economic resilience and growth amid global challenges, projects 6. 3% growth in.

. . Economy and Finance News Reports Updated: 20 December, 2023 IMF commends India’s economic resilience and growth amid global challenges, projects 6.

3% growth in 2023-24 According to the IMF, the financial sector experienced its strongest performance in years, demonstrating resilience in the face of global financial stress. 20 December, 2023 ANI Risks to India’s economic outlook are considered balanced. (Representative image) Facebook Twitter Telegram Email WhatsApp 11 The Executive Board of the International Monetary Fund (IMF) came up with a ringing endorsement of India’s growth story after concluding the Article IV consultation with New Delhi, commending the nation’s robust economic growth, resilient financial sector, and notable progress in formalisation and digital infrastructure.

According to the IMF, India’s economy exhibited robust growth over the past year, surpassing pre-pandemic employment levels and showcasing resilience in the informal sector. The financial sector experienced its strongest performance in years, demonstrating resilience in the face of global financial stress. Despite a widening current account deficit in FY2022/23, driven by post-pandemic domestic demand recovery and external shocks, India’s services exports and strategic diversification of critical oil imports provided stability.

The IMF projects a continued strong growth trajectory for India, with real Gross Domestic Product (GDP) expected to grow at 6. 3 per cent in FY2023/24 and FY2024/25. “Despite widespread global uncertainty, India is expected to grow above 6 per cent over the next five years driven by continued strong investment, still-growing private consumption, and digitalization-driven productivity gains,” it reported.

The current account deficit is anticipated to improve to 1. 8 per cent of GDP in FY2023/24, supported by resilient services exports and lower oil import costs. In its report, on inflation front, the IMF projected 5.

4 per cent for this fiscal year and 4. 6 per cent for the next. The IMF, in its Article IV consultation report, which reviews a country’s current and medium-term economic outlook, said the country’s growth is expected to remain strong, supported by macroeconomic and financial stability.

The foundational digital public infrastructure and robust government programs are poised to sustain growth, with the potential for even higher growth through comprehensive reforms. Risks to India’s economic outlook are considered balanced. Global factors such as a sharp growth slowdown or supply disruptions could impact the nation through trade and financial channels.

Domestically, weather shocks pose a potential threat to inflation, while strong consumer demand and private investment could positively influence growth. The directors highlighted the importance of further liberalization of foreign investment, structural reforms, and climate policy implementation. The executive directors broadly supported India’s macroeconomic policies and reforms, acknowledging the country’s strong economic performance in the face of global challenges.

They emphasised the need for continued appropriate policies to sustain economic stability and encouraged further progress in key structural reforms to unlock India’s significant potential. The directors commended India’s near-term fiscal policy, focusing on accelerating capital spending while tightening the fiscal stance. Given elevated public debt levels, they recommended ambitious medium-term consolidation efforts and improvements in revenue mobilisation and spending efficiency.

The Reserve Bank of India’s proactive monetary policy received praise, with a consensus that the current neutral monetary policy stance is appropriate. Exchange rate flexibility was highlighted as the first line of defence against external shocks. The directors further acknowledged the stability of India’s financial sector but called for continued supervision, prudential tools, and vigilance, particularly in managing emerging vulnerabilities, including the rapid growth in unsecured personal loans.

Encouraging comprehensive structural reforms, the directors stressed the importance of labour market functioning, increased female labour force participation, and progress in health, education, land, and agricultural reforms. Strengthening governance and regulatory frameworks were identified as critical for transparency and public accountability. The directors also recognised India’s role during its G20 Presidency and urged the phasing out of recent restrictive trade policies.

Further liberalization of the foreign direct investment (FDI) regime and improvement of the investment climate were encouraged. The IMF’s positive assessment underscores India’s economic resilience and stability amid global uncertainties. As India aims for sustained growth, the recommendations from the Executive Board emphasise the importance of fiscal consolidation, continued structural reforms, and vigilant policies to navigate potential risks.

India’s proactive approach to economic challenges positions the nation as a key player in the global economic landscape, with ongoing efforts toward inclusive and sustainable growth. The Reserve Bank of India (RBI), meanwhile maintaining the status quo in key policy rates, in its latest monetary policy meeting, raised India’s GDP growth forecast for the financial year 2023-24 by 50 basis points to 7 per cent. In its October meeting, the RBI had forecast 2023-24 growth at 6.

5 per cent. This upward revision by the Indian central bank came on the heels of India reporting more-than-expected July-September quarter growth – 7. 6 per cent.

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