Praising India for maintaining fiscal discipline in an election year, Krishna Srinivasan, Director, Asia and Pacific Department, at the International Monetary Fund (IMF) has said that the Indian economy is doing well and continues to be the world's bright spot and also noted easing inflation and growth rate of 6.8 per cent. He also mentioned that inflation should come down to target and it is there on a durable basis.
Besides, he said ‘India has successfully navigated multiple shocks over the last several years. It's emerging to be one of the fastest major economies in the world. In fact, for this year, for 2024-25, we project growth at 6.8 per cent led by private consumption and public investment. Inflation is coming down gradually. It's now below 5 per cent.’
While noting that risks to the economy are broadly balanced, Srinivasan said ‘If you look at the macro fundamentals, they're pretty solid, despite this being an election year, the government has adhered to fiscal discipline. You look at the reserve position, it's strong. If you look at overall macro fundamentals, it's pretty good.’
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