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, experts on Wednesday said that India is rebounding to achieve the target of a USD 5 trillion economy.
In its latest World Economic Outlook update released on Tuesday, 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). Commerce and Industry Minister Piyush Goyal termed the IMF projections for India as “Bright star in the global economy.” “Bright Star in Global Economy:
India to continue its growth story at rapid pace under PM @NarendraModi ji, with @IMFNews projecting an impressive 11.5% growth rate for India in 2021.
It makes India only major economy to register double-digit growth in 2021,” Goyal tweeted. 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.”
DK Mishra, a market expert, said, the pandemic has impacted worldwide economies in a big way but Indian economy has come out of initial hits due to measures taken by Government and strong consumer demands.