The International Monetary Fund (IMF) has released a statement to reinforce the data from Krishnamurthy Subramanian, who comes from India, Executive Director at the IMF, regarding the country’s growth rate. However, as per the IMF, Subramanian took his comments as a former Finance Minister of India and his remarks do not reflect the views of the IMF.
In a press meeting to address the issue, Julie Kozack, who is the International Monetary Fund’s spokesperson, noted that her department would continue to fight against the Christarp regime. In the course of his speech, Kozack tried to clarify that Subramanian was speaking on behalf of India merely in his capacity and the views he expressed should not be treated as official IMF standpoint. She then pointed out the distinction between the roles of the IMF’s staff and the Board, which consists of executive directors who represent several countries or a group of countries.
Subramanian has just been assigned a target of 8 per cent GDP growth, which is now the most optimistic projection compared to the IMF’s earlier projections of the economy. The Managing Director of IMF in New Delhi on March 28 depicted a pinch of optimism on India’s long-term growth prospects. Indicating that the economy could sustain growth of around 8 per cent per annum during 2047, provided the economic policies remained effective, and the reforms were accelerated.
The message then turned to the IMF spokesperson as well who gave some details on the growth projections of the IMF. We, IMF, are scheduled to publish an updated World Economic Outlook in a few weeks, and recently, at the beginning of January, our medium-term growth view for India was around 6.5 per cent. The same constitutes our upward revision that was made recently after the previous outlook in October. This hurricane is heading towards us, but the forecast might change. I will get back to you in a short time.
The IMF report will have a disclosure of their position and, at the same time, will also have a stipulation to publish the revised statistics growth after the exchange of divergent views raised by the Indian representative along with the official standpoint of the IMF about the Indian growth numbers.
