Beneficiaries pose for a photograph while getting vaccinated against Covid-19, during the vaccination campaign for the age group of 18-45.
India is doing well in terms of vaccinating its people and it is certainly helping its economy, a top International Monetary Fund official said on Tuesday, adding that the global financial institution in its latest outlook for India in 2021 at 9.5 percent growth rate is projected.
“We don’t have any change in our growth forecast for this year for India. I mean India came out of a very tough second wave and that caused a big drop in July, but we don’t have any change. (in its growth rate estimates) yet,” IMF chief economist Gita Gopinath told reporters during a virtual conference call on Tuesday.
India’s growth forecast released by the latest World Economic Outlook this summer is unchanged from its previous WEO update for July, but is down three percentage points in 2021 and 1.6 per cent from April’s estimates.
According to the latest WEO update, released ahead of the annual meeting of the IMF and the World Bank, India’s economy contracted by 7.
3 percent is expected to grow to 9.5 percent in 2021 and 8.5 percent in 2022 due to the COVID-19 pandemic.
The world is expected to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022. The United States is projected to grow between six per cent and 5 per cent this year.
2 percent next year. China, on the other hand, is projected to grow 8 percent in 2021 and 5.6 percent in 2022, the IMF said.
Gopinath said that the Indian economy is already facing many challenges with respect to the financial market, with regards to the fact that the virus is not gone yet.
“Indians are doing well in terms of vaccination rates and that is definitely helpful,” Gopinath said in response to a question.
Malhar Nabar, head of the Department of World Economic Studies in the IMF’s research division that produces the World Economic Outlook (WEO), said there is still room to provide more aid if needed if the pandemic takes a turn for the worse. , to provide it. In a targeted manner to the worst affected families and firms.
“But going forward in the medium term, it was important to put in place a credible medium-term strategy to bring the debt to GDP ratio in place and meet the future growth needs and infrastructure needs of the Indian economy,” Nabar said. Said in response to the question.
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