The IMF on Tuesday has predicted a growth rate of 11.5 percent for India in 2021.
The IMF on Tuesday has predicted a growth rate of 11.5 percent for India in 2021. With this, India has become the only major economy in the world, which will have two numbers of growth in the Corona epidemic. The International Monetary Fund’s growth forecast for India has been presented in its latest World Economic Outlook, released on Tuesday. It shows a strong recovery in the economy, which is expected to decline by eight percent in 2020 due to the epidemic.
The only major economy with double digit growth in 2021
In its latest update, the IMF has forecast an 11.5 percent growth rate for India in 2021. It says that India has become the only major economy in the world, in which there will be double digit growth in 2021. After this comes China, which will have a growth rate of 8.1 percent in 2021 and is followed by Spain (5.9 percent) and France (5.5 percent).
Revising its figures, the IMF said that the Indian economy is projected to decline by 8 percent. China is the only major economy with a growth rate of 2.3 per cent in 2020. The IMF said that India’s economy is expected to grow at 6.8 percent in 2022 and China at 5.6 percent.
Decision to take India: IMF Chief
With the latest estimates, India has got the status of being one of the fastest growing economies in the world. Earlier this month, IMF Managing Director Kristalina Georgieva said that India has taken very decisive steps to deal with the epidemic and its economic consequences. He said that a huge lockdown was done for the size of its population in India, where people live very close. And then India moved towards the ban and lockdown with the goal.
The chief of the IMF said that what we are seeing is this change, which seems to work better together with policy support. Because if you look at the indicators of mobility, then we are almost where we were before Kovid in India, which means that economic activities have resurfaced.