IMF Hails India’s 7.8% Growth, Calls It a Global Growth Engine
What Happened
he International Monetary Fund (IMF) said India remains a key growth engine for the global economy after the country's GDP grew 7.8% in the April-June quarter, exceeding both IMF and market expectations. The IMF attributed the stronger-than-expected performance to robust growth in the services sector and exports.
Key Takeaways
he IMF said India's economy has shown remarkable resilience despite rising global energy prices and geopolitical tensions. However, it is closely monitoring the impact of higher oil prices on the economy and will provide updated projections in its next World Economic Outlook. The IMF also welcomed India's efforts to modernise its GDP estimation methodology and statistical framework.