GG News Bureau
Washington DC, 5th April. The International Monetary Fund (IMF) has clarified that recent growth projections for India, as articulated by Krishnamurthy Subramanian, Executive Director at the IMF, do not reflect the official views of the organization but were presented in his capacity as India’s representative.
Julie Kozack, spokesperson for the IMF, emphasized during a press briefing in Washington that Subramanian’s remarks were made in his role as India’s representative at the IMF. Responding to inquiries regarding Subramanian’s comments forecasting an 8 percent growth rate for India, Kozack underscored the distinction between the views expressed by individuals in their representative roles and the official positions of the IMF.
Subramanian had outlined his growth projections during an event in New Delhi on March 28, suggesting that India could achieve an 8 percent growth rate until 2047 by building upon the positive policies and accelerating reforms implemented over the past decade.
Kozack clarified further, highlighting the governance structure of the IMF, which includes an Executive Board comprising representatives from various countries or groups of countries. She emphasized the separation between the work of the IMF staff and the decisions made by the Executive Board.
Regarding the IMF’s official growth projections for India, Kozack noted that the organization is scheduled to update its World Economic Outlook in the coming weeks. While the IMF’s growth projections as of January indicated a medium-term growth rate of 6.5 percent, Kozack hinted at a forthcoming revision in the upcoming forecast presentation.
The IMF’s clarification comes amidst discussions surrounding India’s economic trajectory and underscores the importance of distinguishing between individual viewpoints and the official positions of international organizations like the IMF.
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