IMF Managing Director Commends India’s Economic Success Grounded in Reforms
In a press briefing, Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, praised India’s economic success, attributing it to the pursuit of reforms over the past years. Georgieva expressed confidence in India’s ability to achieve its goal of becoming a developed nation by 2047, emphasizing the importance of staying the course in implementing transformative policies.
Georgieva highlighted India’s resilience as a bright spot in the world economy, announcing an upgrade in growth projections to 6.5% in 2024. She acknowledged India’s bold actions on the digital front, including the establishment of digital public infrastructure, digital ID, and leveraging digital as a comparative strength. These initiatives have empowered small entrepreneurs to access markets in unprecedented ways.
The IMF head underscored the recognition in India of the need to enhance female participation in the labor market. Prime Minister Narendra Modi’s focus on empowering Indian women and creating more opportunities for their economic participation was lauded as a strategic move.
Additionally, Georgieva emphasized India’s commitment to innovation as a driver of future competitiveness, applauding the country’s effective investment in research and development. She noted the fertile ground created for future growth, especially in the context of India’s recent achievements, such as the moon landing.
While acknowledging India’s strengths, Georgieva advised vigilance in managing public finances to support the medium to long-term objective of strong growth. She endorsed Prime Minister Modi’s vision of making India a developed nation by 2047 and expressed confidence in its achievability.
Georgieva concluded by praising India’s confidence, not only in leadership but also among the people, identifying it as a visible strength for the country. She encouraged continued efforts to eliminate obstacles for private entrepreneurship and expressed optimism about India’s economic trajectory.
