IMF distances itself from 8% growth projection for India: Report
IMF said that the recent statements made by Krishnamurthy Subramanian regarding India's growth figures do not reflect its views.
In Short
- Subramanian projected 8% growth rate for India till 2047
- IMF's medium-term growth projection for India is 6.5%
- IMF to release updated World Economic Outlook soon
The International Monetary Fund (IMF) has clarified that recent statements made by Krishnamurthy Subramanian regarding India's growth figures do not reflect its views, reported news agency PTI.
Subramanian serves as India's representative at the IMF and is the former Chief Economic Adviser of the Government of India.
Julie Kozack, spokesperson for the IMF, told reporters that the remarks attributed to Mr Subramanian were made in his capacity as India's representative within the IMF, rather than as a statement of the IMF's official position.
"The views conveyed ...by Mr Subramanian were in his role as India's representative at the IMF," PTI quoted IMF's spokesperson Julie Kozack.
Subramanian, speaking at an event in New Delhi on March 28, projected a growth rate of 8% for India, suggesting that such growth could be sustained until 2047 through continued implementation of effective policies and acceleration of reforms.
"So, the basic idea is that with the kind of growth that India has registered in the last 10 years, if we can redouble the good policies that we have implemented over the last 10 years and accelerate the reforms, then India can grow at 8 per cent from here on till 2047," Subramanian had said, as per the report.
Kozack highlighted the difference between the views expressed by individual representatives and the official positions of the IMF.
She explained that the IMF's projections are formulated through a structured process involving its Executive Board, which consists of representatives from member countries.
"We do have an Executive Board. That Executive Board is made up of executive directors who are representatives of countries or groups of countries, and they make up the Executive Board of the IMF. And that's distinct, of course, from the work of the IMF staff," PTI quoted Kozack.
The IMF spokesperson further noted that the IMF is set to release its updated World Economic Outlook in the coming weeks, but as of January, the medium-term growth projection for India stood at 6.5%, which represented a slight upward revision from previous estimates made in October.
Kozack assured that the IMF will provide the latest forecast shortly.