According to a senior International Monetary Fund (IMF) official, India’s share in global economic growth will increase by 2 percentage points in 5 years.
Indian economy is projected to grow faster in the coming years.
Presently, India and China’s contribution to global growth is 50%. Out of this, India’s contribution is 16%.
Krishna Srinivasan, Director, IMF Asia & Pacific Department said that the Asia Pacific region’s economy will grow by 4.6% in 2023 and by 4.2% in 2024.
Recently, India’s growth estimate was revised upwards by the IMF to 6.3% in FY24.
In the Regional Economic Outlook for Asia and the Pacific, IMF projected the growth in Asia-Pacific will increase from 3.9% in 2022 to 4.6% in 2023.
Srinivasan said the Government of India was likely to meet its 5.9% fiscal deficit target in FY24.
He added state government’s deficit is expected to be 2.8% of GSDP. This is below the deficit target of 3%.
He added for every 10% increase in oil prices, global GDP declines by 0.15%.
