India needs to record rapid economic growth to cope with the impending downturn in the economy due to the Kovid-19 epidemic. The International Monetary Fund (IMF) expressed this view. India’s growth rate is estimated at 12.5 per cent in the current year. India needs to record rapid growth to recover from an eight per cent slump in the economy, a senior IMFS official said.
In a PTI-language interview, IMF deputy chief economist Petya Kova Brooks pledged additional economic stimulus to revive the plague-plagued economy. “When it comes to India, the last financial year has seen a huge drop in production,” he said. As you say, this decline is eight percent.
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“We are very pleased with the expected growth of 12.5 in this financial year 2021-22 and we are also looking at high-frequency indicators, including the Purchasing Managers’ Index (PMI), ”Brooks said. These show that continuous improvement continued in the first quarter of this year.
“There is little risk on the road to improvement from a local lockdown to a new kind of epidemic,” Brooks said. “As for the revival, if there is no crisis we will compare the level of output in 2024. Then when we look at the current growth trends, the difference is very large.”
This difference of eight percent is significantly larger than the entire world, he said. Brooks said the whole world has three percent difference. The Indian government has taken several steps to tackle the Kovid-19 crisis, an IMF official said. Sircar has taken the initiative on the policy front. Offered financial support, softened the monetary stance, took measures for liquidity and also took regulatory measures.
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He said there was a need for an integrated policy process. This can save the economy from long-term losses. Brooks said it is important to help small and medium-sized companies and vulnerable families. The IMF welcomes the announcement made in India’s budget, he said. The budget emphasizes the cost of health and infrastructure, which is good.
