Team Blitz India
NEW DELHI India’s contribution to global economic growth is expected to increase 200 basis points (bps) to 18% over the next five years as the country grows at a quicker pace, a senior official at the International Monetary Fund (IMF) said.
Krishna Srinivasan, Director, Asia Pacific Department, IMF, said India and China are expected to jointly account for half the world’s growth in 2023 and 2024, with India’s share at 16% and the remaining being contributed by China.
“India’s economic growth remains robust, driven by a large public capital expenditure push and resilient domestic demand,” said Srinivasan.
The IMF recently revised upwards India’s growth estimate to 6.3% in FY24, due to resilient domestic demand and strong investment inflows. Meanwhile, the Chinese economy, it said, is expected to expand 5% in 2023 and 4.2% in 2024, lower than 5.2% and 4.5%, respectively, estimated in April.