IMF PROJECTIONS INDIA'S STELLAR GROWTH AND GLOBAL IMPACT

The International Monetary Fund is an important organization in the United States which was founded in 1944 to ensure global monetary cooperation, and exchange rate stability and provide financial assistance to member countries facing balance of payments problems.

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IMF not only stabilizes global financial systems but also provides financial aid during crises and promotes economic stability through policy advice and surveillance. 190 countries are a part of The IMF. The United States, United Kingdom, Japan, France, Italy, and India are some of the member countries. India became the founder member of the IMF in December 1945 even before independence. At some point in time for a while, India was the 5th largest shareholder.

Benefiting from robust growth propelled by economic reforms, particularly in areas such as digitization and infrastructure, India has risen as a standout performer. According to the International Monetary Fund's statement on Monday, India is anticipated to contribute over 16 percent to global economic growth.

For a considerable period, we have noted India's sustained and robust economic growth. Among its peer nations, India stands out as a star performer in terms of real growth, being one of the fastest-growing large emerging markets. According to our current projections, India is expected to contribute over 16 percent to global growth this year, as stated by Nada Choueiri, representing the Mission of India at the IMF in an interview with the agency. Choueiri emphasised that a proactive government initiative in logistics and infrastructure could effectively steer the economy amidst global challenges. She also underscored the significance of prioritising digitalization, positioning India on a robust trajectory for future growth and enhanced productivity.