India Looks To Strengthen Collaboration With IMF, Says FM Sitharaman

During the meeting, Gopinath congratulated the Finance Minister on policy continuity in the fiscal consolidation path being followed by the government of India

India is willing to explore more ways to increase its collaboration with the International Monetary Fund (IMF), Union Finance Minister Nirmala Sitharaman said during a meeting with IMF's First Deputy Managing Director Gita Gopinath on Saturday.

During the meeting, Gopinath congratulated the Finance Minister on policy continuity in the fiscal consolidation path being followed by the government of India.

"FM Smt. @nsitharaman stated that India deeply values its relationship and continuous engagement with IMF; and looking ahead, the Government of India is open to exploring more ways to increase India's collaboration with the IMF," the finance ministry wrote in a post on X (formerly Twitter).

In addition to recognising the dynamic nature of the Indian economy, Gita Gopinath also expressed her appreciation for the strong and productive relationship between India and the IMF. She stressed that this robust partnership is not only beneficial for both India and the IMF but also holds significant value for the global community as a whole.

"@GitaGopinath congratulated the Union Finance Minister on the policy continuity in the fiscal consolidation path followed by the Government of India. Besides acknowledging the vibrancy of the Indian economy, Ms. @GitaGopinath  appreciated the strength of India’s relationship with IMF - valuable to both India, IMF, and to the world at large. FM Smt. @nsitharaman  stated that India deeply values its relationship and continuous engagement with IMF; and looking ahead, the Government of India is open to exploring more ways to increase India’s collaboration with the IMF," the ministry said in the social media post.

According to IANS, Gopinath had said that India's growth exceeded expectations in the last fiscal year (FY24), driven by a recovery in private consumption across sectors, particularly in the rural economy.

From two-wheeler sales to fast-moving consumer goods (FMCGs), overall consumption is on the rise. "Better monsoons lead to better harvests, boosting agricultural incomes," she was quoted in the report.