8% Growth Projection For India Is Not Ours, Says IMF

Kozack was addressing a query regarding recent statements made by Subramanian, who projected a growth rate of 8 per cent for India, which was different from the IMF's previous growth rate projections

The International Monetary Fund (IMF) clarified that recent statements made by Krishnamurthy Subramanian, the Executive Director representing India at the IMF, regarding India's growth figures do not reflect the IMF's official views. The IMF spokesperson added that these remarks were made in his capacity as India's representative at the international organisation.

"The views conveyed ...by Subramanian were in his role as India's representative at the IMF," Julie Kozack, IMF spokesperson, told the news agency PTI on Thursday.

Kozack was addressing a query regarding recent statements made by Subramanian, who projected a growth rate of 8 per cent for India, which was different from the IMF's previous growth rate projections.

Krishnamurthy Subramanian's Comment:

On March 28, during an event held in New Delhi, Subramanian expressed his viewpoint that the Indian economy has the potential to sustain a growth rate of 8 per cent until 2047. He emphasised that the country should prioritise doubling the good policies implemented in the last 10 years to achieve this sustained growth trajectory.

"So, the basic idea is that with the kind of growth that India has registered in the last 10 years if we can redouble the good policies that we have implemented over the last 10 years and accelerate the reforms, then India can grow at 8 per cent from here on till 2047," Subramanian said earlier.

"We do have an Executive Board. That Executive Board is made up of executive directors who are representatives of countries or groups of countries, and they make up the Executive Board of the IMF. And that's distinct, of course, from the work of the IMF staff,” clarified the IMF spokesperson.

IMF To Release Updated Version Of World Economic Outlook:

The IMF is scheduled to release an updated version of its World Economic Outlook within the coming weeks. "But our growth projections as of January were for medium term growth of 6.5 per cent, and that was a slight upward revision relative to October. Again, we will be presenting the latest forecast in just a couple of weeks," Kozack added.