India needs to grow faster to make up for contraction during COVID-19 pandemic: IMF
The Hindu
The IMF Deputy Chief Economist, Petya Koeva Brooks also made a strong case for an additional economic stimulus to address the impact of the pandemic on the country’s economy.
India, which is projected to grow at an impressive rate of 12.5% this year, needs to grow at a much faster pace to make up for the unprecedented contraction of 8% that it clocked during the pandemic in 2020, according to a senior International Monetary Fund (IMF) official. The International Monetary Fund Deputy Chief Economist, Petya Koeva Brooks, in an interview to PTI on Friday also made a strong case for an additional economic stimulus to address the impact of the pandemic on the country’s economy. “When it comes to India there was a major collapse of output last fiscal year and the number as you mentioned is eight. So, we are very glad to see the strong rebound this year with projected growth of 12.5% for fiscal year 21-22 and we are seeing also high frequency indicators including PMI (Purchasing Managers’ Index), and trade and more mobility indicators which give us a sense that there is continued recovery in the first quarter of this year,” she said.More Related News