New Delhi. Next year, when all the countries of the world including China, Russia, Japan, Germany will be facing setbacks in terms of economic development, India will be writing a new story of development. This has been said by none other than the International Monetary Fund (IMF) in its latest report. Read this also: One lemon costs Rs 1.5 lakh! Know what is so special about it?
The International Monetary Fund believes that the Indian economy will remain the fastest growing economy in the world not only at present but also in the coming years. Considering India’s pace, the IMF, while revising its estimate, said that India’s economy will grow at the rate of 6.5 percent in the financial year 2024-25. Earlier, IMF had estimated it to be 6.3 percent.
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In its report, the IMF has increased its growth estimate for the financial year 2024-25 by 20 basis points or 0.20 percent, while it has also changed its growth rate estimate for the current financial year, and has increased it by 0.40 percent or 40 percent. Basis point has been increased. After this it has been increased to 6.7 percent. According to the IMF report, the growth rate in India is estimated to be 6.5 percent in both 2024 and 2025. This reflects the continuously increasing demand at the domestic level.
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Finance Ministry is looking more at development
Before the IMF report came, the Finance Ministry had released it in its economy review. In this, nominal GDP growth is estimated to be around 7 percent in the financial year 2024-25. According to the report of the Finance Ministry, if this pace continues, India will become a 5 trillion dollar economy and the third largest economy in the world in the next three years. With this, it can touch the level of 7 trillion dollars by the year 2030.
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China and Russia lag behind in development
While the International Monetary Fund is talking about growth in the Indian economy, on the other hand it is expressing the fear of slowing down the pace of growth in countries like China, Russia and Brazil. In China, the growth rate of 5.2 percent in the current financial year will go down to 4.6 percent in 2024 and further down to 4.1 percent in 2025. In Russia too, the growth rate is expected to decline from the current 3.0 percent to 2.6 percent in 2024 and 1.1 percent in 2025.