War of Words! Krishnamurthy Subramanian, the Executive Director on the International Monetary Fund has stated that the IMF’s GDP progress forecasts for India have been persistently ‘INACCURATE’. In distinction, he claimed that his predictions of India’s GDP progress have been correct. The concern stems from IMF spokesperson Julie Kozack just lately stating that Krishnamurthy Subramanian’s 8% GDP progress forecast for the Indian economic system doesn’t signify that of the International Monetary Fund. Krishnamurthy Subramanian has beforehand served as a Chief Economic Advisor for the federal government of India.
IMF had clarified that the latest progress projections made by Krishnamurthy Subramanian, the Executive Director representing India on the IMF, don’t replicate the official views of the group.
In response to Subramanian’s remarks predicting an 8 % progress price for India, IMF spokesperson Julie Kozack said that his feedback had been made in his capability as India’s consultant. “The views conveyed …by Mr. Subramanian were in his role as India’s representative at the IMF,” she stated based on a PTI report. Kozack highlighted the excellence between the views of particular person representatives like Subramanian and the IMF’s official projections.
Also Read | Strong present by Indian economic system! IMF ups India GDP forecast; excellent news for Pakistan too
Post IMF’s clarification, Subramanian in a submit on Twitter (previously X) stated, “During my tenure at @IMFNews (since Nov-22), IMF staff’s estimate of India’s growth rate has been consistently INACCURATE. While India’s growth has been >7%, IMF staff estimates have all been
“In contrast, check IMF staff predictions. For FY 23-24, in Nov-22 and Jan-23, IMF staff predicted growth=6.1%. In Apr-23, they lowered it to 5.9%. In Nov-23, they predicted 6.3%. And actual growth estimate (NSSO) for FY23-24 =7.6%; IMO, will be revised to ~8%,” he wrote.
“So, IMF staff’s error margins are HUGE: 1.9% in Nov-22 & Jan-23 estimates, 2.1% in Apr-23 estimate, and 1.7% in Nov-23 estimates. Similarly, even FY23-24 growth estimates of IMF staff
Subramanian had recently expressed optimism about India achieving an 8 percent growth rate until 2047 if the country continues its current policies and accelerates reforms.
“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,” he was quoted as saying.
Also Read |India’s Mission 2047: How India goals to grow to be a developed economic system – excessive velocity expressways, electrical mobility, digital funds & extra
The IMF had beforehand projected a medium-term progress price of 6.5 per cent, with a slight upward revision from earlier estimates.
The group is about to launch up to date forecasts within the coming weeks. Kozack reaffirmed the upcoming launch of the World Economic Outlook report, which can present the newest progress projections.
IMF had clarified that the latest progress projections made by Krishnamurthy Subramanian, the Executive Director representing India on the IMF, don’t replicate the official views of the group.
In response to Subramanian’s remarks predicting an 8 % progress price for India, IMF spokesperson Julie Kozack said that his feedback had been made in his capability as India’s consultant. “The views conveyed …by Mr. Subramanian were in his role as India’s representative at the IMF,” she stated based on a PTI report. Kozack highlighted the excellence between the views of particular person representatives like Subramanian and the IMF’s official projections.
Also Read | Strong present by Indian economic system! IMF ups India GDP forecast; excellent news for Pakistan too
Post IMF’s clarification, Subramanian in a submit on Twitter (previously X) stated, “During my tenure at @IMFNews (since Nov-22), IMF staff’s estimate of India’s growth rate has been consistently INACCURATE. While India’s growth has been >7%, IMF staff estimates have all been
“In contrast, check IMF staff predictions. For FY 23-24, in Nov-22 and Jan-23, IMF staff predicted growth=6.1%. In Apr-23, they lowered it to 5.9%. In Nov-23, they predicted 6.3%. And actual growth estimate (NSSO) for FY23-24 =7.6%; IMO, will be revised to ~8%,” he wrote.
“So, IMF staff’s error margins are HUGE: 1.9% in Nov-22 & Jan-23 estimates, 2.1% in Apr-23 estimate, and 1.7% in Nov-23 estimates. Similarly, even FY23-24 growth estimates of IMF staff
Subramanian had recently expressed optimism about India achieving an 8 percent growth rate until 2047 if the country continues its current policies and accelerates reforms.
“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,” he was quoted as saying.
Also Read |India’s Mission 2047: How India goals to grow to be a developed economic system – excessive velocity expressways, electrical mobility, digital funds & extra
The IMF had beforehand projected a medium-term progress price of 6.5 per cent, with a slight upward revision from earlier estimates.
The group is about to launch up to date forecasts within the coming weeks. Kozack reaffirmed the upcoming launch of the World Economic Outlook report, which can present the newest progress projections.
