Finance Minister Nirmala Sitharaman on Thursday said that the latest International Monetary Fund's (IMF) growth projection for India of 8.2 per cent for the current fiscal 2022-23, is the fastest among major economies in the world.
She said that India has continued to implement key structural reforms aimed at enhancing productivity and employment.
The Finance Minister made these comments during the Plenary Meeting of the International Monetary and Financial Committee of the IMF in Washington DC.
In the backdrop of the emerging challenges, Ms Sitharaman conveyed that the global economy may witness some growth deceleration, the Finance Ministry said in a series of tweets.
Union Finance Minister Smt. @nsitharaman attends the Plenary Meeting of the International Monetary and Financial Committee of the IMF, in Washington D.C., today. (1/5) pic.twitter.com/PUnjHMwj15
The Finance Minister also emphasised on the greater role of IMF in the post-pandemic period and the need for timely completion of 16th General Review of Quotas to address the under-representation of the Emerging and Developing Market economies.
She also underlined the importance of the multilateral approach to combat climate change and the importance of transfer of climate finance and low-cost technologies from developed to developing countries.
On April 19, IMF had slashed the growth forecast for India for the current financial year by 80 basis points to 8.2 per cent, cautioning that the ongoing Russia-Ukraine war will in the long run hurt consumption and also growth as inflation will rise.
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