These statements come after Congress chief Rahul Gandhi in a X submit on Thursday echoed US President Donald Trump's view that the Indian financial system was “lifeless”, and focused Prime Minister Narendra Modi.
The Maharashtra Chief Minister connected the newest IMF World Financial Outlook report, whereby it projected India's development in 2025 and 2026 at 6.4 per cent — the very best among the many quickest main economies.
The IMF report pegged the US's development at 1.9 per cent and a couple of.0 per cent, respectively. For China, the charges have been pegged at 4.8 per cent and 4.2 per cent, respectively.
Fadnavis attributed this projected economic growth to the “visionary leadership” of Prime Minister Narendra Modi.
“Under the visionary leadership of Hon PM Narendra Modi Ji, India continues its steady and resilient economic growth, earning global recognition among emerging market and developing economies,” he wrote on X.
“These projections place India among the top emerging market and developing economies with consistent performance over the years,” he added, referring to the latest IMF projections. “This is the result of focused governance, structural reforms and unwavering commitment to a Viksit Bharat.”
On related traces, attaching the identical IMF report, Union Minister Hardeep Puri additionally lauded the nation's development journey.
“India is on the forefront of the worldwide financial system! Regardless of uncertainties prevailing worldwide, India will stay the fastest-growing financial system. These figures are a robust response to those that lack religion in India's capabilities. This tempo signifies that India will quickly additional strengthen its place among the many world's main financial powers,” Minister Puri wrote on X, in Hindi.
Assam Chief Minister Himanta Biswa Sarma had additionally earlier this week shared the identical IMF report back to affirm that India's financial system was set to “develop as a strong financial system and is poised to be the quickest rising rising market in 2025 and 2026 as nicely.”
In September 2022, India had surpassed the UK to turn into the fifth-largest financial system on the earth.
India has made fairly a turnaround, climbing the ladder of financial development. This may be gauged from the truth that it was ranked eleventh in 2013-14, and India has now positioned itself to turn into the fourth-largest financial system quickly.
In 2013, India was positioned within the league of ‘Fragile 5' economies. The time period ‘Fragile 5' was coined by a Morgan Stanley analyst and refers to a set of 5 rising international locations, together with India, whose economies weren't doing nicely. The opposite 4 international locations have been Brazil, Indonesia, South Africa, and Turkey.
To grasp the imaginative and prescient of ‘Viksit Bharat' or a developed nation dream by 2047, India might want to obtain a development charge of round 8 per cent at fixed costs, on common, for a few decade or two, the Financial Survey doc for 2024-25 tabled on January 31 asserted.
On anticipated traces, the Indian financial system grew by 6.5 per cent in actual phrases within the not too long ago concluded monetary yr 2024-25. In 2023-24, India's GDP grew by a formidable 9.2 per cent, persevering with to be the fastest-growing main financial system.
Based on official knowledge, the financial system grew 8.7 per cent and seven.2 per cent, respectively, in 2021-22 and 2022-23.
(With company inputs)
