The International Monetary Fund (IMF) clarified that recent statements made by Krishnamurthy Subramanian regarding India's growth figures do not represent the IMF's official position. Subramanian, India's representative at the IMF and former Chief Economic Adviser of the Government of India, projected an 8% growth rate for India until 2047.
Krishnamurthy Subramanian, while speaking in New Delhi, suggested that India could sustain an 8% growth rate until 2047 by continuing effective policies and accelerating reforms. However, IMF spokesperson Julie Kozack emphasized that Subramanian's remarks were made in his role as India's representative, not as the IMF's official stance. Kozack clarified that the IMF's growth projections undergo a structured process involving its Executive Board, which includes representatives from member countries.
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Kozack explained that the IMF's official forecasts and statements are distinct from the views expressed by individual representatives. The IMF's Executive Board, consisting of representatives from member countries, is responsible for formulating official positions. Kozack mentioned that the IMF will soon release its updated World Economic Outlook, but as of January, the medium-term growth projection for India was 6.5%. This figure represents a slight upward revision from previous estimates in October.
The IMF spokesperson assured that the organization will provide the latest forecast shortly. This clarification highlights the difference between individual opinions and the official stance of the IMF on economic projections. It underscores the importance of the IMF's structured process involving its Executive Board in formulating official positions on economic growth.
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