Gita Gopinath Praises India’s Economic Growth in Meeting with Finance Minister Nirmala Sitharaman
Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), met Union Finance Minister Nirmala Sitharaman on Saturday. Gopinath lauded the continuity in the fiscal consolidation path being followed by the Indian government and acknowledged the vibrancy of the Indian economy.
Sitharaman expressed that India deeply values its relationship with the IMF and is open to exploring more ways to increase collaboration. The Ministry of Finance shared on social media that Gopinath congratulated Sitharaman on the policy continuity and appreciated the strength of India’s relationship with the IMF.
The IMF recently raised India’s growth projections for 2024 from 6.8% to 7%, attributing this to strong domestic demand and a rising working-age population. For 2025, the IMF projected a growth rate of 6.5%. Official data showed that India’s GDP grew by 8.2% during the financial year 2023-24, making it the fastest-growing major economy. The Reserve Bank of India also raised its GDP forecast for 2024-25 to 7.2% from 7% earlier. The World Bank revised India’s GDP growth forecast for 2024-25 to 6.6% from 6.4%.
Doubts Revealed
Gita Gopinath -: Gita Gopinath is an important economist who works for the International Monetary Fund (IMF). She helps countries understand and improve their economies.
IMF -: IMF stands for International Monetary Fund. It is an organization that helps countries manage their money and economy better.
Nirmala Sitharaman -: Nirmala Sitharaman is India’s Finance Minister. She is responsible for managing the country’s money and economic policies.
New Delhi -: New Delhi is the capital city of India. It is where many important government buildings and offices are located.
fiscal policies -: Fiscal policies are the ways a government uses its money, like how it collects taxes and spends money on things like schools and roads.
GDP -: GDP stands for Gross Domestic Product. It is a measure of how much money a country makes from all the goods and services it produces.
domestic demand -: Domestic demand means how much people in a country want to buy goods and services. It shows how strong the economy is inside the country.
working-age population -: Working-age population refers to the number of people who are old enough to work. A growing working-age population means more people can work and help the economy grow.
