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HomeIndiaAhead of FM Sitharaman speech, IMF Executive Director says India's economy quite...

Ahead of FM Sitharaman speech, IMF Executive Director says India’s economy quite strong

Funds 2024-25: Finance Minister Nirmala Sitharaman. PTI

Forward of tabling of the Interim Union Funds 2024-25, Govt Director of the Worldwide Financial Fund (IMF) and former Chief Financial Advisor to the Authorities of India, KV Subramanian, stated: “India has completely overcome the COVID-19 pandemic impact.”

“Global economy has still not completely recovered because inflation resulted due to spending during COVID-19 and to bring that down interest rates have been increased. So, the interest rates have not decreased yet. Contrary to that, if you look at India – inflation is under control here,” Subramanian stated.

“Policy rates can also come down in the time to come. But of you see overall – fiscal deficit is being brought down, current account deficit is in a good position, inflation is under control too… So, there is no doubt that India has completely overcome the pandemic impact,” he added.

‘India’s economic system fairly sturdy’

“…If you look at the growth rate, you must remember that when there was pandemic and very few people believed it, I had said that the growth rate will be more than 7 per cent and that is what the numbers are…The policies we adopted during the pandemic, a mixture of supply and demand…benefitted the needy. Capital expenditure has been increased – by almost 3.5 per cent. So, India’s economy is quite strong and in a good position due to this. IMF and others can see this clearly,” Subramanian stated.

‘Good measures taken in earlier years will likely be repeated’

Talking about his expectations from the Funds 2024-25, Subramanian stated: “First of all, we need to keep in mind that this is a vote on account… The full budget will be presented after elections, in June or July… So, not many measures are taken in this budget.”

“Since the economy is in a very good position with the possibility of a growth rate of 7.3 per cent, I think the government will carry forward what it has done in previous years. Perhaps a few measures will be taken…maybe there will be something for women…Overall, I see that the good measures taken in previous years will be repeated,” he added.

Funds 2024

Finance Minister Nirmala Sitharaman will current the Interim Funds in Parliament on Thursday (1 February) forward of the Lok Sabha elections in 2024, marking the ultimate funds within the second time period of Prime Minister Narendra Modi.

The Interim Funds estimates or outlines expenditure, income, fiscal deficit, monetary efficiency and projections till the formation of a brand new authorities. It helps the federal government to handle its monetary obligations.

WATCH: Finance Minister holds paperless ‘bahi katha’

Union Finance Minister Nirmala Sitharaman, wearing tussar handloom blue cream Kantha saree, and her Funds crew on Thursday morning had been seen with paperless ‘bahi katha’ on the North Block forward of the presentation of Funds 2024 in Parliament.

Video additionally confirmed Interim Funds 2024 copies arrive in Parliament on Thursday morning.

Expectations of the frequent man are excessive from the Interim Funds 2024 because the PM Modi-led authorities focuses on sustaining India’s GDP progress momentum, whereas on the identical time shifting on the fiscal glide path to achieve an appropriate fiscal deficit goal.

India is the quickest rising main economic system on the earth and within the coming years will turn into the world’s third largest economic system with a $5 trillion GDP. Sitharaman’s Funds 2024 Vote On Account is anticipated to offer a path to that aim.

With inputs from businesses

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