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The International Monetary Fund (IMF) on Friday distanced itself from the 8% growth projection for India put forward by executive director Krishnamurthy Subramanian. IMF clarified that the views expressed by Subramanian were made in his individual capacity.
“The views conveyed by Mr. Subramanian were in his role as India’s representative at the IMF,” said Julie Kozack, IMF spokesperson.
Subramanian at an event in Delhi had projected a sustained growth rate of 8 per cent for India till 2047, if existing policies and reforms are accelerated.
“So, the basic idea is that with the kind of growth that India has registered in the last 10 years, if we can redouble the good policies that we have implemented over the last 10 years and accelerate the reforms, then India can grow at 8 per cent from here on till 2047,” said Subramanian .
The IMF is set to update its World Economic Outlook soon. “But our growth projections as of January were for medium term growth of 6.5 per cent, and that was a slight upward revision relative to October,” said Kozack.
Kozack explained that the IMF’s Executive Board, comprising country representatives, is distinct from the IMF staff’s work.
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