Despite IMF Forecast, India Growing Fastest: Nirmala Sitharaman

Finally, the Indian Finance Minister has opened up on the widespread debate over the Indian economic slowdown.

In a recent media interaction with Indian media in the United States, Nirmala Sitharaman said Indian economy is among the fastest-growing economies and the government is making efforts to drive growth further.

The Indian Minister is making these statements after shocking remarks by the renowned global institutions like World Bank, IMF and financial experts on the declining Indian economic growth.

While IMF said India is among the key risk-takers of the global economic slowdown, the World Bank said Bangladesh and Nepal might outpace India’s GDP in FY’19.

Meanwhile, World Economic Forum’s Global Competitive Index 2019 said India is at the lowest position in BRICS nations.

“India is still growing as the fastest rate,” the Minister said citing IMF estimates.

“The IMF (in its latest projections) reduces the growth (rate) for all the global economies. It reduces the growth for India too. But even with that, India is still growing as the fastest growing economy,” Sitharaman added.

Asked if the government is still targeting to maintain the fiscal deficit to 3.3 percent of GDP, she said, “At this stage, I do not want to allow that to worry me. I’m more keen on getting to addressing the issues which industry wants me to address.”