Kumar Bahukhandi
NEW DelHI :
After Prime Minister Narendra Modi, during his Independence Day address to the nation, said the country is on its way to become the third-largest economy with big reforms across sectors, Dr Gita Gopinath, Deputy Managing Director of the International Monetary Fund (IMF), has stated that the country is likely to achieve this feat by 2027. The country has become the fifth largest economy in the world, and is set to be among the top three global economic powers soon. According to Gopinath, India’s growth did much better than expected during the last fiscal year (FY24) as private consumption growth recovered across sectors, especially in rural economy. From two-wheeler sales to fast-moving consumer goods (FMCGs), the overall consumption is surging.
“With better monsoons come better harvests and agricultural incomes go up,” she was quoted as saying in media reports. According to latest data by the Society of Indian Automobile Manufacturers(SIAM), the total production of passenger vehicles, three wheelers, two-wheelers and quadricycle reached 24,37,138 units in July. Two-wheeler segment posted a decent growth of 12.5 per cent in July compared to the same month last year. On the other hand, the FMCG market in India remains resilient despite challenges. OPEN TO EXPLORING MORE WAYS TO INCREASE INDIA’S COLLABORATION WITH IMF: NIRMALA INDIA is open to exploring more ways to increase its collaboration with the International Monetary Fund (IMF), Finance Minister Nirmala Sitharaman said during a meeting with IMF’s First Deputy Managing Director Gita Gopinath on Saturday August 17
