Tuesday, 18 June 2024
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Global growth will be driven by India: OECD chairman

  • Mathias Cormann projects that the Indian economy will continue to grow at the highest rate among G20 members.
  • India’s growth is predicted by the IMF to be 6.3% for both the current and the upcoming fiscal years.
  • He highlighted India’s success for further expansion, praising Prime Minister Modi for his inspirational leadership.

Mathias Cormann, Secretary General of the OECD, projects that the Indian economy will continue to grow at the highest rate among G20 members and contribute to global growth.

Given that India is doing remarkably well and propelling global growth, he projects growth of more than 6% for both this year and the next. Nonetheless, he concedes that India is not impervious to the adverse effects of global changes occurring elsewhere.

Global growth

India’s growth is predicted by the International Monetary Fund (IMF) to be 6.3% for both the current and the upcoming fiscal years. Additionally, the Reserve Bank of India decreased its estimate of GDP growth for FY24 by 50 basis points, to 7%.

Cormann notes a decline in inflation and a chance for gradual monetary policy relaxation in the second half of this year in support of his prediction that the RBI will gradually lower interest rates in India as prices cool.

India’s notable advancements over the last ten years have been commended by the head of the OECD, who also forecasts further increases in the country’s living standards.

He highlighted India’s success and the possibility for further expansion, praising Prime Minister Modi for his inspirational leadership and his team’s superb performance in guiding the G20 in 2023.

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