IMF forecast: BJP credits PM Modi for economic growth

The Bharatiya Janata Party (BJP) on Tuesday hailed Prime Minister Narendra Modi's leadership after the International Monetary Fund (IMF) projected India as the fastest growing country among emerging economies.

The IMF on Monday projected India's growth at 7.4 percent for 2018, against China's 6.8 percent, making it the fastest growing country among emerging economies.

Speaking to ANI, BJP leader Sambit Patra said that the IMF's projection is the outcome of "Prime Minister Modi's mantra of reform, perform and transform."

"It shows that India is the heaven destination for investment by the foreign companies. It also confirms that Narendra Modi's robust leadership is strengthening Indian economy. The economy of the country is growing due to structural reforms. In 2013, Indian economy was counted in Fragile Five economy. It is the result of the Modi Mantra of reform, perform and transform that the International Monetary Fund is calling us a bright spot," Patra said.

Union Minister Mukhtar Abbas Naqvi said that India's image has become optimistic because of the Prime Minister's zeal and passion in the last three and a half years.

"All the economists of the world are saying one thing that India is the strongest emerging economy. So this means that India will going to get ahead as far as progress is concerned. And a large credit goes to Prime Minister Modi.

In its latest World Economic Outlook (WEO) update, the IMF has also projected a 7.8 percent growth rate for India in 2019.

The IMF said that China, during the same period is expected to grow at 6.6 percent and 6.4 percent respectively.

Emerging and developing Asia will grow at around 6.5 percent over 2018-19, broadly the same pace as in 2017, IMF said, adding that the region continues to account for over half of the growth in the world.

"Growth is expected to moderate gradually in China, though with a slight upward revision to the forecast for 2018 and 2019 relative to the fall forecasts, reflecting stronger external demand, pick up in India, and remain broadly stable in the ASEAN-5 region," the IMF said.