India global powerhouse of growth, innovation: PM Modi on IMF forecast

With the IMF forecasting robust economic growth in India amid concerns about the global economy, Prime Minister Narendra Modi on Tuesday said the country is a global bright spot and powerhouse of growth and innovation.

The International Monetary Fund (IMF) on Tuesday raised India's GDP projection marginally by 0.2 per cent to 6.3 per cent even as it slashed the global growth forecast to three per cent.

"Powered by the strength and skills of our people, India is a global bright spot, a powerhouse of growth and innovation. We will continue to strengthen our journey towards a prosperous India, further boosting our reforms trajectory," the prime minister said on 'X', citing the IMF figures.

"Growth in India is projected to remain strong, at 6.3 per cent in both 2023 and 2024, with an upward revision of 0.2 percentage point for 2023, reflecting stronger-than-expected consumption during April-June," the IMF's 'World Economic Outlook' said.

India's growth is projected to be higher than China's, the second-largest economy in the world.