In recent discussions, IMF's Gita Gopinath stressed the importance of advocating for multilateral trade rules at the WTO to enhance India's global appeal. She highlighted the need for continuous structural reforms to elevate India to high-income status, citing successful examples like South Korea. Gopinath emphasized the role of human capital development and regulatory improvements in India's growth, supporting PM Modi's goal of a developed India by 2047. The IMF's optimistic growth forecast for India, driven by rural consumption improvements, signifies the nation's potential as a key global player.
In a recent discussion, Gita Gopinath, the first deputy managing director of the International Monetary Fund, highlighted India's advantageous position as an appealing partner for numerous countries seeking to broaden their trade horizons. She emphasized the importance of advocating for multilateral rules at the World Trade Organization (WTO) to facilitate smoother services trade, thereby positioning India favorably amidst global shifts towards protectionism and de-globalization.
Expressing optimism about India's role in fostering diversified trading relationships, Gopinath stressed the significance of a rules-based trading system to ensure mutual benefits for all nations. "India's appeal as a trading partner presents a valuable opportunity for enhancing global economic cooperation," she noted in an interview with ET.
Gopinath underscored the need for sustained structural reforms to propel India towards high-income status, referencing successful models like South Korea and Singapore. Acknowledging the challenges posed by the "middle-income trap," she emphasized the critical role of continuous policy reforms in advancing economic growth and development.
Recognizing the pivotal role of human capital development, education, and healthcare in India's progress, Gopinath emphasized the significance of enhancing regulatory frameworks and judicial efficacy. She also highlighted the importance of agricultural and land reforms as essential components for sustaining India's growth trajectory.
Prime Minister Narendra Modi's vision of India achieving developed nation status by 2047 resonates with the IMF's optimistic growth projections for the country. With an upward revision of India's FY25 growth forecast to 7%, driven by improving rural consumption trends, the IMF underscores the potential for India to emerge as a key player in the global economic landscape.
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