To a question on Prime Minister Modi's call to make India a developed nation by 2047, when the country celebrates the 100 years of its independence, she said this is very much achievable
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), expressed confidence that India would reach its objective of becoming a developed nation by 2047 if it continues to pursue reforms, saying that India's economic success is based on those changes.
As it has been throughout its history, India's economy has been a shining example of global prosperity. Growth in India is expected to reach 6.5% in 2024, according to our revised forecast. After a reasonably successful 2023, this follows suit. Georgieva told a gathering of reporters here that India's success is based on the pursuit of reforms over the last years.
According to Georgieva, one of India's major strengths is the country's daring digital initiatives, such as its digital public infrastructure and digital ID, which have made digital a competitive advantage and opened up new markets to small business owners.
It is also well acknowledged in India that there is a lack of female labor force participation. She spoke on how she believes Prime Minister Narendra Modi is doing the right thing by putting his faith in Indian women and working to increase their economic engagement.
Finally, as was the case with the moon landing, India understands that innovation, not investment in R&D, will drive future competitiveness. The head of the IMF noted that this sets the stage for future growth.
"Where India needs to be watchful like all other countries, it has to be watchful how the strength of public finances and the use of public money support this medium long term objective of strong growth," according to her.
The prime minister has asked that India become a developed nation by 2047, the year the nation celebrates its 100th anniversary of independence. In response to this, she stated that this goal is well within reach.
It doesn't seem like this can't be done. "Stay the course," Georgieva admonished, only hours after the Union Finance Minister said in her interim budget that the Modi government aims to transform India into a "Viksit (Developed) Bharat" by 2047, promoting inclusive and widespread development.
"Staying the course" also entails removing barriers for private entrepreneurship, according to the IMF managing director.
"I see in India as actually everywhere space for more to be done," according to her.
"Confidence is something that India has shown to be a strength. Additionally, trust in both the leadership and the people. In her previous visit to India, Georgieva spoke with individuals from various walks of life, and she noticed a general feeling of optimism about the country's economy and its people.
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