Terming India a bright spot in the “cloudy” global economy, IMF Managing Director Christine Lagarde had said the country will clock 7.2 per cent growth in the current fiscal and its GDP will exceed combined total of Japan and Germany by 2019, reports PTI
Hailing the statement of Christine Lagarde Dr. U S Awasthi tweeted “ #IFFCO agrees with #IMF @IMFNews Chief @Lagarde that #INDIA is a bright spot on cloudy global horizon.”
Earlier, the CEO and MD of the largest farmers’ owned cooperative Dr Awasthi has hailed the reforms in insurance sector where the FDI was raised from 26 to 49 percent.
On a visit to India IMF Chief paid glowing tributes to the changing economic scenario. “Recent policy reforms and improved business confidence have provided a booster shot to economic activity,” she said while speaking at a function at Lady Shri Ram College, the Agency reported.
The IMF chief further said, “Indeed, a brighter future is being forged right before your eyes. By 2019, the economy will more than double in size compared to 2009.”
When adjusting for differences in purchasing prices between economies, India’s GDP will exceed that of Japan and Germany combined, she said adding it will also exceed the combined output of the three next largest emerging market economies — Russia, Brazil, and Indonesia.