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IMF dubs India 'bright spot' in dark global economic horizon

The International Monetary Fund (IMF) praised India as a "bright spot in a dark horizon" due to the rapidly-growing economy even in these difficult times, adding that the country will leave a mark on the world for years to come during next year's presidency of G20.

Addressing a press briefing, IMF's Managing Director, Kristalina Georgieva said, "India deserves to be called a bright spot in this otherwise dark horizon because it has been a fast-growing economy, even during these difficult times, but most importantly, this growth is underpinned by structural reforms. "

The top IMF official made this comment on the sidelines of annual meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington.

Praising India's digital economy, Georgieva said that the remarkable success of digitisation in India is the digital ID that provides all services and support on the basis of "digital access." She further added that digitisation is a huge factor in India's success.

Responding to a question regarding her expectation from India while heading the G20 group, IMF Managing Director said, "The country (India) is now stepping into taking the lead on G20 from that position of strength which makes me strongly believe that we will see India leaving a mark on the world for years to come during next year's presidency."

The IMF top official said that India will leave a mark in the areas of digitalisation and digital money.

She further added, "We know that we need regulation of crypto, we know that we need some more attention to cross border payments, we are proposing public investments in the infrastructure of the cross border payment platform."

This praise for India's economy comes as the country continues to maintain its position as the fastest-growing major economy in the world.


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