India ‘easily’ the fastest-growing economy, IMF executive director says, as GDP growth blows past estimates
India is “easily” the fastest-growing economy in the world, the IMF’s executive director said, as the country’s third-quarter GDP growth blew past estimates.
India is “easily” the fastest-growing economy in the world, IMF executive director Krishnamurthy Subramanian said, as the country’s third-quarter GDP growth blew past analysts’ estimates.
At 8.4%, India’s economy expanded at its fastest pace in six quarters, data showed late on Thursday, on strong private consumption and upbeat manufacturing and construction activity. Reuters estimates had pegged growth in the October-to-December period at 6.6%.
“If you look at the GDP numbers ... India’s poised for about 8% growth this year,” Subramanian, who is also a former chief economic adviser to the Indian government, told CNBC’s “Squawk Box Asia” on Friday.
The Indian government also raised its GDP growth outlook for fiscal year 2023-24 to 7.6% from 7.3% forecast earlier.
Subramanian said that growth in India’s economy was driven by a shift in the government’s focus toward higher capital expenditure, which has increased significantly over the last few years.
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