Recent statements attributed to Krishnamurthy Subramanian, India’s executive director at the International Monetary Fund (IMF), regarding India’s growth figures, do not reflect the official stance of the global organization. Julie Kozack, spokesperson for the IMF, stressed that Subramanian’s remarks were made in his capacity as India’s representative within the IMF and do not represent the IMF’s official position. Kozack addressed this matter during a press briefing held on Thursday.
Responding to inquiries regarding Subramanian’s recent comments projecting an 8% growth rate for India, which diverges from the IMF’s previous growth rate projections, Kozack clarified the distinction between official IMF positions and individual representations. She stated, “We have an Executive Board composed of executive directors representing different countries or groups of countries. This Board’s role is separate from the work carried out by IMF staff.”
Subramanian expressed his optimism about India’s economic prospects during an event in New Delhi on March 28, suggesting that the country could achieve an 8% growth rate until 2047 by leveraging successful policies from the past decade and expediting reforms.
The IMF is scheduled to release updated growth forecasts in its forthcoming World Economic Outlook in a few weeks. Kozack mentioned that the IMF’s January projections indicated a medium-term growth rate of 6.5%, slightly revised upwards from October. She confirmed that the latest forecasts would be presented shortly.
