10 Trillion Dollar Economy: When the sound of recession is being heard in the developed countries of the world. In such a situation, India has emerged as a shining star in all the economies of the world. The Chief Economist of the International Monetary Fund has said these things in the context of India. However, he said that to achieve the ambitious target of becoming a $10 trillion economy, India will have to take a number of major structural reforms.
India is shining light!
IMF Chief Economist Pierre-Olivier Gourinchas said that I would like to say about India that it is like a bright light. Indian economy is doing well. In its World Economic Outlook on Tuesday, the IMF has reduced India’s economic growth forecast for 2022-23 to 6.8 percent. Whereas in 2021 it was 8.7 percent. At the same time, the IMF estimates that the growth rate of the Indian economy may further decline to 6.1 percent in 2023.
Potential to become a trillion dollar economy
Pierre-Olivier Gourinchas said on the question asked about India’s goal of becoming a $10 trillion economy, that I believe it can be achieved. He said that in the past many countries have made economic development very fast. It is not so easy but there is immense potential for an economy like India. He said that for this, the loader will have to take steps like many types of structural reforms. He said that India is one of the leading countries in terms of digitization.
Increased use of digitization
Pierre-Olivier Gourinchas said India can use tools like digitization to achieve the goal of financial inclusion. He said that expenditure on health, education, social sector, digital literacy and infrastructure can be increased. He said that the Indian economy has made a comeback after the decline caused by the Corona epidemic.
Debt to GDP ratio increased
The IMF has projected India’s debt to GDP ratio to be 84 per cent by the end of 2022, which is much higher than many emerging economies. But there is no need to worry about this loan.