India has potential to power next wave of global growth: IMF

IMF Deputy Managing Director Nigel Clarke has stated that India has the potential to drive the next wave of global growth, citing the country's strong economic foundations, private-sector dynamism, and expanding technological capabilities. Clarke made this assessment following a five-day visit to India, during which he met with senior Indian officials and business leaders in New Delhi, Mumbai, and Chennai.

Clarke described India as the world's fastest-growing major economy, supported by robust economic fundamentals and sound policy frameworks. He emphasized the importance of preserving macroeconomic stability and resilience in the face of heightened global uncertainty and evolving risks. Clarke also highlighted the need for nimble policies, controlling inflation, and advancing reforms to boost productivity, strengthen competitiveness, and sustain strong growth in the medium term.

During his visit, Clarke appreciated the Indian government's support for multilateralism and its efforts to assist other countries in the region. He also praised India's private sector for its dynamism, deep talent pool, and rapidly evolving technological and manufacturing capabilities. Clarke identified innovation, digital transformation, advanced manufacturing, and broader technology adoption as key drivers of productivity and competitiveness.

IMF officials have consistently commended India's strong economic performance and its valuable track record in managing economic challenges. During his meeting with Union Finance Minister Nirmala Sitharaman, Clarke underscored India's significant role in the global economy, emphasizing the potential for sustained medium-term growth driven by innovation, digital transformation, advanced manufacturing, and technology adoption.