India-IMF Collaboration: India is actively seeking opportunities to strengthen its collaboration with the International Monetary Fund (IMF), the Finance Minister said. Nirmala Sitharaman announced during a meeting with IMF First Deputy Managing Director Gita Gopinath on Saturday.
Gopinath congratulated Sitharaman on the government’s commitment to fiscal consolidation and policy continuity. The Finance Ministry shared details of the meeting on social media platform X, highlighting India’s appreciation for its continued relationship with the IMF.
“Finance Minister Smt. @nsitharaman stated that India deeply values its continued relationship and engagement with the IMF; looking ahead, the Government of India is open to exploring further ways to enhance India’s engagement with the IMF,” the ministry’s post read.
IMF recognises India’s resilience
During the talks, Gopinath acknowledged the resilience and dynamism of the Indian economy. He underlined the importance of the strong relationship between India and the IMF, noting that it is beneficial not only for both sides but also for the global economy.
The meeting comes at a time when India is experiencing significant economic growth, with projections indicating a potential growth rate of 6.5 percent by 2024. This growth is attributed to several reforms and initiatives undertaken by the Indian government, including advancements in digital infrastructure and efforts to boost female participation in the workforce.
India has been a member of the IMF since its inception and has not sought financial assistance from the organization since 1993. However, the country has participated in several programs with the IMF, focusing on macroeconomic stability and growth.
As the global economic landscape continues to evolve, India’s proactive stance in seeking to enhance its engagement with the IMF reflects its commitment to maintaining economic stability and fostering sustainable growth. The government intends to leverage its relationship with the IMF to address future economic challenges and seize emerging opportunities.
(With PTI inputs)
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