IMF has raised India’s GDP growth projection for FY24 to 7.8%: Anil Baluni

BJP National Media Head Shri Anil Baluni Applauds IMF Report on India’s Economic Growth

 Bharatiya Janata Party proudly acknowledges the latest report from the International Monetary Fund (IMF) projecting India’s economic growth as the highest among major economies in 2023 (FY 2024). This significant affirmation of India’s robust and resilient economic progress underscores the effectiveness of the policies and reforms spearheaded by the BJP government.

This milestone achievement resonates deeply with the BJP’s overarching vision of ‘Viksit Bharat’. It reflects a pivotal moment in India’s journey towards economic empowerment and reinforces the government’s commitment to fostering an environment conducive to growth and development.

 Bharatiya Janata Party also acknowledges proudly that under the leadership of Prime Minister Shri Narendra Modi India’s GST collections in April 2024, reached a record high of ₹2.1 lakh crore, a 12.4% year-on-year increase. Direct tax collections stand at ₹19.58 lakh crore, which is an impressive growth surged by 17.7%.

Retail inflation reached a 10-month low of 4.85% in March 2024. This milestone, the historic first-time collections surpassed ₹2 lakh crore, highlights the country’s robust economic activity and growing consumption, marking a significant achievement in India’s financial journey. The landmark achievement reflects a promising economic trajectory for the nation.

As India continues to chart its course on the global economic stage, the BJP remains steadfast in its resolve to prioritize the welfare and prosperity of its citizens. The party extends its gratitude to the IMF for its acknowledgment and reaffirms its unwavering dedication to advancing India’s economic interests.

IMF has raised India’s GDP growth projection for FY24 to 7.8%. This significant upward revision reflects India’s robust domestic demand, strong public investment and monetary measures. The IMF’s projection for India’s growth in 2024 and 2025 also remains the highest among major economies.

It has also been raising India’s GDP growth projection for FY25. These projections underline the success of the government’s strategic initiatives to elevate India’s status as a global economic powerhouse.

According to the IMF, India outperformed other emerging market countries. While other BRICS nations like Brazil, Russia, China, and South Africa saw growth rates of 2.9%, 3.6%, 5.2%, and 0.6%, respectively, India achieved higher growth. Emerging markets averaged 4.3% growth, while Asian EMs saw 5.6% growth, but India surpassed both, showcasing a dynamic economic growth.

Not only in the IMF’s report, but India’s economic performance has been lauded by global organizations. The Asian Development Bank projects 7.6% GDP growth for 2023-24 and 7% for 2024-25. The World Bank estimates 7.5% growth for FY24 and 6.6% for FY25. Fitch Ratings forecasts 7.8% for FY24 and 7.0% for FY25. These upgrades highlight India’s robust economic expansion.

The upward projection of India’s economic growth by the IMF is a historic milestone that underscores India’s rise as a major global economic power. This achievement is a testament to the country’s resilience, innovation and commitment to sustainable development. This milestone reflects India’s successful transformation under Hon’ble Prime Minister Shri Narendra Modi ji’s leadership driven by strong public support. It signifies India’s potential to play a pivotal role in shaping the future of the global economy while creating a brighter, more prosperous future for all its citizens.

Through a dynamic leadership, Hon’ble Prime Minister Shri Narendra Modi ji has guided the entire nation through challenging global circumstances, ensuring the nation remains on a path of inclusive growth. With the mantra of ‘Sabka Saath, Sabka Vikas’, the BJP is committed to propel the nation forward under the decisive leadership of Hon’ble PM Shri Narendra Modi ji. As Hon’ble Prime Minister Shri Narendra Modi ji will assume the role of Prime Minister consecutively for the third term after the general elections, it is Modi Ki Guarantee that through the public’s blessings and the government’s effective initiatives, India will step further towards being the third largest economic power globally.

Bharatiya Janata Party government will continue to pursue policies that strengthen the country’s position as a global economic leader and enhance the quality of life for all citizens. We remain dedicated to making ‘Viksit Bharat’ a reality by 2047 under the esteemed leadership of Hon’ble Shri Narendra Modi ji.