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The International Monetary Fund (IMF) has given a big shock to the Modi government. According to IMF estimates, in 2019-20, India’s gross domestic product (GDP) growth rate will be only 4.8 percent. Following this IMF estimate, the Congress targeted the Modi government. Former Finance Minister P. Chidambaram and former Law Minister Kapil Sibal said that now Modi government minister IMF and Chief Economist will attack Geeta Gopinath.Read more
Significantly, the International Monetary Fund (IMF) chief economist Geeta Gopinath recently warned that the IMF may significantly reduce its estimate of India’s growth in January. In an event, Gopinath said, “We will revise our figures and release new figures in January.” This can be reduced significantly in the case of India.
Skeptics on the $ 5 trillion economy goal
With this, Gopinath expressed doubt on the government’s goal of $ 5 trillion economy. He said that to achieve this target, India would have to achieve GDP growth of 10.5 per cent at market price as against the growth rate of 6 per cent in the last 6 years. At the same time, to achieve this target in terms of stable value, an increase of up to 9 percent is necessary.
6 year low GDP
India’s GDP growth reached 4.5 percent in the September quarter. This is a lower level of 6 years. At the same time, the growth rate has been declining for 6 consecutive quarters. Not only this, the situation is not looking good in the future either. Several rating agencies, including Moody’s, have cut India’s growth rate estimates.Read more