On Tuesday, International Monetary Fund (IMF) Division Chief Daniel Leigh praised the Indian economy. Along with this, he reiterated his trust in the Indian economy and said that it is a 'very strong economy'. He has said that India is currently called one of the brightest spots in the global economy with a high growth rate.

According to media reports, Daniel said, 'Yes, we have a high growth rate for India, which is 6.8 in 2022. We should not forget that it is said to be one of the bright spots in the global economy at this time. Such a high growth rate, and it has been up to 5.9 with a -0.2 revision as compared to January. What is happening here is also a set of historical revisions.

The IMF on Tuesday reduced its growth forecast for 2023–24 from 6.1 percent to 5.9 percent. Data from the World Economic Outlook showed that, despite a significant decline, India has also become the fastest-growing economy in the world. Daniel has further said, 'We feel that 2020–2021 has actually been much better than we thought. And the arbitrary demand from consumers that informed our previous forecast is about to subside because they are already overstocked.'

He has further said that 'this year the higher growth rate has been revised. We'll go up to 6.3 again next year. A very strong economy will allow India to move towards a higher standard of living and create the necessary jobs that are needed. The IMF has projected India's inflation to slow down to 4.9 percent in the current year and 4.4 percent in the next financial year. The IMF's growth estimate is lower than the Reserve Bank of India's (RBI) estimate. The central bank has predicted 7 percent GDP growth for the financial year 2022-2023 and 6.4 percent in the current financial year beginning April 1.

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