India's economic success story is firmly rooted in its commitment to reforms over recent years, according to Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). Georgieva expressed confidence on Thursday that India would achieve its target of becoming a developed nation by 2047 by staying on its current path.

Highlighting India's strides in digital innovation, Georgieva emphasized the country's bold moves in establishing digital infrastructure, digital identification systems, and leveraging digital platforms for small entrepreneurs to access markets more effectively.

"India has emerged as a beacon of growth in the global economy, with projected growth of 6.5 percent in 2024, building on its strong performance in 2023," Georgieva told reporters.

Georgieva underscored the need for greater female participation in India's labor force, commending Prime Minister Narendra Modi's efforts to create more opportunities for women in the economy.

Recognizing innovation as a key driver of future competitiveness, Georgieva praised India's investments in research and development, drawing parallels with the nation's successful moon landing mission.

While lauding India's progress, Georgieva cautioned against challenges related to public finances and urged continued support for long-term growth objectives.

Responding to Prime Minister Modi's vision of making India a developed nation by 2047, Georgieva expressed confidence in its achievability and urged perseverance in the pursuit of this goal.

Georgieva also stressed the importance of removing barriers to private entrepreneurship to foster economic growth.

India's unwavering confidence, both in its leadership and among its citizens, was highlighted by Georgieva as a significant strength contributing to its economic trajectory.

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