IMF hails India's economy, says it is on the path of gradual recovery

The International Monetary Fund on Thursday said that India's economy is on the path of gradual recovery, ahead of its next month's spring meeting with the World Bank. The IMF is scheduled to release its World Economic Outlook on April 6. 

At a news conference, IMF's spokesperson Gerry Rice said, "India's economy is on the path of gradual recovery, real GDP growth, returned to positive territory in the fourth quarter of 2020.  And that's for the first time actually since the start of the pandemic and it's supported by a pickup in gross, fixed capital formation."

"Beyond that, I can say that high-frequency indicators including PMIs trade and mobility suggest continued recovery in the first quarter of this year, '21; however, the recent emergence of the variants and localized lockdowns could pose risks to a sustained recovery," Rice added. 

IMF's Gita Gopinath Champions India's COVID Vaccine Policy

Earlier, IMF's Chief Economist Gita Gopinath had hailed India for shipping the COVID-19 vaccines to several nations and said that India has been at the forefront in fighting the coronavirus pandemic and "really stands out" in terms of its vaccine policy. She said this during an interactive session during the Inaugural Dr Hansa Mehta Lecture organized on the occasion of International Women's Day. Gopinath had said, "I also want to mention that India really stands out in terms of its vaccine policy. If you look at where exactly is one manufacturing hub for vaccines in the world - that will be India." "The country has been playing a very important role in helping the world in the global health crisis through its vaccination policies", she had added. She had also hailed the Serum Institute of India and said that it produces the most number of vaccines in the world in a regular year and has been manufacturing the COVID-19 vaccine doses that are delivered to COVAX and then distributed to countries around the world. Gopinath had further mentioned that the country, which typically grows at over 6 percent, recorded a growth of negative 8 percent in 2020.

(With Agency Inputs)

(Image: ANI/PTI)