IMF Executive Director KV Subramanian predicts 7% growth for FY24, says India 'charting own path'

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RBI Governor Raghuram Rajan's comments on India's GDP growth, KV Subramanian, Executive Director of the International Monetary Fund (IMF) and Former Chief Economic Advisor to the Government of India, expressed optimism. Speaking to ANI he highlighted the robust growth of the Indian economy, citing a 7.2 percent growth last year and a 7.7 percent growth in the first half of the current year.

Subramanian forecasted a 7 percent growth for the ongoing financial year. Also Read | India Q2 GDP: Indian economy poised for strong growth in FY24? Here's what top economists say "The fact that the economy has grown at 7.2 percent last year and at 7.7 percent in the first half of this year is telling in itself.

And if I look forward with a 7.7 percent growth in the first half of the year, even with a 6.3 percent average in the second half of the year, India will grow at 7 percent this particular financial year," he said. "I think it's important to keep in mind that during the pandemic there were many commentators who were very negative.

There were people and if you go and check back their media statements, you will find that there were people who said that there are millions of Indians that are going to die on the streets. There are people who actually said that the GDP will decline by over 20 percent for that financial year itself.

Many people made such statements and I think none of that has come true," he added while referring to cautious remarks during the COVID-19 pandemic. "So in general, I think because of the sui generis policy that India implemented, India had the self-confidence and the courage of conviction to chart its own path rather than copy-pasting what was done, for instance, during the global financial crisis, where