INTERNATIONAL MONETARY FUND (IMF) ESTIMATED THAT INDIA’S GROSS DOMESTIC PRODUCT (GDP)

INTERNATIONAL MONETARY FUND (IMF) ESTIMATED THAT INDIA’S GROSS DOMESTIC PRODUCT (GDP)

Context

The World Economic Outlook of the International Monetary Fund (IMF) has estimated that India’s Gross Domestic Product (GDP).

Details

• As per International Monetary Fund (IMF) India will grow by 11.5% in the Financial Year (FY) 2021-22.
• India will be the only major economy to register a double-digit growth this year, followed by China, which is expected to grow by 8.1% in 2021.
• China would grow 8.1% in 2021, followed by Spain (5.9%) and France (5.5 %).
• The global economy is projected to grow 5.5% in 2021 and 4.2% in 2022.
• IMF is governed by and accountable to the 189 countries that make up its near-global membership.India joined on December 27, 1945.
• The IMF's primary purpose is to ensure the stability of the international monetary system — the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other.