IMF projects over 11 per cent growth rate for India in 2021

International Monetary Fund (IMF) projected an 11.5 per cent growth rate for India in 2021. It makes India only major economy of the world to register double-digit growth this year amidst the coronavirus pandemic. With the latest projections, India regains the tag of the fastest developing economies of the world.

Revising its figures, the IMF said that in 2020, the Indian economy is estimated to have contracted by eight per cent.

IMF in a tweet today said, "Emerging market & developing economies are projected to take diverging recovery paths. Economic structure, pre-crisis growth trends, the severity of the pandemic, and the size of their policy responses will shape their recovery profiles."

In its latest World Economic Outlook Update, China is next with 8.1 per cent growth in 2021 followed by Spain (5.9 per cent) and France (5.5 per cent).

India's economy, the IMF said, is projected to grow by 6.8 per cent in 2022 and that of China by 5.6 per cent.

Early this month, IMF Managing Director Kristalina Georgieva had said that India actually has taken very decisive action, very decisive steps to deal with the pandemic and to deal with the economic consequences of it.