By Admin 
International Monetary Fund (IMF) Managing Director Kristalina Georgieva described India as the major growth engine of the global economy. His comments have come at a time when the global economy is struggling with the tariffs imposed by US President Donald Trump.
India will remain the engine for the global economy: IMF
Ahead of the annual meeting of the IMF and the World Bank in Washington next week, Kristalina Georgieva said, “The patterns of global development have been changing in the last few years. In particular, IMF Managing Director Georgieva said that China’s growth rate is continuously declining, while India is developing as a major growth engine.” It is clear from this that Trump’s tariffs are not going to affect India.
What will be the growth rate in the next two years?
According to the Times of India report, he said, “Growth is expected to be slightly slower this year and next year, which will be strengthened by the better than expected performance of major emerging economies including the US and India. The current economy has faced many stresses.
The world has so far been saved from getting embroiled in a trade war: IMF
Georgieva downplayed Trump’s trade policies and said that the world has so far been saved from getting entangled in a trade war. He said that America’s tariff rate has decreased from 23 percent in April to 17.5 percent today, although the effective rate is much higher than the rest of the world. Despite this, he warned, “The full impact of these tariffs is yet to be revealed. The disruption in the global economy has not yet been fully examined.”
India has also underestimated the impact of the 50 percent tariff imposed by the United States. Last week, Union Finance Minister Nirmala Sitharaman said that the Indian economy is growing on the strength of strong domestic consumption and investment. He further said that external shocks will have limited impact on the country’s development path.
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