AFTER Prime Minister Narendra Modi, during his Independence Day address to the nation, said the country is on its way to become the third-largest economy with big reforms across sectors, Dr Gita Gopinath, Deputy Managing Director of the International Monetary Fund (IMF), has stated that the country is likely to achieve this feat by 2027. The country has become the fifthlargest economy in the world, and is set to be among the top three global economic powers soon. According to Gopinath, India’s growthdid much better than expected duringthe last fiscal year (FY24) as private consumption growth recovered across sectors, especially in rural economy. From two-wheeler sales to fast-moving consumer goods (FMCGs), the overall consumption is surging.

 

“With better monsoons come better harvests andagricultural incomes go up,” she wasquoted as saying in media reports. According to latest data by the Societyof Indian Automobile Manufacturers(SIAM), the total production of passenger vehicles, threewheelers, two-wheelers and quadricycle reached 24,37,138 units in July. Two-wheeler segment posted a decent growth of 12.5 per cent in July comparedtothesamemonthlast year. On the other hand, the FMCG market in India remains resilient despite challenges. OPEN TO EXPLORING MORE WAYS TO INCREASE INDIA’S COLLABORATION WITH IMF: NIRMALA INDIA is open to exploringmore ways toincrease its collaboration with the InternationalMonetaryFund (IMF), Finance Minister Nirmala Sitharaman said during a meeting with IMF’s First Deputy Managing Director Gita Gopinath on Saturday