MoS Kishan Reddy shares IMF's Oct 2019 data, says 'India amongst top 5 largest economies'

The Minister of State for Home Affairs, G Kishan Reddy, on Friday, February 21 shared a piece of IMF (International Monetary Fund) data and informed that India has been registered amongst the top 5 largest economies in the world. Sharing the information, Reddy said that this becomes a stepping ground for the $5 Trillion Economy goal. Taking to Twitter to share the information, Reddy hailed PM Modi and the government and used the hashtag, ‘#ModiHaiToMumkinHai'.  

Read: IMF lowers India's growth estimate for 2020 by 1.2%, trims global forecast too

India becomes fifth-largest economy in the world 

As per the information shared by MoS Reddy, IMF data claims that India, in 2019, jumped to the fifth position as compared to the ninth position in 2010. The top three largest economies remain the same, which includes the US, Japan and China. However, this data shows a timestamp of October 2019. After this time, the IMF came up with new GDP numbers for all the countries during the World Economic forum in 2020.  

Read: IMF Chief calls India's slowdown 'temporary', projects improvement ahead

India’s growth slumps by 1.2% 

Owing to the stress in the non-bank financial sector and weak rural income growth, the International Monetary Fund (IMF) on January 20 lowered India’s growth estimate to 4.8% in 2019. In a major setback for India, the projected estimate for 2020 was also lowered by 1.2%. Additionally, the IMF also trimmed its global forecast for 2020 as well. IMF’s India forecast in October 2019 for the year 2021 was pegged at 7.4%, however, the IMF said that after 2019 and 2020’s downfall, the monetary and fiscal stimulus in India’s economy can surge India’s growth rate to 6.5% by 2021.  

Read: CPI data shows higher consumer inflation rates pegged at 7.35% in Dec against 5.54% in Nov

IMF Chief calls slowdown temporary 

The Chief of International Monetary Fund (IMF), Kristalina Georgieva, on January 24, said that the slowdown in the Indian economy seems to be temporary and she expects the momentum to improve going ahead. During her address at the World Economic Forum (WEF), she further said that the world appears a better place in January 2020 compared to what it was when IMF announced its World Economic Outlook in October 2019. However, she said that a growth rate of 3.3% is not fantastic for the world economy.  

Read: Indian Economy registers 4.5% GDP growth rate in Q2; down from 5% in Q1; Full release here