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IMF Raises India's GDP Forecast: Modi's Economic Triumph Amid Global Challenges

The International Monetary Fund has upgraded India's GDP growth forecast to 6.6%, reinforcing the country's strong economic trajectory. Commerce Minister Piyush Goyal highlighted this as a testament to PM Modi's leadership and strategic economic policies. The upgrade comes despite global economic uncertainties and potential US tariffs. With a remarkable 7.8% growth in the first quarter, India continues to be one of the fastest-growing major economies globally.

Key Points: IMF Boosts India GDP Forecast Modi Economic Growth Strategy

  • IMF raises India's GDP forecast to 6.6% for 2025-26
  • India's Q1 growth reaches impressive 7.8% despite global challenges
  • Modi's leadership credited for rapid economic progression
  • GST reforms expected to boost consumer spending
2 min read

IMF's GDP upgrade reaffirms India's robust growth story under PM Modi: Piyush Goyal

IMF upgrades India's GDP growth to 6.6%, highlighting robust economic performance under PM Modi's leadership amid global uncertainties.

"I am confident that the 7.8 per cent GDP growth in the first quarter this fiscal will continue - Piyush Goyal, Commerce and Industry Minister"

New Delhi, Oct 15

Commerce and Industry Minister Piyush Goyal on Wednesday said that the latest International Monetary Fund (IMF) upgrade on India's GDP growth further reaffirms the rapid and robust pace of India growth story, amid global uncertainties, under the leadership of Prime Minister Narendra Modi.

Speaking to reporters on the sidelines of an event here, Goyal said that for India, it is a matter of pride that under the leadership of PM Modi, the country is progressing at a rapid pace.

"The IMF's latest estimates show India's growth rate will reach 6.6 per cent, up from the earlier estimate of 6.4 per cent. I am confident that the 7.8 per cent GDP growth in the first quarter this fiscal (Q1 FY26) will continue, and under the leadership of PM Modi, India will remain the fastest-growing economy," the minister highlighted.

In addition, according to the IMF, global growth this year will be 3.2 per cent, compared to 3.3 per cent last year and "India's growth will be almost twice of that," said Goyal.

The IMF raised India's GDP growth forecast to 6.6 per cent for 2025-26 from 6.4 per cent earlier despite the punitive tariffs slapped by the US on the country's exports. The upward revision was on "carryover from a strong first quarter, more than offsetting the increase in the US effective tariff rate on imports from India since July", the IMF said in its World Economic Outlook.

In the April-June quarter of 2025-26, India grew at its fastest pace in at least a year, clocking a GDP growth rate of 7.8 per cent on the back of strong private consumption. The IMF's projection of a higher economic growth comes close on the heels of the World Bank raising its India growth forecast for FY26 to 6.5 per cent from 6.3 per cent.

The IMF has also projected that the growth of emerging market and developing economies will moderate from 4.3 per cent in 2024 to 4.2 per cent in 2025 and 4 per cent in 2026.

On GST 2.0 reforms, Goyal said that after the announcement of the reduction in GST rates, people are shopping more and more as PM Modi has given a huge gift to people from all walks of life this Diwali.

"We observed that people were expecting a slowdown in spending in August and on August 15, it was announced that GST rates would be reduced," he added.

- IANS

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Reader Comments

R
Rohit P
While the GDP numbers look impressive, I wish we could see more of this growth reaching the common man. My small business is still struggling with high input costs. Hope the government focuses on making this growth more inclusive.
A
Arjun K
Growing at almost twice the global average despite US tariffs? That's incredible resilience! Our economy is showing real strength. The 7.8% growth in Q1 is particularly impressive. Jai Hind! 🙏
S
Sarah B
As someone who works in the export sector, I'm relieved to see we're overcoming the tariff challenges. The strong private consumption numbers are encouraging - people are spending confidently again after the pandemic years.
V
Vikram M
The timing of GST reforms before Diwali was brilliant strategy. It boosted consumer sentiment exactly when needed. However, I hope the government also addresses the job creation aspect more aggressively in the coming months.
K
Kavya N
When both IMF and World Bank are upgrading India's growth forecasts, it shows our fundamentals are strong. The 6.6% projection despite global headwinds is remarkable. Feeling proud of our nation's progress! 💪

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