India has the potential to become a major force behind the next phase of global economic growth, supported by strong fundamentals, a dynamic private sector and rapidly expanding technological and manufacturing capabilities, a senior International Monetary Fund official has said.
IMF Deputy Managing Director Nigel Clarke made the remarks following a five-day visit to India, where he held discussions with senior policymakers, business leaders and other stakeholders in New Delhi, Mumbai and Chennai.
“India has the potential to power the next wave of global growth, and the IMF remains a close partner in supporting the country on this journey,” Clarke said following the visit.
It was Clarke’s first visit to India since taking office as an IMF deputy managing director.
During the trip, he met Finance and Corporate Affairs Minister Nirmala Sitharaman, Reserve Bank of India Governor Sanjay Malhotra and NITI Aayog Vice Chairman Ashok Kumar Lahiri.
Clarke described India as the world’s fastest-growing major economy and said the country continued to play an important role in supporting global economic expansion.
“India continues to be a key driver of global growth as the world’s fastest-growing major economy, supported by strong fundamentals and sound policy frameworks,” he said.
His discussions with Indian officials focused on the country’s economic outlook, shifting global conditions and policies needed to sustain growth while strengthening resilience.
Clarke said maintaining macroeconomic stability would remain important as economies navigate heightened global uncertainty and changing risks.
He highlighted the need for flexible policymaking, controlled inflation and reforms aimed at improving productivity and competitiveness over the medium term.
The IMF official also acknowledged India’s support for multilateral cooperation and its assistance to other countries in the region.
Beyond government meetings, Clarke held discussions with Indian business leaders, where he said he was impressed by the strength of the country’s private sector, talent base and growing capabilities in technology and manufacturing.
According to Clarke, innovation, digital transformation, advanced manufacturing and wider technology adoption could help India move further into higher-value economic activities while improving productivity.
The comments come as India continues to position itself as an increasingly important contributor to global growth, supported by domestic demand, investment, digitalisation and an expanding manufacturing base. (Source: IANS)
