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IMF Director: India as a leading power and an economic powerhouse
December, 03rd 2010

IMF Managing Director Dominique Strauss-Kahn, who was on a day's visit here and had meetings with Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee, on Thursday described India as a leading power and an economic powerhouse.

Speaking to the media after his meeting with Mr. Mukherjee, Dr. Strauss-Kahn said: India is becoming one of the leading powers in the world. It is really an economic powerhouse...Your result here in terms of economic growth and also in terms of inclusive growth are really amazing.

Describing his discussions with the Finance Minister as very fruitful and that the relationship between India and the IMF is expanding, Dr. Strauss-Kahn said: The forecast we had in the IMF is exactly what you are following now, which is probably the maximum that the Indian economy can provide these days. So you are running as fast as you can.

Alongside, however, the IMF chief warned that a higher economic growth than what is being achieved could lead to risks such as inflation coupled with a high current account deficit.

IMF projections

In its projections on India, the IMF had estimated an economic growth of 9.7 per cent during 2010 while the government, using a different computation methodology, had conservatively forecast a GDP growth of 8.5 per cent for the current fiscal.

The overall growth for the first half of 2010-11 has been 8.9 per cent.

At the meeting with Mr. Mukherjee, both the leaders held wide ranging discussions on global issues, the current situation in Europe, the risks to the global economy and India's role in the IMF. Lauding the government's role in management of the country's economy, Dr. Strauss-Kahn said time has come for India to play its rightful role in global economic governance while expressing confidence in its handling of capital inflows.

While expressing happiness over India's increasing role in the global economy and in the IMF, Dr. Strauss-Kahn also appreciated that as a fast growing balanced economy focussed on inclusive growth, it has been able to bring millions out of poverty. Technology, especially in the services sector, he said, has been another hallmark of the country's rapid growth and he felt that the emergence of G-20 had changed the rules of the game in international policy cooperation, and that emerging markets like India would increasingly play an important role in the global grouping. Reforms in the IMF to give more voice to the EMDCs, including India, is making the IMF more legitimate, he said.

Mr. Mukherjee, on his part, noted that the broader global recovery was very crucial for the world at large, including India, and hailed the IMF's role during the recent global financial crisis under his stewardship.

India, Mr. Mukherjee said, would play its due role in the G20 and support the process of policy cooperation in addressing external imbalances and development imbalances. He reiterated India's view that global savings need to be recycled to address development imbalances as part of world community addressing global imbalances.

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