India has the potential to drive the next wave of global growth, backed by strong economic fundamentals, private-sector dynamism and expanding technological capabilities, International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke has said.
Clarke made the remarks after concluding a five-day visit to India, during which he held meetings 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 in a statement issued from Washington.
It was Clarke’s first visit to India as IMF deputy managing director. During the visit, he met Finance and Corporate Affairs Minister Nirmala Sitharaman, Reserve Bank of India Governor Sanjay Malhotra and NITI Aayog Vice Chairman Ashok Kumar Lahiri.
“I was delighted to visit India for the first time as Deputy Managing Director of the IMF and engage with senior officials, business leaders, and other stakeholders in New Delhi, Mumbai, and Chennai,” he said.
Clarke thanked the three senior Indian officials for their “warm hospitality and constructive discussions”.
Describing India as the world’s fastest-growing major economy, Clarke said the country remained a key contributor to global economic expansion, supported by strong fundamentals and sound policy frameworks.
“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 policymakers covered the economic outlook, changes in the global environment and measures required to support sustainable and inclusive growth.
“Against a backdrop of heightened global uncertainty and evolving risks, preserving macroeconomic stability and resilience remains essential,” Clarke said.
“We discussed the importance of maintaining nimble policies, keeping inflation in check, and advancing reforms that can lift productivity, strengthen competitiveness, and sustain strong growth over the medium term,” he added.
Clarke also thanked the Indian government for its support for multilateralism and assistance to other countries in the region.
During his visit, he met business leaders and discussed the role of the private sector in driving India’s economic expansion.
“I am grateful for the opportunity to engage with business leaders and was impressed by India’s private sector dynamism, deep talent pool, and rapidly evolving technological and manufacturing capabilities,” Clarke said.
He identified innovation, digital transformation, advanced manufacturing and wider technology adoption as key areas that could boost productivity and competitiveness.
“Our exchanges highlighted how innovation, digital transformation, advanced manufacturing, and technology adoption can boost productivity, strengthen competitiveness, and support higher-value activities,” he said.
(IANS Inputs)
