The International Monetary Fund (IMF) has underscored the improvements made to India's GDP estimation process, including new indices for industrial production and producer prices. Additionally, the IMF expressed concern about the impact of escalating oil prices on a major energy importer like India.
The IMF's Communications Department Director, Julie Kozak, emphasized that India's economy expanded by 7.8% in the first quarter of the current fiscal year, making it a significant driver of global growth. According to Kozak, this robust performance was primarily due to services and exports despite an energy price shock.
Kozak also highlighted changes in India’s GDP release, incorporating a new index of industrial production and a new producer price index series. These updates, she explained, aim to enhance the accuracy of India’s GDP estimates. The IMF is monitoring the effect of these changes on India’s economy.
Kozak also addressed the concern over rising oil prices, stating that costlier energy creates pressure for all oil-importing countries, including India.
Source:
Akashvani News
