The Impressive TimesDr. Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), has highlighted that India’s economic performance exceeded expectations during the fiscal year 2023-24. She projects that India is likely to become the world’s third-largest economy by 2027.
Gopinath noted that to achieve this goal, India will need to generate millions of additional jobs over the next 5-6 years. She also mentioned that the IMF anticipates a recovery in private consumption and expects a favorable monsoon to boost agricultural yields.
She pointed out that overall consumption is rising across various sectors in India, from two-wheeler sales to fast-moving consumer goods. The latest figures from the Society of Indian Automobile Manufacturers show that the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles exceeded 24.37 lakh units last month, reflecting a significant surge in demand.
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