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Director of International Monetary Fund (IMF) Kristalina Georgieva has said the economic success of India is grounded in the pursuit of reforms over the last years. Georgieva exuded confidence that India would achieve its goal of being a developed nation by 2047 by staying the course. Georgieva said ‘India has been a bright spot in the world economy, and it continues to be so. We are upgrading projections for Indian growth to 6.5 per cent in 2024. This comes on the back of fairly strong performance in 2023. The success of India is grounded in the pursuit of reforms over the last years.’

Georgieva said that one very significant advantages of India is the bold actions on the digital front with the digital public infrastructure, digital ID and making digital a strong comparative strength of India allowing small entrepreneurs to tap into markets in the way they were not able to do before.

She said ‘We also see in India recognition that female participation in the labour markets is insufficient. I think Prime Minister (Narendra) Modi is right to bet on Indian women and open up more space for their participation in the economy.’ He added ‘Last but not least, India recognizes that innovation is what is going to drive a future competitiveness, very effective and efficient investment in R&D as we saw with the moon landing. This creates a very fertile ground for future growth.’