India's role in global economic growth is poised to rise by 200 basis points to 18% in the next five years, according to the International Monetary Fund (IMF). Krishna Srinivasan, Director of the Asia Pacific Department at IMF, stated that India, along with China, is expected to drive half of the world's growth in 2023 and 2024.
This growth is attributed to India's robust economic expansion driven by public capital expenditure and resilient domestic demand. The IMF recently revised India's growth estimate for FY24 to 6.3%, underlining strong investment inflows and steadfast domestic demand. China's projected growth, however, is slightly lower than earlier estimates.