IMF commends India’s ‘swift, substantial’ response to pandemic

Good News, The International Monetary Fund (IMF) has commended Indian authorities' "swift and substantial" response to the Covid-19 pandemic and noted that there is the possibility of "a faster than expected recovery". The IMF in its report based on "consultations" among members, however, sounded a note of caution saying that the economic outlook remains "clouded" due to pandemic-related uncertainties, contributing to both downside and upside risks. On the Indian government's handling of the pandemic, the multilateral agency said it was "swift and substantial...has included fiscal support, including scaled-up support to vulnerable groups, monetary policy easing, liquidity provision, and accommodative financial sector and regulatory policies". At the same time, the recovery could also be faster than expected, it said adding that faster vaccination and better therapeutics could help contain the spread and limit the impact of the pandemic.The IMF has projected India's economic growth at 9.5 per cent in FY2021-22 and 8.5 per cent in 2022-23. Headline inflation is projected at 5.6 per cent in 2021-22, amid elevated price pressures. India has administered over 97 crore total doses of the Covid-19 vaccine so far, according to the official data from the Ministry of Health and Family Welfare.