India can power next wave of global growth: IMF’s Nigel Clarke

New Delhi: India has the potential to power the next wave of global growth, International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke has said, citing the country’s strong economic fundamentals, private sector dynamism and expanding technological capabilities.

Follow The PSUWatch Channel on WhatsApp

In a statement on Tuesday following his September 7–11 visit, Clarke described India as the world’s fastest-growing major economy and a key contributor to global growth, supported by sound policy frameworks.

During the visit, he met Finance Minister Nirmala Sitharaman, RBI Governor Sanjay Malhotra, NITI Aayog Vice Chairman Ashok Kumar Lahiri, and government officials and business leaders, including in Mumbai and Chennai.

Macroeconomic stability remains essential

Clarke said discussions focused on India’s economic outlook, the changing global environment and policies to support sustainable and inclusive growth.

With global uncertainty elevated and risks evolving, preserving macroeconomic stability and resilience remains essential, he said.

“We discussed the importance of maintaining nimble policies, keeping inflation in check, and advancing reforms that can lift productivity, strengthen competitiveness, and sustain strong growth over the medium term,” Clarke said.

He also thanked India for its continued support for multilateralism and other countries in the region.

Follow PSU Watch on LinkedIN

Technology and skills can widen growth benefits

Clarke said he was impressed by India’s private sector dynamism, deep talent pool and rapidly developing technological and manufacturing capabilities.

His interactions with business leaders highlighted the potential of innovation, digital transformation, advanced manufacturing and technology adoption to raise productivity and support higher-value economic activities.

Sustained investment in skills and responsible technology use would be important to ensure that the benefits of growth are widely shared, he said.

“India has the potential to power the next wave of global growth, and the IMF remains a close partner in supporting the country on this journey,” Clarke said.

(PSU Watch is India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy. 👉 Click to join our channel now: PSUWatch WhatsApp Channel. Prefer LinkedIn? Follow PSU Watch on LinkedIN. Click to stay connected on Twitter here and stay updated)