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Informist, Friday, Sept. 11, 2026

 

NEW DELHI – The International Monetary Fund Friday termed the Indian economy "resilient" as the country saw stronger than expected growth of 7.8% in the June quarter despite the energy price shock. "It also means that India does remain a key growth engine for the world," Julie Kozack, communications director at IMF, said at a press conference. 

 

"The upward surprise was driven by stronger-than-expected activity in the services sector and the exports," Kozack said.

 

The organisation's comments hold significance at a time when the latest GDP growth estimates have received criticism and the growth is seen as "overestimated". Former finance secretary Subhash Chandra Garg claimed the actual GDP growth in Apr-Jun at current prices was 2.6%, while real growth was close to zero.

 

The IMF appreciated India's efforts to incorporate the new indices – Index of Industrial Production and Producer Price Index – in the latest GDP estimates and modernise the country's macroeconomic statistics. "Those two new series should help improve India's GDP estimates," Kozack said. "We encourage the authorities to continue to further strengthen the statistical framework and data quality along the lines that they are progressing."

 

Asked about the risk of crude oil prices trading above $100 per barrel, the IMF official said all oil-importing countries see their balance of payments and fiscal positions under pressure in case of high energy or oil prices. "In many cases, oil-importing countries have taken measures to mitigate the impact of shock," she said. 

 

For India, "the shock has occurred at a time when the country has been in a stronger economic position," the IMF official said. India has so far shown "quite a lot of resilience to the energy price shock." Currently, Brent crude oil for November delivery is at $105.93 per barrel.

 

With the changing geopolitical scenario, the IMF remains watchful of the situation and its impact on the global economy. In the case of India, the IMF is "monitoring closely" the impact of higher oil prices on its economy. "We are in the process of preparing and will be announcing the new forecast for India at the time of October view," Kozack said.  End

 

US$1 = INR 95.73

 

Reported by Shweta

Edited by Avishek Dutta

 

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