Sustained high growth, reforms key for India to become developed nation by 2047: IMF

Business To Business, New York, 10^th July, 2026:    The International Monetary Fund (IMF) on Thursday said that sustained high economic growth, coupled with continued structural reforms, would place India on a strong path towards achieving its goal of becoming a developed economy by 2047.
The remarks came a day after the IMF released its latest update to the World Economic Outlook (WEO), in which it described India as one of the world's fastest-growing major economies and a key driver of global economic growth.
Addressing a press conference, IMF Communications Department Director Julie Kozack said the Fund expects the Indian economy to remain resilient, supported by a more balanced risk outlook than anticipated earlier this year.
"Our WEO update that we published yesterday projects that the economy is going to remain resilient with a more balanced risk outlook than we had in April. Growth for fiscal year 2026-2027 is projected at 6.4 per cent, rising to 6.7 per cent," Kozack said.
The IMF noted that India's strong economic fundamentals, robust domestic demand and ongoing policy reforms continue to support its growth momentum despite an uncertain global economic environment.
According to the Fund, maintaining the pace of structural reforms, strengthening investment, enhancing productivity and sustaining high growth over the coming decades will be critical for India to realise its ambition of attaining developed economy status by 2047.
The latest assessment reinforces India's position as one of the principal contributors to global economic expansion, with the IMF projecting that the country will continue to outperform most major economies in terms of growth in the coming years.