New Delhi: Russian President Vladimir Putin on Wednesday said India sets an example for many BRICS nations as he lauded the country’s economic growth. Putin said this while addressing the 16th BRICS Summit in the Russian city of Kazan. He also thanked Prime Minister Narendra Modi for participating in the 3-day summit.
“All of us talk about the need to ensure high economic growth rates; you (Modi) manage to do this successfully,” Putin was quoted as saying by the state-run TASS news agency.
“We congratulate you on these results – 7.5% growth; this is an example for many of us,” he noted. “Thank you for your initiatives,” Putin added.
BRICS, which includes Brazil, Russia, India, China and South Africa, has now expanded after the addition of five members – Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
Earlier on Tuesday, Putin held bilateral talks with PM Modi on the sidelines of the BRICS Summit.
India’s GDP Growth
In its latest World Economic Outlook, the International Monetary Fund (IMF) on Wednesday retained India’s GDP growth rate at 7 percent during the current fiscal year ending March 31, 2025. It said that the country is expected to grow at 6.5 per cent in the next fiscal year 2025-26.
A senior IMF official has said that India remains world’s largest growing economy and noted that the macroeconomic fundamentals of the country are good.
“India is said to remain the largest growing economy in the world. We project growth at seven per cent in FY24-25, supported by recovery in rural consumption, as there have been favourable harvests. Inflation is expected to decline to 4.4 per cent in FY24-25, despite some volatility as food prices normalize,” Krishna Srinivasan, Director for the IMF Asia Pacific Department, said on Tuesday.
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