IMF sees India as fastest growing economy in fiscal 2022
3. June 2021The Indian economy is expected to grow by 11.5 percent in the coming fiscal year, according to IMF forecasts. With this, the International Monetary Fund (IMF) predicts a strong recovery for the subcontinent and following the drastic negative impact this year due to the Corona pandemic. As countries next in line to increase economic growth in 2021, the IMF lists China at 8.1 percent, followed by Spain (5.9 percent) and France (5.5 percent).
Regarding India, the IMF also revised its estimates for the current year from a decline in economic output of 10.3 percent in the October forecast to just 8 percent as of current data. In 2020, the IMF said China was the only major country to post positive economic growth at 2.3 percent. Next year, the IMF expects the Chinese economy to grow by 5.6 percent. If these current figures are taken into account, India is currently the fastest growing economy in the world.
The IMF’s report, published at the end of January 2021, includes other indicators of the global economy. For example, the IMF estimates that global trade volume will grow by 8 percent this year. The price of oil in 2021 will rise by about 20 percent above the already low level of 2020 but still remain below the average prices of 2019. As trade volumes increase and India becomes more involved in the global trade of goods, product certifications will become increasingly important.
The Indian certification landscape is very difficult to navigate with your different agencies and processes. Do you need or want to know more about AIS/TAC certification for automotive or BIS for electronic and other consumer products, TEC for telecom products, WPC for radio products, or PESO certification for gas or oil industry products? MPR International GmbH – has been assisting market leaders of numerous industries with their certification projects in Asian markets for many years. Thanks to our fast approach and excellent relationships in India, our customers can always meet their deadlines for the start of production or market launch in India. MPR International GmbH will be pleased to advise you regarding India certification and show you the necessary steps without obligation.
If you are interested in understanding what requirements are needed for your product to be imported into India, please do not hesitate to contact us by email or phone at +49-69-271 37 69 261. There is no cost or obligation for us to check for you. If a certification need is discovered we can provide a quotation to make sure that all your certification needs are covered.
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