IMF Welcomes India’s New IIP, PPI Series To Improve GDP Estimates

New Delhi, Sept 11 (KNN) The International Monetary Fund (IMF) has welcomed India’s efforts to modernise its macroeconomic statistical framework, saying the adoption of a new Index of Industrial Production (IIP) and Producer Price Index (PPI) series should improve the accuracy of GDP estimates.

Julie Kozack, Director of the Communications Department at the IMF, said the latest GDP release incorporated the two new statistical series, which should help strengthen India’s GDP estimates.

“We welcome these important steps that India is taking to modernise its macroeconomic statistics,” Kozack said at the IMF’s monthly briefing.

She encouraged Indian authorities to continue strengthening the country’s statistical framework and data quality, reported PTI.

7.8 per cent GDP Growth Exceeds Expectations

Kozack said India’s real GDP grew 7.8 per cent in the second quarter, exceeding IMF staff expectations as well as the broader consensus among observers.

The stronger-than-expected performance was driven by higher-than-anticipated activity in the services sector and stronger exports, she said.

The IMF official said the latest growth figures also highlighted the resilience of the Indian economy despite the energy price shock.

She added that India remains a key growth engine for the global economy.

(KNN Bureau)