The International Monetary Fund (IMF) has “corrected” an error in its calculations to now project that India would become a $5-trillion economy by 2026-27, which is what the finance ministry has been saying of late, Trend reports citing Business Standard.
Last month, the data given by the Fund had shown that this could be achieved by only 2028-29, two years after the ministry's latest projections and a four-year delay over the original goal set by the government.
“IMF staff discovered a data input error that led to an error in
calculating India's gross domestic product (GDP)
denominated in US dollars, which was corrected,” Luis E Breuer, senior resident representative - India, Nepal, and
Bhutan, at the Fund, told Business Standard in an emailed response. He said the data for real and nominal GDP
denominated in rupees are not affected.
“More broadly, the Indian economy is recovering well from the pandemic with real GDP estimated to have recovered to above its pre-pandemic level by end-March 2022. The recovery is expected to continue although it is facing downside risks, including from external factors,” Breuer said.