The International Monetary Fund (IMF) has described India as a key engine of global growth after the countrys economy expanded 7.8 per cent in the first quarter of the current fiscal year. The stronger-than-expected performance was driven by services and exports, even as the economy faced an energy price shock, said Julie Kozak, Director of the IMFs Communications Department. Amid the ongoing debate over the credibility of India’s latest GDP estimates, the IMF has welcomed the country’s efforts to modernise its statistical framework, saying the incorporation of a new Index of Industrial Production (IIP) and Producer Price Index (PPI) series should help improve the accuracy of GDP estimates. Kozak said Indias latest GDP release incorporated a new index of industrial production and a new producer price index series. The changes, she said, should improve the countrys GDP estimates. The IMF said it was also monitoring the effect of rising oil prices on Indias economy. Kozak noted that …
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