IMF: India Becoming Better Integrated With Asia

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Apr. 26 – India is incorporating more with the rest of Asia and will play a major role in Asia’s growth, said top officials from the the International Monetary Fund.

IMF Director, Asia Pacific Department, Anoop Singh said that the fund forecasts that Asia will maintain its lead in overall global recovery and grow an estimated 7 percent for 2010 and 2011. “As is now well-known, China and India will again lead Asia’s growth with growth rates of 10 and 8.8 percent this year,” he said.

Countries are reigning in rates to manage rising inflation. He added: “So we are seeing monetary policy already being tightened in a number of countries. For example, India moved its currency for the second time just last week.” Domestic oriented economies such as China, India and Indonesia are also reporting steady economic growth including some export-oriented economies.

“We have a very rapidly growing large economy in the South Asia region, and that is India, and India is now also integrating much more with the rest of Asia,” Kalpana Kochhar, IMF Deputy Director of the Asia Pacific Department, said in a statement on Sunday.

Kochhar cited the growing trade between China and India as a sign that India’s prospects for integration both in the South Asia region and the rest of Asia have greatly improved.