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India’s economy: Now a force to reckon with globally?

The G7 may need to move over for a new group on the block: Emerging market economies (EMEs). As the International Monetary Fund’s (IMF) April World Economic Outlook puts it, “The global economy is increasingly influenced by the Group of Twenty’s large emerging markets. Over the past two decades, these economies have become much more integrated with global markets and are generating larger economic ‘spillovers’ to the rest of the world.” Even in a world where we have all come to accept that change is the only constant and got accustomed to the IMF recanting its position on ‘truths’ like capital account convertibility as a must and the need for fiscal austerity, regardless of the context in which such policies are sought to be imposed, the Fund’s statement is a revelation. It throws new light on what has long been accepted as a given in the…

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