Nirmala Sitharaman meets IMF deputy MD Nigel Clarke, discusses India’s growth outlook

As per the latest business developments, Finance Minister Nirmala Sitharaman met International Monetary Fund (IMF) Deputy Managing Director Nigel Clarke in New Delhi on September 7, with both sides stressing the need for deeper India-IMF engagement to strengthen macroeconomic cooperation and backing global economic resilience.

"Both sides emphasised the importance of continued India-IMF engagement in strengthening macroeconomic cooperation, supporting sound policies and contributing to greater regional and global economic resilience," the ministry stated in a post on X on September 7.

Clarke, who is on a visit to India, and Sitharaman additionally discussed India-IMF relations, with the ministry noting appreciation for India's role in supporting the South Asia Regional Training and Technical Assistance Center (SARTTAC), a joint IMF initiative that helps member countries in the region build capacity on macroeconomic and financial policy.

The two sides additionally reviewed the outlook for India and the global economy, including India's evolving expansion trajectory and the implications of ongoing shifts in the global economic environment. This covered India's trade agenda and developments in the global trading system, including recently concluded bilateral trade agreements, the ministry stated. Fiscal consolidation efforts

Clarke acknowledged India's economic performance in the current global scenario. "Clarke acknowledged India's economic performance, resilience and expansion track record in the current global scenario, and Government of India's efforts for fiscal consolidation and backing measures in the aftermath of the West Asian crisis," the ministry stated.

The meeting comes amid heightened global attention on how emerging economies are navigating supply-side pressures and volatility stemming from the West Asian crisis, along with broader shifts in global trade following a string of bilateral agreements signed by major economies this year.

Clarke assumed charge as IMF Deputy Managing Director on October 31, 2024, succeeding Antoinette Sayeh. His visit comes days after Finance Minister Nirmala Sitharaman met IMF Managing Director Kristalina Georgieva on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Asheville, US, where the two discussed the global economic outlook and India’s evolving expansion trajectory.