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India, China have major role in revival of global economy: IMF

The International Monetary Fund has said India and China are playing a significant role in the revival of the global economy.

business Updated: Feb 05, 2010 14:49 IST

The International Monetary Fund has said India and China are playing a significant role in the revival of the global economy.

"When you have two relatively large economies growing at 7 and 10 per cent, respectively, India and China, they are contributing quite a lot to global growth," IMF Deputy Director, Asia and Pacific Department, Kalpana Kochhar said during a teleconference in Washington.

"Our forecast for global growth for next year is close to 4 per cent. I think it's 3.9 per cent, of which advanced countries are only contributing less than two per cent. So the rest of it is in fact coming from emerging markets, and from within emerging markets, a large part from China and India," Kochhar said.

"So it's a significant contribution that's coming from these two countries," the IMF official said in response to a question.

In response to a question, Kochhar said the Indian rupees is broadly in line with fundamentals.

"We have a number of ways in which we look at whether the value of any currency, including the rupee, is in line with what we call fundamentals. Our assessment in the case of the Indian rupee is that it is broadly in line with fundamentals," she said.