Piyush Goyal shares IMF growth projections, mocks Trump's remarks
What's the story
Union Minister Piyush Goyal has shared the International Monetary Fund (IMF) growth projections on social media, showcasing India's strong economic outlook. This comes after United States President Donald Trump referred to India and Russia as "dead economies." The IMF's World Economic Outlook Update (July 2025) shows India leading global growth through 2026 with a projected GDP growth rate of 6.4%. In comparison, the US is projected to grow at only 2%.
Economic comparison
India's growth outpaces US and other major economies
The IMF estimates predict India will grow at 6.5% in 2024 and maintain a 6.4% growth rate in both 2025 and 2026. Meanwhile, the US economy is expected to grow at only 2.8% in 2024, before declining to 1.9% in 2025 and slightly rising to 2% in the following year. India's performance also surpasses other major economies such as Germany (-0.2% in 2024), Japan (0.2%), and the United Kingdom (1.1%).
Economic progress
Goyal earlier spoke about India's economic transformation
Earlier in the Monsoon Session of Parliament, Goyal had highlighted India's economic transformation over the last decade. He said, "Within just a decade, India has transformed from being one of the 'Fragile Five' economies to one of the largest economies in the world." He attributed this change to reforms and hard work by farmers, entrepreneurs, and MSMEs.
Trade tensions
Trump slams India for ties with Russia, threatens tariffs
On Truth Social, Trump had said he didn't care what India did with Russia, calling their economies "dead." He also criticized India's high tariffs and announced a 25% tariff on all Indian goods starting August 1. This came after reports of a US trade delegation visiting New Delhi later this month to discuss a bilateral trade deal.
Trade dynamics
India is the 2nd-largest buyer-nation of Russian crude oil
India is the second-largest buyer of Russian crude oil after China. Its share of oil imports from Russia has increased from under 1% before the Ukraine war to nearly 40% now. This increase in trade comes amid Trump's criticism of India's economy and his plans to impose tariffs on Indian goods starting August 1.