This forecast comes just a day after the International Monetary Fund (IMF) revised its GDP growth projection for India upwards to 7%, compared to the 6.8% it had projected in April. Additionally, the Reserve Bank of India (RBI) also recently revised its growth forecast upward to 7.2% from the previous estimate of 7%.

Park suggested additional reforms, such as regulatory ease, improvement in the ease of doing business, and tariff deregulation, to enhance India's participation in the global value chain.