India’s reforms bearing fruits, benefitting people: IMF
Business | April 20, 2018 10:59 ISTA top IMF official pointed out that the success of reforms carried out by India makes a strong case for more steps.
A top IMF official pointed out that the success of reforms carried out by India makes a strong case for more steps.
India has "quite a high" debt to GDP ratio, but New Delhi is trying to lower it using "the right policies", the International Monetary Fund has said.
Identifying India as a leader in the biometric identification system, the IMF in its fiscal monitor report on digital governance released here on Thursday said digitalisation can facilitate stronger governance, fiscal transparency and better scrutiny of the budget process.
Chinese President Xi Jinping's multi-billion project, the initiative focuses on improving connectivity and cooperation among Asian countries, Africa, China and Europe.
Christine Lagarde in a blog said that policymakers should ensure that import tariffs recently announced by the US do not lead to a wider escalation of protectionism.
Calling this development a "welcome change", an IMF official said the growth prospects remain positive.
Trump on Thursday said that he would impose a 25 per cent import tariff on steel and 10 per cent on aluminium to protect US producers.
The IMF estimates for India are slightly better than the World Bank’s estimate of 7.3% for the next fiscal year made earlier this month.
William Murray said the demonetisation did cause some temporary disruptions in economic activity, primarily, private consumption and small businesses due to cash shortages.
The IMF statement came as the latest figures showed that India grew at 6.3 per cent in the September quarter compared to 5.7 per cent in the June quarter, reflecting an improvement in the Indian economy.
An IMF official said it is not endorsing the replacement of Public Distribution System (PDS) with the Universal Basic Income (UBI) in India.
India carried out key structural reforms like demonetisation and the GST at the right time and it will serve the country well in the days to come, Finance Minister Arun Jaitley today said.
IMF chief Christine Lagarde today said the Indian economy is on a "very solid track" in the mid-term.
Union Finance Minister Arun Jaitley also expressed hope that this can be done as part of the 15th General Review of Quotas (GRQ).
Deputy Director Asia Pacific Department of IMF, Kenneth Kang, said the favourable outlook for Asia was an important opportunity for India to push forward with difficult reforms.
Finance Minister Arun Jaitley has said the Indian government is working on a plan to rebuild the capacity of the banking sector.
This year's growth projection is 0.5 percentage points less than its previous two forecasts in April and July, attributing it to demonetisation and introduction of the GST.
FM Arun Jaitley is on a week-long visit to the US to attend the annual meetings of the International Monetary Fund and World Bank.
The IMF, in its annual health check-up report on China, urged Beijing to speed up structural reforms in order to move towards a sustainable growth path.
With global economic recovery remaining on track on the back of better performing emerging economies, growth in India is expected to pick up further in 2017 and 2018, the IMF has said
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