India’s overall macroeconomic environment is “healthy” but the country needs structural reforms to further support its business environment, a senior International Monetary Fund (IMF) official said at the 2016 IMF-World Bank Annual Meeting. He gave an explanation to reporters on the sidelines and said: October 14th, Marrakech, Morocco.
“If we really want to tap into the huge potential that India has, I think we need structural reforms. Again, India has made great strides in the areas of digitization and strengthening its infrastructure, making very impressive progress. The efforts have been truly impressive,” news agency ANI quoted Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, as saying. .
“…there could be reforms aimed at improving the business environment, labor reforms, and removing trade restrictions. All of these are aimed at creating an environment that is more supportive of investor capacity, and in India “And so, I think, structural reforms will be key to further supporting investor capacity,” he added.
Mr. Srinavasan also praised the Reserve Bank of India (RBI) for acting quickly to curb inflation even as major economies around the world continue to battle soaring prices.
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“They have been fiscally disciplined. They expect fiscal growth to be 5.9% this year. The central bank is moving rapidly to rein in inflation. The latest figures are (September) 5. %. So, inflation has come down. Overall, India’s macroeconomic environment is quite healthy,” he said.
Meanwhile, on October 10, the IMF revised upward its growth forecast for India for 2023-24. The country’s growth rate is likely to be 6.3%, rather than 6.1% as previously forecast, the newspaper said.
Earlier, on October 3, the World Bank maintained India’s growth forecast at 6.3%, citing strong service activity. In September, the Asian Development Bank (ADB) also predicted India’s growth rate to be 6.3% in a forecast released last month.
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