IMF Says ‘India Is One Of The Fastest Growing Large Economies In The World’, Acknowledges Nation’s Economic Reforms

Prime Minister Narendra Modi (PIB/PMO)

Noting that India has carried out significant reforms in the last few years, IMF has stated that the country has been one of the fastest growing large economies in the world in recent times, reports Press Trust of India (PTI).

"India has of course been one of the world's fastest growing large economies of late, with growth averaging about seven per cent over the past five years. Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has," said International Monetary Fund (IMG) communications director Gerry Rice on Thursday (21 March).

He added that further details on the Indian economy would be available in the upcoming World Economic Outlook (WEO) survey report which is due to be released next month (April 2019).

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“The WEO will go into more details. But amongst the policy priorities, we would include accelerate the cleanup of banks and corporate balance sheets, continue fiscal consolidation, both at centre and state levels, and broadly maintain the reform momentum in terms of structural reforms in factor markets, labour, land reforms and further enhancing the business climate to achieve faster and more inclusive growth," Rice noted.

First WEO Report Under An Indian-American

The 2019 annual WEO report will be the first one to be released under the Indian-American economist Gita Gopinath, who was recently elevated to the post of IMF's chief economist.

Gita Gopinath, who previously taught economics at Harvard, joins the illustrious list of India-born economists to be selected for the vital positions in international economic bodies after Raghuram Rajan (IMF) and Kaushik Basu (World Bank).

Also Read: An Economic Manifesto For The New Government, Whoever Comes To Power

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