On Thursday IMF stated India as one of the fastest growing large economy stressing on that India has carried out carried out key reforms in last few years but at the same time emphasizing that a lot needs to be done in coming years.
“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,” IMF communications director Gerry Rice Thursday said while replying on a question about India’s growth in last five years.
“The World Economic Outlook (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, labor, land reforms and further enhancing the business climate to achieve faster and more inclusive growth,” Rice said.
The specific regarding the growth of Indian economy will be revealed in the WEO report which will be out soon in spring. WEO is a survey conducted and published by the International Monetary Fund taking in account various parameter like GDP, fiscal balance, inflation and other important parameters to gauge the economic outlook of various countries. It is published biannually and partly updated two times a year.
The next report (WEO survey) would be the first under Indian American economist Gita Gopinath, who is now IMF’s chief economist.