India one of world’s fastest growing large economies: IMF

The International Monetary Fund (IMF) has again asserted that India has been one of the fastest growing large economies in the world. It also pointed out that it has carried out several key reforms in the last five years, but more needs to be done.

This observation was made by IMF communications director Gerry Rice in response to a question on India’s economic development in the last five years, at a fortnightly news conference.  “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,”  He said.

“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,” he added..

He also mentioned that details about the Indian economy would be revealed in the upcoming World Economic Outlook (WEO) survey report to be released by the IMF ahead of the annual spring meeting with the World Bank next month.  This report would be the first under Indian American economist Gita Gopinath, who is now IMF’s chief economist.

“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 said.

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