In another feather to the cap of Prime Minister Narendra Modi and his Government International Monetary Fund (IMF), the global lender has termed India as the world’s fastest-growing large economy. It said that this has become possible only due to the massive reforms undertaken by Prime Minister Modi Government in last 5 years.
“India has of course been one of the world’s fastest-growing large economies of late, with growth averaging about seven percent over the past five years,” said IMF communications director Gerry Rice on India’s economic development under Modi government. “Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including harnessing the demographic dividend opportunity, which India has,” he added.
The details about the Indian economy and global economic outlook will be revealed in the World Economic Outlook (WEO) survey report which is 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.
This is New India of PM Modi. During Congress Regime for 70 years, India was an underdeveloped country begging food and money from western countries. Today western countries praise India and want to deal with India.