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IMF Chief Economist hails Modi Govt saying “India’s Growth Over 4 Years Very Solid”

India! India! India! This is what we are listening from all over the world now. Sound that is music to everyone’s ears. Sound that fills one with pride. And the credit of this goes to only one man “Narendra Damodardas Modi”
Since the time Prime Minister Modi has assumed office India has gained praise word-wide. There are countless accolades India has received and will continue to do so. In the list of never ending achievements of PM Modi & India the chief Economist of world’s largest organization International Monetary Fund (IMF) has praised PM Modi & hailed his efforts and moves taken for the growth and development of the nation.

IMF’s Chief Economist Maurice Obstfeld said “India’s growth has been “very solid” over the past four years”. He also praised the fundamental economic reforms like the Goods & Services Tax (GST) and the Insolvency and Bankruptcy Code taken by the Modi Government.

“India under the government of Prime Minister Narendra Modi has carried out some really fundamental reforms. These include the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code. A lot of what they have done on financial inclusion has been really important,” Obstfeld said

Talking about the growth of India the chief Economist said, under the leadership of Prime Minister Modi India registered a solid growth in the last four-and-a-half years. “I mean, not so much in the third quarter of this year, but generally it has been quite solid,” he said.

Stating about the challenges that hold for India, the top Economist said it is important for India to maintain this growth level along with the challenges the nation would be facing

“There are important vulnerabilities, so it is important for the reform momentum to be maintained even as an election comes up and for the path of fiscal adjustment to be maintained,” Obstfeld added.

Talking about the biggest risk being faced by India he said the biggest risk at thus time that has become much more evident in the last few years has been non-bank finance, usually called shadow banking.”There is a big challenge of stricter, oversight,” the economist said.

Noting that there has long been a legacy of corporate debt associated with bad infrastructure projects in India, Obstfeld said it has been very concentrated in the banking system.”But as the government is trying to better oversee the banking system, these loans have migrated to shadow banking and that is an area where more needs to be done to contain financial pressures, which we are beginning to see in India,” he said.

However, with an upcoming election in the country, there is a reluctance to do anything that would slow the economy, Obstfeld said, observing, “But the lesson of experiences is that financial vulnerabilities can go south very quickly”.

Those who still say PM Modi Government is doing nothing must open their eyes and ears and clearly watch and listen What PM Modi is doing for the betterment of the nation. The whole world today praises him & his efforts except the opposition whose all evil plans are shattered by him. India can’t get better Prime Minister than him. So always choose him to be your leader. As the nation will progress under his leadership, so will you.

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