Commending India’s “prudent” policies, the International Monetary Fund’s (IMF) Executive Board has said its strong economic performance can help it adopt critical reforms to achieve advanced economy status by 2047.
A report after the IMF’s annual consultations with India said its "strong economic performance provides an opportunity to advance critical and challenging structural reforms to realise India’s ambition of becoming an advanced economy by 2047”.
Prime Minister Narendra Modi has set the deadline of the centenary of India’s Independence for it to become a developed nation.
The report released on Thursday said, “Executive Directors commended the authorities’ prudent macroeconomic policies and reforms, which have contributed to making India’s economy resilient and once again the fastest-growing major economy”.
“Looking ahead”, the report said, “India’s financial sector health, strengthened corporate balance sheets, and strong foundation in digital public infrastructure underscore India’s potential for sustained medium-term growth and continued social welfare gains”.
“Directors stressed that in the face of headwinds from geoeconomic fragmentation and slower domestic demand, continued appropriate policies remain essential to maintain macroeconomic stability”, the report added.
The report said that IMF directors welcomed India’s recent tariff reductions, and noted that these “can enhance competitiveness and foster India’s role in global value chains”.
In the budget presented last month, Finance Minister Nirmala Sitharaman reduced tariffs on a range of imports, from automobiles to liquor, and more may be coming.
For accelerated growth, the Executive Board said comprehensive structural reforms are needed as they are crucial to creating high-quality jobs, and invigorating investment.
“Efforts should focus on implementing labour market reforms, strengthening human capital, and supporting greater participation of women in the labour force”, the report said.
To boost private investment and foreign direct investment (FDI), “stable policy frameworks, greater ease of doing business, governance reforms, and increased trade integration”, are necessary the report said.
Besides labour market reforms, "supporting greater participation of women in the labor force” was necessary, the report noted.
‘Pahalgam incident deeply disturbing & tragic’: Former Pakistan PM Imran Khan
Former Pakistan Prime Minister Imran Khan on Tuesday termed the Pahalgam terror attack as disturbing & tragic and also condoled the victims and their families.
Congress finally deletes 'Gayab' post targeting PM Modi after outrage
Under fire from the BJP over its social media post targeting Prime Minister Narendra Modi, Congress finally, on Tuesday, took down the controversial post.
Guterres calls EAM Jaishankar, Pak PM Sharif; stresses pursuing justice in Pahalgam terror attack
Secretary-General Antonio Guterres stressed the importance of pursuing justice in the Pahalgam terrorist attack while speaking with External Affairs Minister (EAM) S Jaishankar and Pakistan’s Prime Minister Muhammad Shebaz Sharif, his Spokesperson Stephane Dujarric said on Tuesday.
Congress organises ‘Save Constitution’ rallies across NE states
The opposition Congress has been organising ‘Samvidhan Bachao’ (Save Constitution) campaign in the northeastern states. Claiming that the Constitution is in danger under the BJP-led Central government, the opposition Congress held a massive rally in Agartala on Tuesday.
RSS chief Bhagwat meets PM Modi after security huddle: Signs of a hard-hitting response in the works
In a significant political development, RSS chief Mohan Bhagwat met Prime Minister Narendra Modi at his official residence at 7, Lok Kalyan Marg on Tuesday evening.
What PM Modi's free hand to armed forces against terror means for cross-border action?
Prime Minister Narendra Modi’s unambiguous message during a high-level security meeting - ‘India is determined to deliver a crushing blow to terrorism’ - marks more than just a strong statement of resolve.
Justice BR Gavai appointed as next Chief Justice of India
Justice Gavai was elevated as a Judge of the Supreme Court on May 29, 2019. Appointed as Additional Judge of the Bombay High Court in November 2003, he became a permanent Judge in November 2005.
Three more Bangladeshi nationals held in Tripura
The Tripura Frontier of the Border Security Force (BSF) on Tuesday apprehended three Bangladeshi nationals, including a woman, for illegally entering India, officials said.