International Monetary Fund has praised the Modi government for doing well in the area of reforms.
Changyong Rhee, Director of the Asia and Pacific Department who oversees the IMF’s work in the region including its lending operations and bilateral and multilateral surveillance of economies ranging from China, Japan, and India to the Pacific Islands said that investors are telling him that after four years of impressive economic reforms, the elephant is now ready to run. However, he emphasized the need for implementing these reforms and having a sound banking sector balance sheet for a steady growth path.
Referring to India’s 7.4 percent growth rate, Changyong said, at this moment it was one of the highest growth rates among large emerging economies. He noted that now India’s growth rate is higher than China’s growth rate.
He said, many countries are looking at India, whether India can be another growth leader as China in recent decades.
Earlier, Deputy Director of Asia and Pacific Department in the IMF, Ken Kang said that India’s growth is rising from 7.4 percent in 2017-2018 to 7.8 percent in 2019 and there is room to increase its export orientation and to reduce further barriers.