Business

‘India needs more key reforms to push economic growth’

An Indian man walks past trucks parked at a terminal during a nationwide indefinite strike called by truck owners against increasing fuel prices in Chennai on June 18, 2018. (Photo by ARUN SANKAR / AFP) (Photo credit should read ARUN SANKAR/AFP/Getty Images)

By: easterneye.biz Staff

INDIA has carried out several key reforms in the past five years, but more needs to be done, said IMF communications director Gerry Rice said at a news conference in Washington yesterday (21).

The International Monetary Fund (IMF) added that India is one of the fastest growing larges economies in the globe.

“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,” Gerry 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.

Further details about the Indian economy would be revealed in the upcoming World Economic Outlook (WEO) survey report to be released by the IMF in April, he said.

The report would be the first under Indian American economist Gita Gopinath, who is now IMF’s chief economist.