India one of fastest growing economies, says IMF

India one of fastest growing economies, says IMF


India has been one of the fastest growing large economies, the International Monetary Fund (IMF) has said, pointing out the country has carried out several key reforms in the last five years, but more needs to be done.

Responding to a question on India’s economic development in the last five years, the IMF communications director Gerry Rice said, 'India has, of course, been one of the world’s fastest growing large economies of late, with averaging about seven per cent growth in the last five years.'

'Important reforms have been implemented and we feel more reforms are needed to sustain this growth, including harnessing the demographic dividend opportunity, which India has,' he said. Details about the Indian economy would be revealed in the upcoming World Economic Outlook (WEO) survey report that would be released by IMF's annual spring meeting next month.

This report, incidentally, would be the first under an Indian-born US economist, Ms. Gita Gopinath, who is now its 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,' Mr. Rice said.