India one of world’s fastest growing large economies: IMF

According to International Monetary Fund (IMF), India has been identified as one of the fastest growing large economies in the world. IMF opined that India has carried out several key reforms in the last five years and many are yet to be done.

IMF communications director Gerry Rice said, “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.”

“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 said.

He further added that IMF will release the details of the Indian economy in the upcoming World Economic Outlook (WEO) survey report, ahead of the annual spring meeting with the World Bank next month.

“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,” Rice said.