IMF Managing Director Kristalina Georgieva
The International Monetary Fund (IMF) has once again put its seal of approval on the shine of the Indian economy. IMF Managing Director Kristalina Georgieva has praised India, calling it one of the fastest growing economies in the world. He said that India is making an important contribution to global development, which is a good news for the world. But along with this praise, Georgieva has also given an important message to India for the future. He says that to maintain this pace and accelerate it further, India will have to work rapidly on some deep and important reforms.
The world’s eye on India’s fast pace
When the whole world is going through a period of economic uncertainties, the Indian economy is standing like a strong pillar. Underlining this, IMF chief Kristalina Georgieva said that India is playing a big and positive role in global economic development. His statement has come at a time when many big economies of the world are struggling with slow growth rates. IMF believes that the world is currently stuck at a growth rate of about 3%, in such a situation India’s performance is supporting the entire world. However, IMF has also made it clear that India will have to further expand its trading capabilities on the global stage. He indicated that India still maintained some barriers in the field of trade, such as tariffs and some other restrictions. By removing these obstacles, India can connect with the world in a better way, which will create new possibilities for investment and development in the country.
IMF gave these three important advices to India
IMF praised India’s current economic situation but also showed the way for the future. The organization has advised India to work in three major areas. The first and most important advice is to promote the private sector. IMF believes that India should make such reforms so that private companies and investors can become maximum partners in the country’s development. For this, there is a need to open many sectors for private investment, which will not only bring capital but also create new technology and employment opportunities.
The second advice is related to business reforms. IMF said that India should further facilitate trade with other countries. The organization also pointed out that out of 191 member countries in the world, there are only a few countries like America, China and Canada, which are using tariffs aggressively. India should not follow this path and open its doors more for trade. The third and final advice is to focus on sources of future growth, which include new technologies such as Artificial Intelligence (AI).