IMF’s Rice Suggests Three Steps to Maintain India’s Growth Rate

The  International Monetary Fund (IMF) suggests that India should implement reforms on the banking sector as well as to continue fiscal consolidation, revive the momentum for reforms, and simplify the GST

The economic growth of India expanded to 7.7 percent in the last quarter of the financial year (FY) 2017-2019, higher figures showed versus 7 percent in the past quarter. IMF Communications Director Gerry Rice given three suggestions or steps for India in order to maintain the high growth rate.

First is to renew bank credit and improve the regulation of credit provision by means of increasing the corporate balance sheets and bank’s cleanup as well as to develop public sector banks of the government. Secondly, the resumption of fiscal consolidation while lowering elevated government debt levels which can reinforce by streamlining India’s indirect tax or GST structure.  And lastly, renewal of impetus to major market reforms.

Moreover, the IMF Board will have its annual meeting tentatively scheduled on July 18 in India. While the expected publication of the updated World Economic Outlook is on July 16.