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National News

Dec 10, 2018
2:16PM

IMF Chief Economist praises India's economic reforms during past 4 years

Reuters
International Monetary Fund's Chief Economist Maurice Obstfeld has said that India's growth has been very solid over the past four years. He praised the fundamental economic reforms like the GST and the Insolvency and Bankruptcy Code carried out by the Modi government.

The IMF chief economist said, India under the government of Prime Minister, Narendra Modi has carried out some really fundamental reforms. These include the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, he said. A lot of what they have done on financial inclusion has been really important, Mr Obstfeld told a group of journalists in Washington.

He said, there are important vulnerabilities, so it is important for the reform momentum to be maintained even as an election comes up and for the path of fiscal adjustment to be maintained. Mr Obstfeld said one risk that has become much more evident in the last few years has been non-bank finance, usually called shadow banking.

Noting that there has long been a legacy of corporate debt associated with bad infrastructure projects in India, Maurice Obstfeld said it has been very concentrated in banking system.

But as the government is trying to better oversee the banking system, these loans have migrated to shadow banking and that is an area where more needs to be done to contain financial pressures, which we are beginning to see in India, he said.

However, with an upcoming election in the country, there is a reluctance to do anything that would slow the economy, Mr Obstfeld said.
 

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