India urgently needs more ambitious structural and financial reform measures and a medium-term fiscal consolidation strategy amid rising debt levels, the International Monetary Fund said on Thursday (IMF ).
Responding to a question on the recent budget presented by Union Finance Minister Nirmala Sitharaman, IMF spokesman Gerry Rice said there is a weaker economic environment in India.
“While the budget focuses on ongoing sector efforts, there remains an urgent need for more ambitious structural and financial reform measures and a medium-term fiscal consolidation strategy, anchored in tangible revenue and expenditure measures. , especially given the increase in debt levels, âRice said. journalists.
“The environment is weaker than we predicted earlier, that a more cumulative fiscal position this year is appropriate, so a more cumulative fiscal position in the budget, we believe, is appropriate,” did he declare.
âBut, in the medium term, consider a strategy of fiscal consolidation,â Rice said.
The IMF lowered India’s estimate of economic growth for the current budget in January to 4.8 percent.