Weaker than expected Indian economic environment, urgent reforms needed: IMF | Latest India News


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Responding to a question on the budget presented by Union Finance Minister Nirmala Sitharaman, International Monetary Fund (IMF) spokesman Gerry Rice said the economic environment in India is weaker than this. that the organization had anticipated earlier.

Washington | By Press Trust of India

India urgently needs more ambitious structural and financial reform measures and a medium-term fiscal consolidation strategy due to rising debt levels while ensuring a more accommodative fiscal stance in the budget , said the IMF.

Responding to a question on the budget presented by Union Finance Minister Nirmala Sitharaman, International Monetary Fund (IMF) spokesman Gerry Rice said the economic environment in India is weaker than this. that the organization had anticipated earlier.

“While the budget relates to 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, ”Rice said. journalists.

“The environment is weaker than we expected earlier, that a more accommodative fiscal stance this year is appropriate, so a more accommodating fiscal stance in the budget, we believe, is appropriate,” did he declare.

“But, in the medium term, consider a strategy of fiscal consolidation,” Rice said.

The IMF lowered India’s estimate of economic growth for the current budget in January to 4.8 percent.

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