INSUBCONTINENT EXCLUSIVE:
IMF Board is tentatively scheduled to meet on July 18 for its annual India meeting.Washington: To sustain the high growth rate India has
achieved, the country should carry out banking sector reforms; continue with fiscal consolidation, simplify and streamline GST; and renew
impetus on reforms, the International Monetary Fund (IMF) said today
India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18
Growth is projected at 7.4 per cent in FY 2018-19 and actually 7.8 percent in FY 19-20, respectively," IMF Communications Director Gerry
Rice told reporters at his fortnightly news conference
In order to sustain the high growth rate, Rice suggested three steps for India to follow
"One, to revive a bank credit and enhance the efficiency of credit provision; by accelerating the cleanup of bank and corporate balance
public debt levels supported by simplifying and streamlining the goods and services tax (GST) structure," he added
He then suggested India to renew impetus to reforms of key markets over the medium-term
"And thirdly, over the medium-term, renew impetus to reforms of key markets, for example, labour and land, as well as improving the overall
business climate would be crucial to improving competitiveness and again, maintaining that very high level of growth in India," Rice said in
"We will be releasing the staff report in relation to that Board meeting and it will have detail (about GST)," he said when asked about
simplifying and streamlining the goods and services tax structure
"It (GST) is a complicated tax to administer and to implement, so I think some suggestions that streamlining can be important
There will be more on that in the context of the Article IV," Rice said
TheIndianSubcontinent staff and is published from a syndicated feed.)
