The International Monetary Fund’s (IMF) Executive Board has said its strong economic performance can help it adopt critical reforms to achieve advanced economy status by 2047. Prime Minister Narendra Modi has set the deadline of the centenary of India’s Independence for it to become a developed nation. The report released on Thursday said, “Executive Directors commended the authorities’ prudent macroeconomic policies and reforms, which have contributed to making India’s economy resilient and once again the fastest-growing major economy” The report said that IMF directors welcomed India’s recent tariff reductions, and noted that these “can enhance competitiveness and foster India”s role in global value chains” It added that “stable policy frameworks, greater ease of doing business, governance reforms, and increased trade integration”, are necessary to boost private investment and foreign direct investment (FDI) The report noted that labour market reforms are needed as they are crucial to creating high-quality jobs, and invigorating investment.
The International Monetary Fund’s (IMF) Executive Board has said its s….
