India’s success stems from reforms over past few years: IMF Managing Director Kristalina Georgieva

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Thursday that India’s economic success is rooted in its pursuit of reforms over the past few years, and she expressed hope that by staying the course it will be able to survive by 2047 We are confident that we will achieve the goal of developed countries by 2020. “India has been a bright spot in the world economy and will continue to be so. We have raised our 2024 India growth forecast to 6.5%. This builds on a fairly strong performance in 2023. India’s success is rooted in the past few years pursuit of reform,” Georgieva told a group of reporters here. .

Georgieva said that a very significant advantage of India is the bold actions taken in digitalization, including digital public infrastructure, digital ID cards, and making digitalization a strong comparative advantage of India, allowing small entrepreneurs to Enter the market in a way they couldn’t. forward. “We have also seen India recognize that women are underrepresented in the labor market. I think Prime Minister Modi is right to bet on women in India and open more space for them to participate in the economy,” she said.

“Last but not least, India recognizes that innovation will drive future competitiveness and as we saw with the moon landing, investment in R&D is very effective and efficient. This creates a very good position for future growth. Fertile soil,” the IMF chief said. “India needs to remain vigilant, like all other countries, and must be mindful of the strength of public finances and how public funds are used to support the medium- to long-term goals of strong growth,” she said.

When asked about Prime Minister Narendra Modi’s call for India to become a developed country by 2047 as it celebrates its 100th anniversary of independence, she said it is completely achievable. “I see no reason why this cannot be achieved. Stay the course,” Georgieva said, hours after India’s federal finance minister said in the interim budget that the Modi government is working hard to make India a “developed Pakistan” by 2047. Rat” and that this development will be “all-round, inclusive” and ubiquitous”.

Staying the course also means removing barriers to private business entrepreneurship, the IMF chief said. “I think there’s actually room everywhere in India to do more,” she said. “That’s a very clear advantage for India: confidence. Not just confidence in the leadership, but confidence in the people. When I was last in India, I spoke to people from all walks of life and they were confident about the economy. Confidence; confidence in the country,” Georgieva said.

(This story has not been edited by News18 staff and is published from associated news agency – PTI)