'Structural reforms strengthening India's resilience to global shocks'

Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg has said that structural reforms, implemented by the government in areas like taxation and bankruptcy, are helping the Indian economy in building resilience to global shocks.

Garg, who was speaking at the International Monetary Fund's (IMF) Development Committee session in Bali on Friday, also stated that certain measures, including the prudent policy, will help contain the stress, which is currently being experienced in financial condition tightening and oil prices.

Emphasising on the need to recognise the technological changes, Garg said that the world is currently experiencing a digital revolution, and the technological changes are more fundamental than the invention of steam engine, which led to the foundation of the Industrial Revolution.

Speaking about the Human Capital Index (HCI) that was recently released as part of the Human Capital Project of the World Bank, Garg said, that the Human Capital needs to continuously evolve and develop, also urging, that a better metric is needed to measure the status of the human capital in the digital age.

The DEA Secretary is currently on an official tour to Bali, Indonesia to participate in the Annual Meetings of the IMF and the World Bank. He is accompanied by a battery of senior officials from the Ministry of Finances.