IMF DMD calls on Jaitley; discusses economic issue

International Monetary Fund (IMF) Deputy Managing Director Tao Zhang today called on Finance Minister Arun Jaitley and discussed various economic issues and structural reforms undertaken by the government.

"Minister Jaitley and I discussed economic policies, recent developments, and the outlook for the country. India has become one of the engines of global growth," the IMF official said in a statement.

Thanks to important gains in strengthening macroeconomic policies, structural reforms, and the hard work of the Indian population, many millions of Indians have been lifted out of poverty in the past two decades, it said.

"In our discussion we touched upon the importance of increasing revenue mobilization, including through the recently introduced goods and services tax (GST), which is key to financing infrastructure and social spending," it added.

Zhang acknowledged India's support for capacity building in the region, as a key contributor to the IMF's South-Asia Regional Training and Technical Assistance Center (SARTTAC).