India has of course been one of the world's fastest growing large economies of late, with growth averaging about 7 percent over the past 5 years, the International Monetary Fund (IMF) said. Important reforms have been implemented and we feel more reforms are needed going forward to sustain this high growth, including to harness the demographic dividend opportunity, which India has, IMF communications director Gerry Rice said on Thursday, responding to a question regarding IMF's assessment of India's economic strength, especially because the Modi government has completed five years.
The WEO will go into more details, but amongst the policy priorities, we would include: accelerate the clean-up of banks and corporate balance sheets, continue fiscal consolidation, both at center and state levels, broadly, maintain the reform momentum interms of structural reforms in factor markets, labor, land reforms, and further enhancing the business climate to achieve faster and more inclusive growth, Mr Rice said. We'll be saying more about India and in more detail, of course, in this WEO, this World Economic Outlook, he added.
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