The mid to long-term economic prospects for India is huge. Just ask the IMF and World Bank.
The worlds largest democracy continues to roll out massive infrastructure development across rail, power, and other areas.
The below article, appearing on India’s NDTV website highlighted the following:
- IMF Chief Christine Legarde reaffirms very solid medium to long-term growth for Indian economy
- Shorter-term impacts of structural reforms addressing corruption and taxation understandable and necessary
Prime Minister Modi and his government are making headway in their drive to de-bottleneck the economy via fundamental taxation reform like the introduction of federally based GST replacing a raft of state-based taxation structures, the results of which continue to build momentum for economic growth, jobs and prosperity for a massive, growing middle class.
And while the IMF appears cool on India’s short-term growth rate, lowering its projection forecast from 7.2 percent to 6.7 percent of the 2017-18 fiscal year, it still exceeds the world average forecast of 3.2 percent.
According to another article, Prime Minister Narendra Modi’s five-member Economic Advisory Council has, in response to the IMF and World Bank forecasts, identified priorities to accelerate economic growth and job creation over the next six months, including economic growth, employment and job creation, informal sector and integration, fiscal framework, monetary policy, public expenditure, institutions of economic governance, agriculture and animal husbandry, patterns of consumption & production and social sector.
Underpinning all this is the need for energy and steel capacity growth, combined with commitments to reduce emissions intensity, driving bright prospects for adoption of ECT’s technology suite.
Indian Economy On ‘Very Solid Track’: International Monetary Fund Chief
Describing the two major recent reforms in India – the notes ban and Goods and Services Tax (GST) – as a monumental effort, Ms Lagarde said it is hardly surprising that there “is a little bit of a short-term slowdown” as a result…