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India will continue to perform robustly with big economic reforms: Garg

By TIOL News Service

NEW DELHI, APRIL 21, 2018: WHILE addressing the special event hosted by US-India Strategic Partnership Forum on 'Indian Economy: Prospect and Challenges' in Washington D.C. USA yesterday, Mr Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Govt. of India (GoI) emphasized that India carried-out major reforms when the global economy was slow.

 

Mr Garg said that the big reforms undertaken by the GoI for raising economic growth and maintaining macro economic stability have made India one of the fastest growing major economies in the world. The launch of the GST represents an historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms, he added. With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly.

Of the four Sessions of the International Monetary and Financial Committee (IMFC) of the IMF being held during the Spring Meetings, the first two sessions – Introductory Session and the Restricted Session on Early Warning Exercise (EWE) – were held yesterday. Secretary (EA) participated in both these Sessions. The IMFC Introductory Session was focused was Global Developments and Prospects while the EWE was focused on upcoming risks to the global economy.

On the sidelines of the 2018 Spring Meetings of the World Bank and IMF in Washington D.C. yesterday, Mr Garg also held bilateral meetings with the General Director of Treasury, France; CEO, GEF; and CEO, MIGA. With CEO GEF, Secretary (EA) discussed the ongoing negotiations for the current replenishments (GEF6) being undertaken in the facility. With CEO MIGA, Secretary (EA) discussed about the potential of engagement of MIGA in India and with Indian companies. He also met with USAID and discussed areas of cooperation for cost effective innovations and best practices in the field of development.

 


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