Prime Minister Narendra Modi’s name for an “Aatmanirbhar Bharat” (self-reliant India) is an important initiative, the International Monetary Fund (IMF) stated on Thursday.
“The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we do see that initiative as having been important,” Gerry Rice, Director, Communications Department, IMF, advised reporters at his fortnightly information convention right here.
Looking forward, because the Prime Minister has stated, for India to play a extra important half within the world economic system, pursuing insurance policies that stimulate by bettering the effectivity and competitiveness of the economic system is essential, he stated, responding to a query on Mr. Modi’s name for an “Aatmanirbhar Bharat.”
“To achieve the stated ‘Make For The World’ goal in India, the priority is to remain focussed on policies that can help further integrate India in the global value chain, including through trade, investment and technology,” Mr. Rice stated.
Responding to a different query, he stated the IMF’s joint research with the NITI Aayog and the Ministry of Finance reveals that to realize a excessive efficiency in health-related sustainable improvement objectives, India would wish to progressively enhance its whole spending within the healthcare sector from the present 3.7% of the GDP.
“More generally, beyond the health sector, comprehensive structural reforms are needed to achieve more inclusive and sustainable medium-term growth,” he stated.
“We have talked about those reforms before — infrastructure, land reforms, product market and labour market reforms, increasing female labour force participation, access to finance and better jobs,” Mr. Rice stated.