India urgently needs more ambitious structural and financial sector reform measures and a medium-term fiscal consolidation strategy due to the rising debt levels, the IMF said.
India urgently needs more ambitious structural and financial sector reform measures and a medium-term fiscal consolidation strategy due to the rising debt levels, the International Monetary Fund (IMF) said Thursday.
Responding to a question on the recent budget presented by Union Finance Minister Nirmala Sitharaman, IMF Spokesperson Gerry Rice said that there is a weaker economic environment in India.
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“While the budget touches on ongoing sectoral efforts, there remains an urgent need for more ambitious structural and financial sector reform measures and a medium-term fiscal consolidation strategy, anchored in tangible revenue and expenditure measures, especially given rising debt levels,” Rice told reporters.
“The environment is weaker than we had forecast earlier, that a more accumulative fiscal stance, this year, is appropriate, so that more accumulative fiscal stance in the budget, we think, is appropriate,” he said.
Source: Financial Express
