The Indian economy, severely hit by the coronavirus pandemic, would be well placed to start recovering from the horrible crisis with the government making efforts on both the fiscal and monetary side in addition to putting in place structural elements, a top IMF official has said.
The International Monetary Fund in its annual World Economic Outlook significantly downgrades India’s growth for the fiscal year 2020 to minus 10.3 per cent. At the same time, IMF said that India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, but for this New Delhi needs to ramp up its efforts in various fields.
In terms of what can be done going forward, clearly on the fiscal side, the IMF believes there is more that can be done to provide support to households and firms that have been affected by the pandemic, Malhar Shyam Nabar, Division Chief, Research Department, IMF, told reporters on Tuesday at a news conference here on the eve of the annual meetings of the IMF and the World Bank.
Source: Financial Express
