Christine Lagarde, the chief of International Monetary Fund, had quipped about the importance of India implementing critical reforms in order to unleash the nation’s growth potential. At a lecture at the University of Maryland, Washington DC, Lagarde had forecasted the growth rate of India at around 7.5 per cent for the 2016-17 fiscal year.
She even stated that the drop in oil prices was an added advantage for India and the latter was way ahead among the developing nations.
“IMF also believe that the monetary policy, the taming of inflation is also going to benefit the very large domestic market of India,” she said, noting that consumption is also going to be one of the key drivers.
“All of that of course, with the hope and the provision, if I may say, that the trend of reforms identified by Prime Minister Narendra Modi, can actually proceed, whether it’s in the fiscal area, by way of implementing the Goods and Services Tax, significant reform like the land reform that is considered,” Lagarde said