This article was last updated on April 16, 2022
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The International Monetary Fund (IMF) Chief Christine Lagarde said that India is a bright spot in the global economy. She said that this Monday before the talks in New Delhi with the Prime Minister of India, Narendra Modi.
“India is indeed a bright spot in the global economy, and economic developments hold much promise. I believe India has an opportunity to become one of the world’s most dynamic economy, and my message during my visit here will be: seize it!,” Lagarde told Times of India. “Among the emerging markets, and compared to advanced economies, India is the bright spot,” the former French finance minister told TOI newspaper.
“Subsidies that are needed to help the poor often end up favouring the middle class. That is why the JAM Number trinity – Jan Dhan (bank accounts for all households), Aadhaar (unique identity for all persons) and Mobile (phone) could be a major step up in terms of direct income support to the poor,” she said. “Further reforms to India’s complex system of labour laws to encourage young job-seekers and boost presently-low female labor force participation, as well as easing of land acquisition and other clearances, will be helpful to revive the investment cycle and achieve faster growth,” she said. “Moving the economy forward in this direction would help India sustain its flight of high growth and economic stability for years to come,” Lagarde said.
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