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  Business   Economy  15 Oct 2017  IMF chief hails note ban, GST, says Indian economy on 'solid track'

IMF chief hails note ban, GST, says Indian economy on 'solid track'

PTI
Published : Oct 15, 2017, 9:47 am IST
Updated : Oct 15, 2017, 11:53 am IST

The comment comes days after the IMF lowered its growth forecast for the current and the next year

Describing the two major recent reforms in India - the notes ban and Goods and Services Tax (GST) - as a monumental effort, Lagarde said it is hardly surprising that there 'is a little bit of a short-term slowdown' as a result. (Photo: AFP/File)
 Describing the two major recent reforms in India - the notes ban and Goods and Services Tax (GST) - as a monumental effort, Lagarde said it is hardly surprising that there 'is a little bit of a short-term slowdown' as a result. (Photo: AFP/File)

Washington: Days after the International Monetary Fund (IMF) lowered its growth forecast for the current and the next year, IMF chief Christine Lagarde on Saturday said the Indian economy is on a "very solid track" in the mid-term.

"Turning to India...we have slightly downgraded India; but we believe that India is for the medium and long-term on a growth track that is much more solid as a result of the structural reforms that have been conducted in India in the last couple of years," the IMF Managing Director Christine Lagarde said.

 

Describing the two major recent reforms in India - the notes ban and Goods and Services Tax (GST) - as a monumental effort, Lagarde said it is hardly surprising that there "is a little bit of a short-term slowdown" as a result.

"But for the medium term, we see a very solid track ahead for the Indian economy," she said to a question on India.

"We very much hope that the combination of fiscal, because the deficit has been reduced, inflation has been down significantly, and the structural reforms will actually deliver the jobs that the Indian population, particularly the young Indian people expect in the future," Lagarde said.

Tags: international monetary fund, christine lagarde, indian economy, notes ban, gst
Location: United States, District of Columbia, Washington