Urgent need for more ambitious reform measures for the structural and financial sector in India: IMF

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In response to a question from the Union's youngest Ministry of Finance, Nirmala Sitharaman, about the Union's budget, IMF spokesman Gerry Rice replied that India's economic environment is weaker.

PTI

updated:February 13, 2020, 11:30 p.m. IST

Urgent need for more ambitious reform measures for the structural and financial sector in India: IMF
The main building of the International Monetary Fund (IMF). (Image: Reuters)

Washington: India desperately needs more ambitious structural and financial reform measures and a medium-term fiscal consolidation strategy due to rising debt, the International Monetary Fund (IMF) said on Thursday.

In response to a question from the Union's youngest Ministry of Finance, Nirmala Sitharaman, about the Union's budget, IMF spokesman Gerry Rice replied that India's economic environment is weaker.

"While the budget is touching ongoing sectoral efforts, there is still an urgent need for more ambitious structural and financial reform measures and a medium-term fiscal consolidation strategy that is rooted in concrete revenue and expenditure measures, particularly in view of rising debt, Rice said Reporters.

"The environment is weaker than we previously predicted that a more cumulative fiscal stance is appropriate this year, so we think a more cumulative fiscal stance in the household is appropriate," he said.

But in the medium term to review a budget consolidation strategy, Rice said.

In January, the IMF lowered India's estimate of economic growth for the current fiscal year to 4.8 percent.

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