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IMF news about Indian economy India remains the world's largest developing economy, a senior International Monetary Fund (IMF) official said, adding that India's macroeconomic fundamentals are strong.
India appears to be the largest growing economy in the world. We estimate India's economic growth to be seven per cent in FY 2024-25, supported by improving rural demand due to a favorable harvest.
IMF Asia Pacific Department Director Krishna Srinivasan told PTI in an interview that inflation is expected to decline to 4.40 percent in the current financial year due to normalization of food prices.
Regardless of the elections, fiscal discipline is in its favor. Reserve level is good. He also said that macro fundamentals are good for India. The priorities for post-election reforms in India should be in three areas. Employment generation remains an issue in India. He said, in this context, I think the implementation of labor law is necessary, because it will bring flexibility in the labor market.
If you want to be competitive, some of the current trade restrictions have to be removed. Apart from this, structural reforms should also be continued, he said, focus should also be given to agricultural and land reforms.
He also suggested thinking about education and skills. Emphasizing the need for investment in bringing skills to the workforce, Srinivasan said, “In an economy that can create a lot of jobs in the service sector, it is important to have the right kind of skills.” That's why it's so important to reinvest in education and skills in the workforce.