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Washington:
Prime Minister Narendra Modi’s name for an “Aatmanirbhar Bharat” (self-reliant India) is a crucial initiative, the International Monetary Fund (IMF) mentioned on Thursday.
“The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we do see that initiative as having been important,” Gerry Rice, Director, Communications Department, IMF, instructed reporters at his fortnightly information convention right here.
Looking forward, because the prime minister has mentioned, for India to play a extra vital half within the international financial system, pursuing insurance policies that stimulate by enhancing the effectivity and competitiveness of the financial system is important, he mentioned, responding to a query on PM Modi’s name for an “Aatmanirbhar Bharat”.
“To achieve the stated ”Make For The World” goal in India, the priority is to remain focussed on policies that can help further integrate India in the global value chain, including through trade, investment and technology,” Rice mentioned.
Responding to a different query, he mentioned the IMF”s joint research with the NITI Aayog and the Ministry of Finance reveals that to attain a excessive efficiency in health-related sustainable improvement objectives, India would wish to regularly improve its whole spending within the healthcare sector from the present 3.7 per cent of the GDP.
“More generally, beyond the health sector, comprehensive structural reforms are needed to achieve more inclusive and sustainable medium-term growth.
“We have talked about these reforms earlier than — infrastructure, land reforms, product market and labour market reforms, rising feminine labour drive participation, entry to finance and higher jobs,” Rice mentioned.
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