GENEVA: The International Monetary Fund (IMF) sees Indian economic
growth rebounding to around 7 per cent in the next financial year,
supported by measures like monetary policy stimulus and corporate income
tax cuts. We see the Indian economy rebounding from our projected 6.1
per cent growth this fiscal year to something like 7 per cent in the
next fiscal year (2020). We see the factors that will support growth,
including monetary policy stimulus, working their way through the
pipeline, Jonathan Ostry, Deputy Director, Asia Pacific Department at
the IMF, told reporters.
The recent tax cuts, Government's progress in addressing lingering
weaknesses in the financial sector and measures to support growth
sectors as seen as factors underpinning growth in the near term, Ostry
said.
Talking about the slowdown in Indian economy in recent quarters, he
said: indeed (it) took many of us by surprise, including the IMF.
"There wasn't a single cause for the slowdown there were many different
causes at work including corporate and regulatory environmental
uncertainties, the stresses in the non-bank financial sector, (and)
stresses in the rural sector, among others," he said.
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