Prime Minister Modi said India will play a bigger role in the global economy. (File)
Washington:
Prime Minister Narendra Modi’s call for an “Aatmanirbhar Bharat” (autonomous India) is an important initiative, the International Monetary Fund (IMF) said Thursday.
“The economic package under this Autonomous India Initiative, which was announced in the wake of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we consider this initiative to have been important, ”Gerry Rice, director, IMF Communications Department, told reporters during his bi-monthly press conference here.
For the future, as the Prime Minister has said, for India to play a greater role in the global economy, it is essential to pursue policies that stimulate by improving the efficiency and competitiveness of the economy, he said, responding to a question about Prime Minister Modi’s appeal. for an “Aatmanirbhar Bharat”.
“To achieve the stated goal of ‘Make For The World’ in India, the priority is to remain focused on policies that can help further integrate India into the global value chain, including through trade, investment and technology, ”Rice said.
Responding to another question, he said that the IMF’s joint study with NITI Aayog and Ministry of Finance shows that to achieve high performance in health-related sustainable development goals, India should gradually increase its total expenditure in the health sector. sector 3.7 percent of current 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 before – infrastructure, land reforms, product and labor market reforms, increased participation of women in the labor market, access to finance and better jobs,” Rice said. .
