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IMF Chief praises demonetization and GST; says India’s economy on solid track

While opposition parties including Congress have been targeting the central government over the economy, the IMF Chief has lauded India’s efforts such as demonetization and GST. This should come as a wakeup call for people like Yashwant Sinha who had recently gone bonkers with their criticism of government’s economic policies. All the talk was about the GDP growth reducing to 5.7 percent in the last quarter. However, as many economic experts have already said, the downtrend in the economy is cyclical and it had happened many times in the past also. It had occurred various times when Congress was in power at the center. International Monetary Fund (IMF) chief Christine Lagarde said that she was confident that measures like demonetization and GST would hugely benefit the economy in the long term. She also said that India’s economy was on a solid track.

She clarified that even though the growth projection has been reduced by IMF, it is only a temporary adjustment and the fundamentals of India’s economy look strong. She said that structural reforms undertaken by the government in recent years will bear fruit in the medium to long term. She said that since demonetization and GST involved a massive overhaul of the system, it is natural to experience such small problems in the short term. “But for the medium term, we see a very solid track ahead for the Indian economy,” she said. She also expressed confidence that the measures being taken by the government will create ample jobs for everyone.

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