IMF gives high marks to Indian economy

By agencies   |   Monday, 17 October 2005, 07:00 Hrs
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NEW DELHI: The International Monetary Fund has termed the prospects of Indian economy as “very good” with the Indian government going ahead with reforms.

"The Indian economy is on a very strong footing with a very strong growth. We certainly share with the Indian government and Finance minister the need for special vigilance against inflationary pressures," Managing Director of the International Monetary Fund (IMF) Rodrigo Rato said.

"I had a chance to meet with the Indian finance minister once again after my visit to India last spring and we had a very constructive meeting," said Rato.

He said, "India is one of the countries dealing with the pressures of translating to the consumer the reality of oil prices." He was also full of praise for the Indian authorities for implementing VAT nationwide.

"The Finance minister has informed us about an important legislation in Parliament now regarding the banking sector and the pension reform," he said.

"So we see clearly that the Indian government is moving in a path of reform that will allow the Indian economy to perform on a strong footing in future. We think that the prospects for the Indian economy are very good," Rato said.

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