IMF hails India’s ‘swift and substantial’ response to COVID-19 crisis
Describing the Indian government’s response to the COVID-19 situation as “swift and substantial”, the International Monetary Fund (IMF) has said the country continued with labor reforms and privatization despite the pandemic.
Washington
The IMF in its report based on “consultations” among members, however, sounded a note of caution saying that the economic outlook remains “clouded” due to pandemic-related uncertainties, contributing to both downside and upside risks. In its “Article IV” consultations report, it further said that a persistent negative impact of COVID-19 on investment and other growth drivers could prolong the economic recovery.
The IMF has projected India’s economic growth at 9.5 percent in FY2021-22 and 8.5 percent in 2022-23.
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