“India under the government of Prime Minister Narendra Modi has carried out some really fundamental reforms. These include the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code…A lot of what they have done on financial inclusion has been really important,growth performance has been very solid,I mean, not so much in the third quarter of this year, but generally it has been quite solid,there are important vulnerabilities, so it is important for the reform momentum to be maintained even as an election comes up and for the path of fiscal adjustment to be maintained,there is a big challenge of stricter, oversight,but as the government is trying to better oversee the banking system, these loans have migrated to shadow banking and that is an area where more needs to be done to contain financial pressures, which we are beginning to see in India,but the lesson of experiences is that financial vulnerabilities can go south very quickly.”
IMF’s Chief Economist Maurice Obstfeld has said India’s growth under Prime Minister Narendra Modi has been “very solid” over the past four years.
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