IMF urges India to take "urgent action" to reverse economic slowdown as another growth estimate downgrade looms.
The Time is Now: The International Monetary Fund (IMF) on Monday urged the Indian government to take urgent policy steps to reverse the economic slowdown and return India to a high-growth path.
Declining consumption and investment, and falling tax revenue, have combined with other factors to put the brakes on one of the fastest growing economies in the world, the IMF said in its annual review.
"India is now in the midst of a significant economic slowdown," Ranil Salgado, of the IMF Asia and Pacific Department, told reporters. "Addressing the current downturn and returning India to a high growth path requires urgent policy actions."
IMF chief economist Gita Gopinath had previously said the fund is set to significantly downgrade its growth estimates for the Indian economy in the World Economic Outlook which will be released next month. Already, the IMF had slashed its growth forecast for 2019 by nearly a full point to 6.1% while cutting the outlook for 2020 to 7%. Livemint
Read more of what the IMF had to say here.
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