Categories: Business

IMF said India's measures would be insufficient, to attract more investment and more economic reforms

Photo: ARABNEWS

India needs further economic reforms to attract more investment, says IMF

Washington Concerted efforts to improve the business environment and encourage investment have helped India attract investment, but these measures are not enough. The International Monetary Fund (IMF) has expressed this opinion. The IMF has said that India still needs further economic reforms to attract more investment.

IMF Chief Spokesperson Gerry Rice responded to a question on the announcement of large investment in India by global giants Facebook and Google Inc on Thursday. In recent times, many international companies have committed to foreign direct investment (FDI) of $ 20 billion in India. So far this year, India has received FDI of 40 billion dollars.

Rice told a press conference that India has made strong efforts in recent years to attract investment. The business environment has been improved and measures have been taken to attract investment in the business. These have helped in attracting investment.

He said that India has made reforms like the Insolvency Code, Goods and Services Tax. This has improved India's position in World Ease of Business ranking. India has moved up to 63rd in the Ease of Doing Business Rankings in 2020, while in 2018 it was ranked 100th. This is a significant improvement. Rice said that despite this, India needs more economic reforms.

He said that apart from further improving the area of ​​labor, land etc., India needs to add additional infrastructure. In our view, through these reforms, India will be able to attract more investment and move faster on the path of inclusive growth.

This post was published on July 24, 2020 1:33 pm

Content Team

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