{"id":29589,"date":"2017-10-15T13:03:38","date_gmt":"2017-10-15T07:33:38","guid":{"rendered":"https:\/\/apnlive.com\/?p=29589"},"modified":"2017-10-15T13:04:47","modified_gmt":"2017-10-15T07:34:47","slug":"imf-chief-demonetisation-gst-move-indian-economy-solid-track","status":"publish","type":"post","link":"https:\/\/apnlive.com\/business-news\/imf-chief-demonetisation-gst-move-indian-economy-solid-track\/","title":{"rendered":"IMF chief: Demonetisation and GST to move Indian Economy on solid track"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]<i><span style=\"font-weight: 400;\">Christine Lagarde\u2019s statement is followed by IMF and World Bank downgrading India\u2019s GDP forecast for the year 2017-18.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Amid frequent reports of India\u2019s slowing growth rate, International Monetary Fund (IMF) chief Christine Lagarde has said that the Indian economy is on a \u201cvery solid track\u201d in the mid-term. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Addressing annual meeting of the IMF at its Washington headquarters on Saturday she said, &#8220;Turning to India&#8230; we have slightly downgraded India; but we believe that India is for the medium and long-term on a growth track that is much more solid as a result of the structural reforms that have been conducted in India in the last couple of years,&#8221; the IMF Managing Director said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lagarde further said that \u201ca little bit of a short-term slowdown\u201d as a result of a two monumental reforms \u2013 demonetisation and <a href=\"https:\/\/apnlive.com\/topic\/gst\"><strong>Goods and Services Tax<\/strong><\/a> (GST) is hardly surprising. &#8220;But for the medium term, we see a very solid track ahead for the Indian economy,&#8221; she added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lagarde also predicted that the two structural reforms will deliver jobs in the near future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Union Finance Minister Arun Jaitley, who participated at the IMF Annual Meeting, has reiterated that the structural reforms will serve the country well in the days to come.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;When the world was growing at two-and-a-half per cent, India was the fastest-growing major economy in the world. That was a time to really fix the roof. You don&#8217;t have to wait for a downward slide in order to do it,&#8221; Jaitley said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before arriving at Washington, <a href=\"https:\/\/apnlive.com\/topic\/arun-jaitely\"><strong>Arun Jaitley<\/strong><\/a> visited New York where he met Investors in partnership with Bank of America and confederation of Indian Industries (CII) and also held a roundtable meeting of CEOs of USIBC-CII.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Washington, Jaitley held bilateral meeting with US Commerce Secretary, addressed seminar on \u201cIndia Opportunity Conference\u201d and attended G-20 Finance Ministers. Arun Jaitley will conclude his one week official US visit on Sunday. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">IMF chief Christine Lagarde\u2019s statement comes a few days after IMF and World Bank downgraded India\u2019s GDP forecast for the year 2017-18. While the World Bank reduced it to 7% for 2017-18 from 7.2%, IMF has scaled down India\u2019s growth forecast to 6.7% from 7.2%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Both the international financial institutions have attributed India\u2019s economic slowdown, at least partly, to demonetisation and the implementation of Goods and Services Tax (GST).<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Christine Lagarde\u2019s statement is followed by IMF and World Bank downgrading India\u2019s GDP forecast for the year 2017-18. Amid frequent reports of India\u2019s slowing growth rate, International Monetary Fund (IMF) chief Christine Lagarde has said that the Indian economy is on a \u201cvery solid track\u201d in the mid-term. \u00a0 Addressing annual meeting of the IMF [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":29591,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1518],"tags":[371,23010,913],"yst_prominent_words":[25554,5031,25556,25551,25558,11112,11110,11109,25553,25548,25557,25549,25559,25550,6893,11111,25555,25552,11114,15259],"ppma_author":[140543],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/d2r2ijn7njrktv.cloudfront.net\/apnlive\/uploads\/2017\/10\/Christine-Lagarde.jpg","jetpack_sharing_enabled":true,"authors":[{"term_id":140543,"user_id":4,"is_guest":0,"slug":"apnnewsdesk","display_name":"APN Live","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/478eacb893eda88aa6ed8d99b005bf58?s=96&r=g"}],"_links":{"self":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/29589"}],"collection":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/comments?post=29589"}],"version-history":[{"count":0,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/29589\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media\/29591"}],"wp:attachment":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media?parent=29589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/categories?post=29589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/tags?post=29589"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=29589"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/ppma_author?post=29589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<!-- html is corrupted -->