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Indian economy in good footing but special vigilance against inflationary pressures is needed : International Monetary Fund
With the Indian government steaming ahead with reforms, the prospects for the country's economy are "very good," the managing director of the International Monetary Fund (IMF) Rodrigo Rato said here on Saturday.
"The Indian economy is on a very strong footing with a very strong growth. We certainly share with the Indian government and Finance Minister there needs to be special vigilance against inflationary pressures," he said.
"I had a chance to meet with the Indian Finance Minister once again after my visit to India last spring and we had a very constructive meeting," Rato said at a press conference soon after his bilateral meeting with Finance Minister P Chidambaram on the sidelines of the Seventh G-20 meeting of Finance Ministers and Central Bankers here.
The IMF managing director said "India is one of the countries dealing with the pressures of translating to the consumer the reality of oil prices".
He also congratulated Indian authorities for the implementation of the VAT reform.
"The Finance Minister has informed us about an important legislation in parliament now regarding the banking sector and the pension reform," he said.
"So we see clearly that the Indian government is moving in a path of reform that will allow the Indian economy to perform on a strong footing in future. We think that the prospects for the Indian economy are very good," Rato said.
Turning to the global economic outlook, he said that IMF projects world economic growth of 4.3 per cent in both 2005 and 2006.
BIZ/FINANCE ARTICLES
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