The Chief Christine Lagarde of the International Monetary Fund described India to be moving in a steady progress for mid-term. This in line with the revised lower of the growth forecast for this 2017 and the year after. Despite the major reforms of the country particularly the demonetization of the currency and the Goods and Services Tax (GST), it is unexpected that the outcome was a short-term slowdown
Last week, the predicted figure of the IMF narrowed down to 6.7 percent in 2017 which is 0.5 percent points lower than the former forecasts for the months of April and July and influenced by the both the mentioned demonetization and introduction of the GST.
At the same time, the projected growth of the country for 2018 also declined to 7.4 percent down by 0.3 percentage points and similarly lower than assumptions for the months of July and April. However, comparing the figures last year, the economic growth rate of the country at 7.1 percent increased by 0.3 percentage points based form the April report.
There may be some decline in the numbers but there is a positive outlook for medium and long-term growth because of the structural reforms implemented in India for the past few years, according to the managing director of IMF, Lagarde. Especially for the medium term, there will a robust growth. With the help of the fiscal boost, the deficit has been greatly lessened as well as the inflation that has significantly lowered. These reforms are prospected to have the anticipated results to the Indian people especially benefit the younger generation in the future.
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