IMF Urges More Reforms for India's Continued Growth

IMF Deputy Managing Director Gita Gopinath highlighted the necessity for India to undergo additional reforms to sustain its growth and job creation. She emphasized the need to lower import tariffs and enhance tax systems to bolster the economy. Gopinath also stressed the importance of labor and health investments.

IMF Deputy Managing Director Gita Gopinath has called for India to undertake more reforms to sustain its growth trajectory and ensure job creation. Speaking at an event, Gopinath stated that reducing import tariffs is crucial for India to become a key player in global supply chains.

Gopinath praised the structural reforms made by the Indian government over the years but emphasized the need for India to stay open to global trade. She pointed out that India's tariff rates are higher than those of peer economies, recommending a reduction to enhance global competitiveness.

Gopinath also addressed the need to broaden the personal income tax base and simplify GST tax rates for better revenue collection. She advocated for labor reforms and increased investment in healthcare to help India achieve developed country status. Discussing IMF reforms, she noted that the organization is realigning quotas to reflect contemporary global challenges.

(With inputs from agencies.)