India’s Fiscal Stand Is Appropriate And Sensible : IMF

New Delhi: The International Monetary Fund (IMF) has termed India’s fiscal stance as ‘appropriate and sensible’ citing reason that investments in major infrastructure projects are the right way to stimulate the economy.

At the Advancing Asia conference held in New Delhi, IMF Chief Christine Lagarde on Sunday said Asian economies led by India will be a major growth driver in the years to come and a better representation of large emerging nations in the multi-lateral institution which has transformed it from “my IMF to our IMF.” “We consider that the fiscal stance adopted by India is exactly appropriate and a very sensible objective which has been set. It’s just the right one that has been set under the given circumstances,” she said.

Finance minister Arun Jaitley on Sunday expressed the hope that the Constitution Amendment Bill for Goods and Services Tax (GST) and bankruptcy and insolvency Bill, will be passed in the second half of the Budget session beginning April 20. He said: “The current session of Parliament has already seen a landmark legislation two days ago. And, I do hope to see another two being passed in the second part of the session with regard to the bankruptcy and insolvency laws and GST.”

IMF was earlier largely dominated by developed economies but with recent quota reforms, emerging market economies have got better say in the functioning of the Washington-based funding agency.

The three-day Advancing Asia conference also focused on unconventional monetary policy adopted by advanced countries to push growth in their country. At the end of the conference, the IMF had a meeting with finance ministers and central bank governors of the Asian region to discuss the fiscal stance of their respective countries.