'Removing Self-Inflicted Injuries to Grow' - IMF Chief Hails India's Reforms Under PM Modi

At the curtain-raiser event for the Spring Meetings held by the International Monetary Fund (IMF), the Managing Director, Kristalina Georgieva praised the several reforms in India under the leadership of Prime Minister Narendra Modi.

What Did The IMF Chief Say?

While conversing with Ms. Maria Bartiromo she said that India is a country which is very interesting in the context of trade. She said that it is "a country that for quite some time was uneasy with reducing tariff and non-tariff barriers, it is now doing it and in addition to what India is doing in digitalization, in creating environment for private sector investment, this decision to remove some of the various self-inflicted injuries to grow."

She added that this is very good and very healthy for the economy.

India's Realigns Trade Policies

The imposition of tariffs by the United States President Donald Trump has nudged India in the direction of addressing structural issues in order to be more competitive on the global stage.

While India has already taken steps to lower customs duties on products such as motorbikes, bourbon whiskey, ethernet switches, synthetic flavouring essences, among others, it is also keeping its doors open to trade with other major economic regions other than the US.

Both India and the United States are eyeing a Bilateral trade Agreement (BTA) by the end of 2025, hoping to take the current  bilateral trade value from $129.2 billion to $500 billion by 2030.

Additionally, India may also consider offering concessions, including increased imports of US oil and defense goods, and cutting tariffs on electric vehicles as well as agricultural products.

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