As the Indian economy recovers from the COVID-19 pandemic that hit it hard, it is important for the country to focus on public investment, particularly in green sectors, the International Monetary Fund said Wednesday.
As we move towards the recovery, it is also important to focus on public investment, particularly on green investment, so that the recovery can be inclusive and green, IMF's Fiscal Affairs Department Deputy Director Paolo Mauro told reporters during a news conference here.
He said India's debt is at the ratio of about 90 per cent, and it is important to give a signal that there is a medium-term fiscal framework in place that ensures investors that the debt ratio will decline in the medium term.
Responding to a question, Mauro said the situation is improving when it comes to the epidemic.
It is very different from a few months ago, he said, adding, fortunately, the number of cases is declining and the vaccination is becoming more widespread.
On the economic front, therefore, even though the situation is improving, the priority remains to address the health emergency. It remains to provide ample support, particularly to the poorer segments of the population through social protection, employment benefits, and so on, Mauro said.
In terms of more recent reforms, one that I would like to highlight is the National Asset Reconstruction Company, the so-called bad bank. This is potentially very promising because it is important to tackle non-performing loans, he said.
This has been a long-standing drag on credit, and potentially this is very promising, he added.
It is very important that both the governance and the independence of such so-called bad banks be in place so that the costs to public finances can be kept under control and one can go back to promoting inclusive growth, Mauro said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Best Autumn And Winter Escapes Across The World
Whether you’d rather take to the slopes or relax by the pool, Holly Kirkwood has the pick of autumn and winter escapes across the world
Duran Duran – Forty Years Later
Duran Duran are back with their fifteen studio album Future Past
America Can't Ignore Afghanistan
Exclusive: Pakistani Prime Minister Imran Khan says the Taliban can be a partner for peace, not a terrorist threat - if the U.S. stays engaged.
Big Sky's Moment of Glory
The most rugged resort in Montana gets speedy lifts, luxury hotels, and fine dining to match its extreme slopes
Black Hairstyles Need Protection
In most U.S. states, employers and schools are allowed to discriminate against box braids, locs, and other traditional styles. A coalition of activists and legislators has started to change that.
De-radicalizing the Extremists
Parents for Peace enlists ex-believers to help families win back loved ones drawn to Islamism, QAnon, and other ideologies. Demand has never been higher
Down to Their Last Dollar
Businesses fail every day, from world-beaters (like TWA and Lehman Brothers) to sexy high-fliers (DeLorean, Enron) to Steady Eddie, old-school icons (Toys “R” Us, Sears). Sometimes, of course, market conditions simply turn Sisyphean. But often, when that boulder starts to roll backward, a leader’s grit, imagination, resourcefulness, and ability to conjure a little luck can mean the difference between a brave new chapter and, well, Chapter 11. Here, four businesses that went from nearly bust to total gangbusters.
How Delane Parnell Beat the Game at Its Own Game
He was the living embodiment of the American Dream, a tireless entrepreneur who fought his way from Detroit’s meanest streets. Then Delane Parnell faced the moment that would define his gaming venture—and his life.
Farming Grows Up
A group of startups raises lettuce, tomatoes, and berries in high-rise plant factories. The founders aren’t farmers; they’re technologists who have shown that even the most grounded industry can be radically reinvented.
XGIMI – A Potent Portable
Even as TVs grow ever-larger, the projector category continues to be an active one, with more recent designs like ultra-short throw models giving viewers an alternative to room-dominating hangfrom-ceiling setups.