Washington: India's economy is currently undergoing economic slowdown to bring it back on track, the International Monetary Fund (IMF) has asked India to take major steps as soon as possible. The IMF says that the Indian economy is one of the economies that drive global economic growth, so India needs to take fast and effective steps. The IMF stated in its annual review that India's economic growth has suffered a setback due to a decline in consumption and investment, a decrease in tax revenue.
IMF Asia and Pacific head Ranil Salgado says that after bringing millions out of poverty, India is now going through an economic downturn. India needs urgent policy measures to overcome the current sluggishness and return to the path of economic growth again. However, the government has limited options to promote through spending on development.
IMF's Chief Economist Geeta Gopinath said that economic growth will remain sluggish in December and March quarter of fiscal year 2019-20. Gopinath said that earlier we had the hope of accelerating in the remaining two quarters of the current financial year. But now recovery seems difficult. He said that in view of the present situation, we have to change the old estimates. The IMF will release a report on India's economic development outlook on 20 January 2020.
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