Indian ‘elephant now ready to run,’ says IMF

Global investors feel that the Indian “elephant is ready to run” after sustained economic reforms, a top IMF official has said, but underlined the need for implementing these reforms and having a sound banking sector balance sheet for a steady growth path.

Changyong Rhee, director, Asia and Pacific Department at the International Monetary Fund (IMF), also praised the Union government for doing well in the area of reforms.

‘Impressive reforms’

Mr. Changyong — who oversees the IMF’s work in the region, including its lending operations and bilateral and multilateral surveillance of economies ranging from China, Japan, and India to the Pacific Islands — said that investors are telling him that after four years of impressive economic reforms, ‘the elephant is now ready to run.’ “I think, I would rather emphasise [on] implementation. If India can lead global growth like China in the last decade; you have the potential, you have the population, you have the market size... everything. Implementation is actually the key, he said.

Referring to the 7.4% growth rate, he said, at this moment it was one of the highest growth rates among large emerging economies.

“Now, India’s growth rate is higher than China’s growth rate,” he said.

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