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EconomyIMF: India fast-growing in difficult times; Modi govt's direct cash transfer 'logistical...

IMF: India fast-growing in difficult times; Modi govt’s direct cash transfer ‘logistical marvel’

India deserves to be called a bright spot because it has been a fast-growing economy, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said today. Yesterday, the IMF had lauded India's deployment of a direct cash transfer scheme by calling it a "logistical marvel" and said that there is a lot to learn from India. IMF's Deputy Director of Affairs Department Paolo Mauro was addressing a Monitor press briefing on 12 October.

“India deserves to be called a bright spot on this otherwise dark horizon because it has been a fast-growing economy, even during these difficult times, but most importantly, this is underpinned by structural reforms," said Managing Director of IMF Kristalina Georgieva, speaking to reporters on the sidelines of the annual meeting of the IMF and the World Bank.

IMF has predicted a 25% probability of a global recession. The IMF chief recognised that global inflation due to the rise in food and energy prices and international has impacted low-income countries the most.

India will assume the presidency of the G20 for one year from 1 December. Under its Presidency, India is expected to host over 200 meetings of the G20 across the country. The G20 Leaders' Summit at the level of Heads of State/Government is scheduled to be held on 9 and 10 September 2023 in New Delhi.

India is headed to lead the G20 countries from the position of "strength" and will leave a mark on the world for years to come during its next year's presidency, she said.

Prominent among the structural reforms are the "remarkable success" in digitalisation in India, from digital ID to providing all services and support on the basis of digital access," she said. "This has indeed been a huge factor for India's success," the IMF officer said.

“And so, the country is now stepping into taking the lead on G20 from that position of strength, which makes me strongly believe that we will see India leaving a mark on the world for years to come during next year's presidency (of G20)," Georgieva said.

IMF: India's direct cash transfer scheme 'logistical marvel'

Mauro had said yesterday, "From India, there is a lot to learn. There is a lot to learn from some other examples around the world. We have examples from pretty much every continent and every level of income. If I look at the case of India, it is actually quite impressive."

Speaking on India's successfully implementing of the direct cash transfer programme, Mauro highlighted the "sheer size" of India and said, "It is a logical marvel how these programmes that seek to help people who are at low-income levels reach literally hundreds of millions of people."

The IMF officer said, "There are programmes that target specifically women. There are programmes that target the elderly and farmers. Perhaps the interesting part is that in these examples, there is a lot of technological innovation."

"In the case of India, one thing that is striking is the use of the unique identification system, the Aadhaar," the IMF official said.

Director of the Affairs Department Vitor Gaspar noted that the IMF was working with India to implement new technologies. He said that India was "one of the most inspiring examples of the application of technology to solve very complicated issues of targeting support to the people who need it most."

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