Recent policy reforms undertaken by Prime Minister Narendra Modi's administration got some more endorsement from the managing director of the International Monetary Fund (IMF).
Christine Lagarde on Thursday said that she was “extremely impressed” by the work being done by Indian authorities towards policy reform. She was speaking at the Annual Spring Meetings of the IMF and World Bank being held at Washington D.C.
Lagarde was referring to the government’s remonetisation efforts following the partial cash ban in November last year, and the Goods and Services Tax (GST) regime that it hopes to implement by July this year.
Our understanding is that demonetisation now has been remedied at about 75 percent, those are the latest March figures that we have. Clearly, the situation is now being amended.Christine Lagarde, Managing Director, IMF
Describing the GST reform as an “act of courage”, Lagarde said she expects “some positive outcome” as a result of the decision.
Lagarde, a former lawyer, also lauded India’s Bankruptcy Law, saying it would “matter a lot” when the government has to deal with the corporate and banking sector.