IMF describes Indian government's response to COVID-19 situation as ‘swift and substantial’
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The International Monetary Fund (IMF) in its latest report has described the Indian government's response to the COVID-19 situation as 'swift and substantial', adding that the country continued with labour reforms and privatization despite the pandemic.
The IMF in its report based on 'consultations' among members, however, sounded a note of caution saying that the economic outlook remains 'clouded' due to pandemic-related uncertainties, contributing to both downside and upside risks.
IMF further said that a persistent negative impact of COVID-19 on investment and other growth drivers could prolong the economic recovery. Besides, the IMF has projected India's economic growth at 9.5 percent in FY2021-22 and 8.5 percent in 2022-23. Headline inflation is projected at 5.6 percent in 2021-22, amid elevated price pressures.
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