(Livemint)
“Our economy is being termed as an elephant that’s starting to run, I believe that we are running on the right path,” said Prime Minister Narendra Modi , a reference to a recent International Monetary Fund’s (IMF’s) report that saw India holding its position as one of the world’s fastest-growing economies with government reforms starting to pay off.
“Our reforms are evident and ongoing in all areas. You may think of reforms as a one-time, big bang. For my government, however, the reform process is a continuum,” said Modi in the email interview, dwelling at length on the state of the economy.
The $2.6 trillion Indian economy was described by Ranil Salgado, the IMF’s mission chief for India, as an elephant starting to run, with growth forecast at 7.3% in 2018-19 and 7.5% in the year after that. The nation accounts for about 15% of global growth, according to the Washington-based fund.
Edited excerpts from the Narendra Modi interview, where the prime minister spoke on government reforms, including Goods and Services Tax and Insolvency and Bankruptcy Code, the banking crisis, the business environment in India, and the jobs crisis.
