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India to grow at 7.7 per cent in 2018-19 – IMF

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The International Monetary Fund has predicted India to grow at 7.7% in 2018-2019.

Key Notes:

  • India’s growth is expected to 7.2 per cent in the 2017-18 fiscal year.
  • The main challenge before the Indian economy will be to improve agricultural productivity.
  • According to the report, Asia will see a rise in growth from 5.3% in 2016 to 5.5% in 2017.IMF announces implementation of long due quota reforms
  • India is one of the countries that have excellently performing reforms.
  • It is one of the major reasons for the country to maintain one of the highest economic growth rates in the world.
  • IMF suggested the removal of long-standing structural bottlenecks to enhance market efficiency.
  • A favourable monsoon will also help to improve the growth rate.
  • Farmers require more flexibility in distributing and marketing their crops.
  • It will help to improve competitiveness, efficiency, and transparency.

About IMF

  • IMF was established in 7th July 1944.
  • Headquarter Washington D.C. United States.
  • Managing Director is Christine Lagarde
  • Total countries in IMF is 189 countries.
  • It helps in working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.