What are the key reforms that have contributed to India's success in recent years according to the IMF Managing Director
IMF MD believes that India's success is grounded in the pursuit of reforms in recent years.
According to the IMF Managing Director, several key reforms have contributed to India's recent success. These include:
- Goods and Services Tax (GST) implementation: The introduction of a unified tax system has simplified the taxation structure, improved compliance, and reduced the overall tax burden.
- Bankruptcy code: The implementation of a robust bankruptcy framework has improved ease of doing business, enhanced creditor rights, and encouraged entrepreneurship.
- Financial sector reforms: Measures such as recapitalization of state-owned banks, addressing non-performing assets, and improving the efficiency of credit allocation have strengthened the banking system and boosted investor confidence.
- Infrastructure development: Investments in infrastructure projects, such as highways, railways, and airports, have improved connectivity, reduced transportation costs, and facilitated economic growth.
- Anti-corruption measures: Initiatives like digitization of government services, promotion of transparency, and greater accountability have helped combat corruption and improve governance.
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