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At the same time, the IMF has underscored the significance of reforms in other key sectors like education, health and improving the efficiency of the banking and financial systems.
India’s economy has expanded strongly in recent years, thanks to macroeconomic policies that emphasise stability and efforts to tackle supply-side bottlenecks and structural reforms. Disruptions from demonetisation and the rollout of the GST did slow growth,” Tao Zhang, Deputy MD of IMF, said.
“However, with the economy expanding by 7.2% in the latest quarter, India has regained the title of the fastest-growing major economy, Zhang said.
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Since the opening of the economy starting in the early-1990s, India has benefitted from trade liberalisation, he observed.