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Reforms help build economic resilience

Garg highlights prudent policy


Garg highlights prudent policy measures



Structural reforms in areas like taxation and bankruptcy are helping the Indian economy in building its resilience to global shocks and maintain a robust growth rate despite challenges.

Stating this, Department of Economic Affairs Secretary Subhash Chandra Garg pointed out that prudent policy measures have helped, and measures being undertaken now will also help contain the stress currently seen in financial condition tightening, and among others the high oil prices impact.

He also emphasized the need to recognize that digital technological changes taking place are more fundamental than even invention of the steam engine, which had laid the foundation of the industrial revolution.

“There is a digital revolution which is transforming the world,” said Garg at the IMF’s Development Committee Lunch Session in Bali on 13 October 2018.

The Session focused on the World Development Report, which is on the changing nature of work.

Speaking about the Human Capital Index (HCI) that was released recently as part of the Human Capital Project of the World Bank, Garg commented that Human Capital needs to continuously evolve and develop.

Noting that HCI uses metric of industrial era to measure the status of human capital for digital age and its production system, he said that a better metric is needed.

Garg led the Indian delegation to the Annual Meetings Plenary Session of the International Monetary Fund (IMF) and the World Bank in Bali.

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