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It is important for India to focus on green investment after the pandemic: IMF

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IMF’s Paolo Mauro said that India’s debt is in the ratio of about 90 percent.

Washington: The International Monetary Fund said on Wednesday that as the Indian economy recovers from the COVID-19 pandemic, it is important for the country to focus on public investment, especially in green areas.

Paolo Mauro, deputy director of the IMF’s Department of Financial Affairs, told reporters during a news conference: “As we move towards recovery, it is also important to focus on public investment, especially on green investments, so that the recovery is inclusive and green.” May be.” Conference in Washington.

He said India’s debt ratio stands at around 90 per cent, and it is important to point out that there is a medium-term fiscal framework that ensures investors that the debt ratio will decline in the medium term.

Responding to a question, Mauro said the situation was improving when it came to the pandemic.

This is very different from a few months ago, he said, adding that fortunately, the number of cases is declining and vaccination is becoming more widespread.

“On the economic front, even though the situation is improving, the priority remains to address the health emergency. It remains to provide adequate support especially to the poor section of the population through social security, employment benefits, etc.,” Mauro said.

“In terms of more recent reforms, one that I would like to highlight is the National Asset Reconstruction Company, the so-called Bad Bank. This is potentially very promising as tackling non-performing loans is critical,” he said.

He said it has been a long drag on credits, and is potentially very promising.

“It is very important that such so-called bad banks have both governance and independence in order to keep the cost of public finance under control and promote inclusive growth,” Mauro said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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