Urgent need for more ambitious structural, financial sector reform measures in India: IMF
Washington: India urgently needs more ambitious structural and financial sector reform measures and a medium-term fiscal consolidation strategy due to the rising debt levels while ensuring a more accommodative fiscal stance in the budget, the IMF has said.
Responding to a question on the budget presented by Union Finance Minister Nirmala Sitharaman, International Monetary Fund (IMF) spokesperson Gerry Rice said the economic environment in India is weaker than what the organisation had forecast earlier.
"While the budget touches on ongoing sectoral efforts, there remains an urgent need for more ambitious structural and financial sector reform measures and a medium-term fiscal consolidation strategy, anchored in tangible revenue and expenditure measures, especially given rising debt levels," Rice told reporters.
"The environment is weaker than what we had forecast earlier, that a more accommodative fiscal stance, this year, is appropriate, so that more accommodative fiscal stance in the budget, we think, is appropriate, he said.
"But, over the medium term, to be looking at a fiscal consolidation strategy, Rice said. The IMF in January lowered India's economic growth estimate for the current fiscal to 4.8 per cent.
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Three, including two children, killed in road mishaps in Kerala
Kasaragod/Thrissur (Kerala) (PTI): Three people, including two children, lost their lives in two separate road accidents in Kerala on Sunday, police said.
In the first incident, two children died, and three others were injured when the car they were travelling in reportedly collided with a state-owned KSRTC bus at Padannakkadu in Kasargod district around noon.
The deceased are Zainul Ruman (9) and Lehak Zainaba (12). The police said the car was completely mangled in the accident.
They added that the injured were rushed to the Kanhangad District Hospital for treatment.
In another incident, a 44-year-old man died after the motorcycle he was riding allegedly collided with a pickup van at Chazhur in Thrissur district.
The deceased has been identified as Soni, a resident of Pullazhi, Thrissur. His 14-year-old son, Antony, sustained injuries and has been admitted to a hospital, police said. The accident occurred at around 10.30 am on Sunday.
A case has been registered in connection with both incidents, they added.
