Inclusiveness should be mantra: Lagarde

Inclusiveness should be mantra: Lagarde

FPJ BureauUpdated: Saturday, June 01, 2019, 03:18 AM IST
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New Delhi :  Calling India a “bright” spot on the global economic horizon, IMF Managing Director Christine Lagarde on Monday said the country was bigger than is perceived and must seize its moment.

“Chak de India,” was Lagarde’s message in her speech at Lady Shriram College here, as she commenced her two-day visit to India, which will take her to Mumbai on Tuesday.

Her prescription for India: Early implementation of a pan-India goods and services tax regime, reform of the subsidy regime, fiscal discipline and sound financial markets.

But there was an underlying message, too. “Growth can’t be your only goal — welfare of people, especially those who have traditionally not been included. That should be your objective — inclusiveness. That way you won’t have to face these cycles of ups and downs that have been troubling

For an inclusive growth, India needs to provide a level-playing field to women and make its ‘daughters’ feel safe, and not exclude anyone on the basis of race or religion, Lagarde said.

“My definition of inclusiveness includes women and includes everybody,” said Lagarde, who is on a two-day India visit, was speaking today at an event in Lady Sri Ram College.

She was replying to a query whether communal incidents would come in the way of the country achieving 7.5 per cent inclusive growth next year.

“I stick to my general principle that there should be no exclusion or no reservation or capture of the output by a particular group of people, be they of one particular group, one particular race or one particular religion. This is not correct,” said Lagarde, herself a known champion of women’s rights.

While lauding the abilities of RBI Governor Raghuram Rajan, who was a chief economist at the International Monetary Fund, and whom she is slated to meet in Mumbai on Tuesday, Lagarde said: “He’s not bad, he’s pretty good.

‘‘While many countries in the world are grappling with low growth, India’s marching in the opposite direction,” Lagarde told the audience. “India is bigger than the sum of its parts. India is bigger than India. “The recent reforms have given a booster shot to India’s growth. We see a 7.5 percent growth next year, making India the fastest growing country among emerging economies.”

According to her, implementation of economic liberalisation programme was more important than bold reforms. Yet, she felt, India today was in a position to face eventualities — like the one posed by possible hike in the US interest rates. “India’s well-prepared. Fundamentally, you are strong.”

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