IMF gives three tips to India for high growth, bank reforms among them

To sustain the high growth rate India has achieved, the country should carry out banking sector reforms; continue with fiscal consolidation, simplify and streamline GST; and renew impetus on reforms, the International Monetary Fund (IMF) said on Thursday. India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18. That was up from 7 per cent in the previous quarter. "We expect the recovery to continue in FY 2018-19. Growth is projected at 7.4 per cent in FY 2018-19 and actually 7.8 per cent in FY 19-20, respectively," IMF Communications Director Gerry Rice told reporters at his fortnightly news conference. In order to sustain the high growth rate, Rice suggested three steps for India to follow. "One, to revive a bank credit and enhance the efficiency of credit provision; by accelerating the cleanup of bank and corporate balance sheets and enhancing the government of public sector banks," he said.