India can deliver two-thirds of worldwide growth in next four years: IMF chief

Christine Lagarde appreciates continuing reform process in India

NEW DELHI: International Monetary Fund chief Christine Lagarde on Saturday said India can deliver two-thirds of worldwide growth in the next four years.

Appreciating continuing reform process in India, Lagarde said "India's star shines bright" amid global economic challenges and can deliver nearly two-thirds of the worldwide growth over the next four years despite a slowing momentum.

"So, India stands at a crucial moment in its history -- with an unprecedented opportunity for transformation. Important reforms are already under way," the IMF Managing Director said at a conference on 'Advancing Asia: Investing for the Future', organised by the Indian Ministry of Finance and IMF.



"Think, for example, of 'Make In India' and 'Digital India'. And with the promise of even more reforms to come, India's star shines bright", she added.

Lagarde, who got reelected for the second term as chief of the Washington-headquartered International Monetary Fund (IMF), pointed to the global economy facing many challenges.

These challenges, she said, include volatile markets and capital flows, economic transitions and financial tightening in many countries, the large drop in commodity prices, including oil and escalated geo-political tension.

"One consequence is that India now joins China and Japan among the Fund's top 10 shareholders," she said.

Lagarde further noted that in about 10 days, India, Nepal and many other countries will be celebrating Holi (festival of color), which heralds the coming of spring.



"I am not suggesting that we cover each other with colour or spray water as is customary (we will leave that to children). But I do think today we should celebrate India's achievements and Asia's achievements," she said. "Asia has a lot to be proud of," the IMF chief added. She also spoke of empowering women as an essential element -- whether by enhancing girls' access to high-quality education, dismantling legal and logistical barriers to economic participation, or making it more practical for women to combine a job and a family.

"An initiative of Prime Minister Modi's government, for example, is to improve women's welfare services under Beti Bachao, Beti Padhao," the IMF MD said.

This article originally appeared on Huffington Post.