Indian Economy / IMF raised concern over India's growth, said this on the employment front

Indian Economy: Amid the turmoil in the economy of some countries of the world including America, the IMF has said a big thing about India's economic growth. International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath said that India will need to make more reforms to move forward on the path of economic growth and ensure adequate employment generation in the country. Addressing a program, Gopinath said that if India wants to become an important participant in the global supply chain, then it will have to reduce import duty. Although the government has made significant reforms in the last few years in terms of economic reforms, but more emphasis will have to be given on this.

It is necessary to reduce import duty

Gita Gopinath said that the world is currently in an environment where questions are being raised on trade integration, and it is important for India to remain open to global trade. The leading economist says that duty rates in India are higher than other equivalent economies. If it wants to become an important player on the world stage and an important part of global supply chains, then it will have to reduce those duties. Gopinath said that achieving the status of a developed country is a big aspiration, but it does not happen automatically. It requires continuous, coherent efforts on a large scale in many areas.

This statement was given on tax

He said, India's overall growth rate has been good and at the rate of seven percent, it is the fastest growing major economy in the world. Gopinath said, the question is how to maintain this pace and how to increase it further, so that per capita income in India can increase and it can become an advanced economy. Regarding tax, he said that India's situation is similar to other developing countries, where most of the tax revenue collected is indirect tax, not direct tax, and is not in the form of income tax. He said, we are also advising other developing countries that it would be beneficial to broaden the personal income tax base, so that more income can be obtained from there.

Geeta spoke on rate cuts

Speaking on the reduction in corporate tax rates by the Modi government, Gopinath said that although the government's effort is good, it is important to ensure that there are no loopholes and there is not much leakage in terms of tax exemptions. It is very important to have enough progressivity in the tax system. It is important to ensure that India is getting enough money from its capital gains tax as from its income tax. Gopinath also suggested that now better technology is available to implement wealth tax and this is also an area where work needs to be done.