World Bank chief hails PM Modi's economic reforms; calls them 'significant'

On International Reports On India's Economy Rahul Gandhi Takes Jibe At Modi Says'Pessimists Are Going Global

On International Reports On India's Economy Rahul Gandhi Takes Jibe At Modi Says'Pessimists Are Going Global

Finance minister Arun Jaitley made a "strong case" for reforms in the H-1B and L-1 visas and in social security contributions in his meetings with the USA secretaries for commerce and treasury Wilbur Ross and Steven Mnuchin on the sidelines of the World Group meetings on Thursday. "He made a strong case for reforms in H1B/L1 visa processes and social security contribution so that high caliber Indian professionals serving American interest are not unfairly deprived of their well-earned money".

"He also highlighted the contribution skilled Indian professionals have made to the United States economy and said that this must be suitably appreciated by the USA side".

The Finance Minister highlighted the structural reforms India has undertaken through a series of bold measures, including the Goods and Services Tax (GST), financial inclusion and action against the shadow economy, the statement said.

Jaitley is on a week long official tour of the U.S. to attend the annual meetings of the International Monetary Fund (IMF) and World Bank.

The Minister is accompanied by Dr. Urjit Patel, governor, Reserve Bank of India (RBI), Subhash Chandra Garg, secretary, Department of Economic Affairs, and other officials.

"It is important to understand the global spill-overs of domestic policy actions of individual member countries especially on matters related to trade and financial regulation", he said. The firms have been anxious about the review of the process ordered by President Donald Trump.

"I think that the point that I was making is that our team feels that the slowdown has been the result of waiting for the passage of the goods and services tax".

Also on Thursday, at an interactive seminar here organised by industry chamber Ficci, he said the slowdown effect of demonetisation and GST roll-out on the Indian economy has played out and the country's growth is now headed towards being more balanced and sustainable.

He said FDI flows to India increased in 2016-17 compared to 2015-16, indicating improved global confidence in the Indian economy, according to a finance ministry statement, which added he also spoke about the interface between the global and the Indian economy, national investments and the Infrastructure Fund, and reform initiatives of the Indian government, especially to improve ease of doing business.

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