IMF suggest India to consider setting up an independent fiscal council

17 Oct 2017 Evaluate

To strengthen the fiscal responsibility frameworks, the International Monetary Fund (IMF) has suggested India to consider setting up an independent fiscal council, as introduction of this institution contributed to better outcomes in the countries where it has been introduced. Director of IMF's Fiscal Affairs Department, Vitor Gaspar said that India is engaging in very gradual fiscal consolidation which they regard as a welcome move. He added that India has accepted a public debt anchor at 60% of Gross Domestic Product (GDP), it is appropriate and that will help India to establish its public debt as a safe asset.

With hope further progress can be made, Gaspar said India could further strengthen its fiscal institutions both at the level of the union and at the level of states. He added that this is because the IMF has seen from the experience in other nations that this helps both in terms of transparency and accountability towards the general public, and also in terms of the quality of the policy debate in the country itself.

Noting that there have been some issues that have affected negatively the economic growth in the short run, he said that from a medium to long term perspective the prospects for the Indian economy are very good. Observing that growth and development are long run processes, he said that it is definitely worthwhile to promote structural reforms that will make growth stronger, more inclusive, more robust and resilient. He added that initiatives like GST, demonetisation, digitisation of public administration, proper targeting of income support and work support programs, are very positive for inclusion and growth.

Terming introduction of Goods and Services Tax (GST) as of macroeconomic significance, Gaspar said this is a major change. He also said that GST promises to create a single market in India, to integrate India much further and therefore, from a medium to long term perspective, it is something which is growth friendly. He noted that since the GST has been introduced on July 1 there will be a steep learning curve concerning how it is functioning and it's from that learning experience that the solutions will emerge.

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