Praising the government for doing well in the area of reforms, the Director of the International Monetary Fund’s (IMF) Asia and Pacific Department, Changyong Rhee has said that global investors feel that the Indian elephant is now ready to run after four years of impressive economic reforms. However, he pointed out that the country need to implement these reforms and should have a sound banking sector balance sheet for a steady growth path.
Changyong Rhee noted that Indian economic growth is higher than China and added that many countries are looking at India, whether India can be another growth leader as China in recent decades. He is also expecting that the India’s improving economy would maintain global and regional growth, as China's growth rate has come down. However, he said that India has to open up more with the high growth and added that the country has to have more international linkages.
IMF’s director also said that they hope continued momentum in structural reforms during the election period, noting that this will determine India's future. Besides, he said that once the elephant starts running, it would have a positive impact on the global economy.