IMF lauds PM Modi's Aatmanirbhar Bharat misison, says 'it has supported Indian economy'

Lauding Prime Minister Narendra Modi's 'Aatmanirbhar Bharat' campaign, International Monetary Fund (IMF) Director, Communications Department, Gerry Rice called it a very important initiative. As per news agency PTI, Gerry Rice told reporters that the economic package announced under this self-reliant initiative has supported the Indian economy and mitigated significant downside risks. He further said that if India wants to realise its 'Make For The World' mission then the priority should be to remain focussed on policies that can help further integrate the country in the global value chain, including through trade, investment and technology.

“The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we do see that initiative as having been important.”

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Gerry Rice: 'Aatmanirbhar Bharat initiative is important'

Gerry Rice said that these measures will also aid in India's economic recovery. In order to ensure proper and sustainable growth of the economy, comprehensive structural reforms including land, product market and labour market are required. While answering another question, Rice said that IMF's joint study with NITI Aayog and the Ministry of Finance reveals that India will have to increase its spending in the healthcare sector to achieve a high-performance along with sustainable development goals in the health sector. Currently, India spends 3.7 per cent of the total GDP in the healthcare sector. 

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PM Modi's Aatmanirbhar Bharat Mission 

Narendra Modi had launched Aatmanirbhar Bharat mission to give a much-needed boost to the Indian economy amid COVID-19 pandemic. Atmnirbhar Bharat mission complements the "Make In India' initiative as well which plans to boost manufacturing in India along with the country's agricultural sector. Recently, the Parliament also passes three agricultural reform bills to make to farmers of the country financially secure and independent. Amid the COVID-19 across the world, India has also helped many countries to battle against the pandemic by supplying PPE Kits, mask, Hydroxychloroquine and more. The Aatmanirbhar Bharat mission is divided into five phases and they are as follows: 

• Phase-I: Businesses including MSMEs
• Phase-II: Poor, including migrants and farmers
• Phase-III: Agriculture
• Phase-IV: New Horizons of Growth
• Phase-V: Government Reforms and Enablers

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(With agency inputs; Image: PTI)