International Monetary Fund: IMF's big statement on Indian economy, said- Digitization brought a big change in the country

INTERNATIONAL DESK:
Digitalization of Indian economy: The Chief Economist of the International Monetary Fund (IMF), Pierre Oliver Gorinches, appreciated India's efforts to digitize.  He said that this step has been a big change because it has made it possible for the Government of India to do such things which would have been extremely difficult.  Talking about India's digitization efforts, Gorinches said, "Digitalization has been helpful in many aspects.  The first is financial inclusion because in countries like India there are a large number of people who are not connected to the banking system.  Now having access to a digital wallet has enabled them to transact.
  He further said, 'I believe that due to digitization, the Government of India has been able to do many such things which otherwise would have been very difficult.  Yes, it has brought a big change.  It is certainly welcome.  It is also a big help in bringing people into the more modern economy.  This is the driving force for growth and with the entry of the digital system the markets also change.
  IMF chief economist said, "Another important thing for India is that these digital initiatives have enabled the government to reach out and make the distribution system accessible to the people which would have been very difficult with traditional methods."  Gorinches said that India has emerged like a shining light at a time when the world is facing the imminent crisis of recession.  He said India would have to undertake significant structural reforms to achieve its ambitious target of becoming a $10,000 billion economy.  He said that this goal can be achieved.
   He said, 'We have seen many countries growing at a very fast rate and developing rapidly in the past.  Yes, it is not an easy task, there is immense potential for an economy like India, but to achieve its goal, India will have to undertake many structural reforms.  Gorinches said, 'India is one of the largest economies.  It is remarkable when it is growing with a solid rate of 6.8 or 6.1.  That too at a time when other economies, developed economies are not growing at that pace.