'India a bright spot on this dark horizon because...': IMF MD | WATCH
India deserves to be called a bright spot on this otherwise dark horizon because it has been a fast-growing economy, even during these difficult times, but most importantly, this growth is underpinned by structural reforms, said International Monetary Fund (IMF) MD, Kristalina Georgieva.
Earlier today, the IMF has described India's deployment of a direct cash transfer scheme and other similar social welfare programmes as a "logistical marvel", saying there is a lot to learn from the country which is one of the most inspiring examples of the application of technology to solve complicated issues.
The aim of DBT (Direct Benefit Transfer) is to transfer the benefits and subsidies of various social welfare schemes directly in the bank account of the beneficiary on time by bringing efficiency, effectiveness, transparency and also to eliminate the intermediary body.
According to the government data, more than Rs 24.8 lakh crore has been transferred through Direct Benefit Transfer (DBT) mode since 2013, Rs 6.3 lakh crore in the financial year 2021-22 alone; on an average over 90 lakh DBT payments are processed daily as per data of FY22.
"From India, there is a lot to learn. There is a lot to learn from some other examples around the world. We have examples from pretty much every continent and every level of income. If I look at the case of India, it is actually quite impressive,” Paolo Mauro, Deputy Director of the Fiscal Affairs Department at the IMF, told reporters on Wednesday.
"In fact, just because of the sheer size of the country, it is a logistical marvel how these programmes that seek to help people who are at low-income levels reach literally hundreds of millions of people,” he said in response to a question on the impressive direct cash transfer programme being successfully implemented by the Indian government.
India is headed to lead the G20 countries from the position of "strength" and will leave a mark on the world for years to come during its next year's presidency, Managing Director of the IMF Kristalina Georgieva said on Thursday.
India will assume the Presidency of the G20 for one year from December 1, 2022. Under its Presidency, India is expected to host over 200 meetings of the G20 across the country.
The G20 Leaders' Summit at the level of Heads of State/Government is scheduled to be held on 9 and 10 September 2023 in New Delhi.
Speaking to reporters on the sidelines of the annual meeting of the International Monetary Fund and the World Bank, Georgieva said, "India deserves to be called a bright spot on this otherwise darker horizon because it has been a fast growing economy, even during this difficult times, but most importantly, this growth is underpinned by structural reforms."
Prominent among the structural reforms are the "remarkable success" in digitalisation in India, from digital ID to providing all services and support on the basis of digital access," she said.
"This has indeed been a huge factor for India's success," she said.
(With inputs from PTI)
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