New Delhi, Structural reforms such as those in the indirect tax regime and bankruptcy rules are boosting India’s resilience to shocks triggered by protectionism, and a tightening of global financial conditions, an official statement said on Sunday.
Addressing the annual meeting of the International Monetary Fund (IMF) in Bali on Saturday, Economic Affairs Secretary S.C. Garg expressed hope that prudent policy measures being undertaken in India would also help it contain the stress triggered by the high oil prices.
He asserted that protectionism, trade tension and tightening of the financial conditions were “not inevitable” in the current global scenario.
“Technological expansion including FinTech is inevitable and has reached all parts of the globe. However, what is not inevitable is protectionism, trade tensions and tightening of financial conditions,” Garg said in the statement.
Referrring to the recently-released Human Capital Index (HCI) prepared as a part of the World Bank’s Human Capital Project, Garg said human capital needed to develop and evolve continuously.
The first-ever HCI, which takes into account parameters such as child mortality, health and education, ranked India at 115th among 157 countries in the idex, provoking criticism from the Indian government.
