Washington: Concerted efforts to improve the business environment and encourage investment have helped India attract investment, but these measures are not enough. The International Monetary Fund (IMF) has expressed this opinion. The IMF has said that India still needs further economic reforms to attract investment.
IMF Chief Spokesperson Gerry Rice responded to the question on Thursday by big global companies Facebook and Google Inc announcing large investments in India. In recent times, many international companies have committed to foreign direct investment (FDI) of $ 20 billion in India. So far this year, India has received FDI of 40 billion dollars.
“India has made strong efforts in recent years to attract investment,” Rice told a press conference. The business environment has been improved and measures have been taken to attract investment in the business. These have helped in attracting investment. “
He said that India has made reforms like the Bankruptcy Code, Goods and Services Tax. This has improved India’s position in World Ease of Business ranking. India has moved up to 63rd in the Ease of Doing Business Rankings in 2020, while in 2018 it was ranked 100th. This is a significant improvement. Rice said that despite this, India needs more economic reforms.