NEW DELHI: India's star shines bright with the promise of more reforms, IMF chief Christine Lagarde said on Saturday as she applauded the ongoing government initiatives such as Make in India and Digital India. "India stands at a crucial moment in its history with an unprecedented opportunity for transformation," Lagarde said in her inaugural address at the 'Advancing Asia: Investing for the future' conference.

She said Holi presents an opportunity to celebrate the success of India and Asia.

"In about 10 days, India, Nepal and many other countries will be celebrating Holi (festival of colours), which heralds the coming of spring. I am not suggesting that we cover each other with colour or spray water as is customary (we will leave that to the children). But I do think today we should celebrate India's and Asia's achievements," she said.

Lagarde said enhancing the efficiency of product markets, encouraging private investment, and improving infrastructure are the policy choices India must explore.

Quoting Mahatma Gandhi, Lagarde said the region's dynamism presents a historic opportunity to invest now in the future and to advance Asia. "Doing so will not only put Asia on the path to sustained growth, but also strengthen its role in the global economy and as a leader for the 21st century."

Lagarde said Asia's rapid integration into the world economy has been one of the most striking global developments of the last generation and for the past 25 years the region's economy has grown by around 6% a year. "In the aftermath of the recent global financial crisis, Asia was a rare bright spot," she said.

The IMF managing director said Asia has also become a byword for innovation.



Facebook Twitter Linkedin EMail