IMF applauds Indian PM Modi’s Aatmanirbhar Bharat Initiative

The International Monetary Fund (IMF) has praised the Aatmanirbhar Bharat initiative of the Indian Prime Minister Narendra Modi. 

“The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we do see that initiative as having been important,” Gerry Rice, Director, Communications Department, IMF, told reporters at his fortnightly news conference.

Looking ahead, as the prime minister has said, for India to play a more important part in the global economy, pursuing policies that stimulate by improving the efficiency and competitiveness of the economy is critical, he said, responding to a question on Modi’s call for an “Aatmanirbhar Bharat”.

“To achieve the stated ‘Make for The World’ goal in India, the priority is to remain focussed on policies that can help further integrate India in the global value chain, including through trade, investment and technology,” Rice said.

The Indian Prime Minister has said that definition of self-reliance has undergone a change in the globalized world and clarified that when the country talks about self-reliance, it is different from being self-centred. He said that India’s culture considers the world as one family, and progress in India is part of, and also contributes to, progress in the whole world.  He noted that the world trusts that India has a lot to contribute towards the development of the entire humanity.

The Indian Prime Minister has  insisted that self-reliant India will stand on five pillars viz. Economy, which brings in quantum jump and not incremental change; Infrastructure, which should become the identity of India; System, based on 21st century technology driven arrangements; Vibrant Demography, which is the source of energy for a self-reliant India; and Demand, whereby the strength of  demand and supply chain should be utilized to full capacity. He also underlined the importance of strengthening all stakeholders in the supply chain to increase, as well as fulfil, the demand.

The Indian PM has stated that self-reliance will prepare the country for tough competition in the global supply chain, and it is important that the country wins this competition. The same has been kept in mind while preparing the package. It will not only increase efficiency in various sectors but also ensure quality.

Photo Credit : https://commons.wikimedia.org/wiki/File:Prime_Minister_of_India_Narendra_Modi_at_an_informal_meeting_of_heads_of_state_and_government_of_the_BRICS_countries,_Hamburg_2017.jpg 

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