Stressing that India will have to reform continuously to accelerate growth, the International Monetary Fund (IMF) on Tuesday welcomed the Government announcement to up the recapitalisation of state-run banks as a ‘positive’. “We have a long view that more resources are needed for recapitalisation and from that sense, the plans put out is a positive step,” said Andreas Bauer, senior resident representative for the Fund, at an event here. Stating that there is no dearth of reform agenda needed, he said a series of reforms is needed to achieve the 8 per cent GDP growth aspiration.
“Reforms is not a series of 100 metre dashes, it is a marathon, a continuous process,” he said, speaking at a specially organised event on Indian growth at the NSE here. “India needs to get more traction on structural reforms and I don’t think there is not too much of (paucity) in terms of new ideas needed. The ideas are there, in sight.” He said no single reform can help the country and pointed out broadening of the GST net to include realty and electricity, and labour reforms as other essentials.