IMF chief Christine Lagarde today said that“India’s star shines bright” amid global economic challenges and can deliver nearly two-thirds of the worldwide growth over the next four years despite a slowing momentum. The world’s fastest-growing large economy, she said, is on the verge of having the largest and youngest-ever workforce.

“So, India stands at a crucial moment in its history — with an unprecedented opportunity for transformation. Important reforms are already under way,” the IMF Managing Director said at a conference on ‘Advancing Asia: Investing for the Future’. “Think, for example, of Make-in-India and Digital India. And with the promise of even more reforms to come, India’s star shines bright.”

“Over the next four years, even with a slightly declining momentum, it stands to deliver nearly two-thirds of global growth,” she added. “One consequence is that India now joins China and Japan among the Fund’s top 10 shareholders,” she said.

“I am not suggesting that we cover each other with colour or spray water as is customary (we will leave that to children). But I do think today we should celebrate India’s achievements and Asia’s achievements,” she said, adding that “Asia has a lot to be proud of”.

“This 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 — as a key contributor and as a leader for the 21st century,” she stressed.

“An initiative of Prime Minister Modi’s government, for example, is to improve women’s welfare services under Beti-Bachao, Beti-Padhao,” the IMF MD said.

“Asia has also become a byword for innovation. Each day, almost everyone around the world is touched by Asian technology. Cars, smartphones and televisions spring to mind, but think also of biotechnology, commercial satellites, and renewable energy,” she said.

By Premji