You are here

IMF official says Indian banks' balance sheet clean-up a priority

Thursday, March 10, 2016 - 14:39

[MUMBAI] India must prioritise clean-up of its banks' balance sheets and tackle corporate debt overhang, said Jose Vinals, Financial Counsellor at the IMF, on Thursday, while also cautioning against the risk of potential capital outflows.

Mr Vinals, who was speaking at an event organised by the Reserve Bank of India, warned of further downward revision to global growth estimates at upcoming spring meetings, calling for policymakers to adopt a more comprehensive plan to strengthen growth prospects.

Last week, the International Monetary Fund (IMF) forecast India's economic growth rate should pick up to 7.5 per cent in the 2016/17 fiscal year aided by a collapse in oil prices and relatively low exposure to current global financial turbulence.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom