Big reforms made India fastest emerging economy: Economic Affairs Secy

Big reforms undertaken by the Government for bolstering the economic growth and maintaining macroeconomic stability have made India one of the fastest growing major economies in the world, Economic Affairs Secretary S C Garg said.

In his address to the special event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges' here on Friday, he said the country carried out such major reforms when the global economy was slow.

He said the launch of the GST represents an historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.

"With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly," he said. Speaking at the G-20 Finance Ministers and Central Bank Governors (FMCBG) meeting, Garg said digital age technologies have profound implications for policies concerning every aspects of the economy. "It also has enormous implications for emerging markets and developing countries," he said.