IMF looking forward to work with new govt of PM Modi

The IMF is looking forward to working with the new government of Prime Minister Narendra Modi, a top official said Friday, asserting that India's reforms and future direction should continue to focus on achieving faster and more inclusive growth with low inflation.

Prime Minister Modi on Thursday led his Bharatiya Janata Party to a landmark victory for a second five-year term in office, winning 303 seats in the 543-member Lok Sabha. "As far as the IMF is concerned, we think that the reforms and the future direction should continue to focus on achieving faster and importantly, more inclusive growth with low inflation," IMF spokesperson Gerry Rice said.

"The IMF looks forward to working with Prime Minister Modi's new government," Rice said when asked about the election results in India.

In March, the International Monetary Fund (IMF) said India has been one of the fastest growing large economies in the world. It said the country has carried out several key reforms in the last five years, but more needed to be done.

"India has of course been one of the world's fastest growing large economies of late, with growth averaging about seven per cent over the past five years," Rice had said.

"Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has," he said.