India 'a bright spot on otherwise darker horizon': IMF Managing Director Kristalina Georgieva

International Monetary Fund (IMF) Managing Director Kristalina Georgieva was all praise for India on Thursday as it assumes Presidency of the G20 for one year from December 1, 2022. Georgieva said that India is headed to lead the G20 countries from the position of "strength" and will leave a mark on the world during its administration. 

"India deserves to be called a bright spot on this else darker horizon because it has been a fast growing frugality, indeed during this delicate times, but most importantly, this growth is sustained by structural reforms," PTI quoted Georgieva as saying. She was speaking on the sidelines of the periodic meeting of the International Monetary Fund and the World Bank.  

Among India's structural reforms, she said digitalisation in India was a "remarkable success". "From digital ID to furnishing all services and support on the base of digital access. This has indeed been a huge factor for India's success," she was quoted saying.

Under its Presidency of the G20 from December 1, 2022, India is expected to host over 200 meetings of the G20 across the country. The G20 Leaders' Summit at the level of Heads of State/Government is scheduled to be held on 9 and 10 September 2023 in New Delhi.

Speaking to reporters here on the sidelines of the annual meeting of the International Monetary Fund and the World Bank, Georgieva said, "India deserves to be called a bright spot on this otherwise darker horizon because it has been a fast growing economy, even during this difficult times, but most importantly, this growth is underpinned by structural reforms."

"And so, the country is now stepping into taking the lead on G20 from that position of strength, which makes me strongly believe that we will see India leaving a mark on the world for years to come during next year's presidency (of G20)," Georgieva said.

And what could that mark be and in what areas, she asked. "It could be the area of digitalisation, including digital money. We know that we need regulation of crypto, we know that we need to get some more attention to cross border payments. We are proposing public investment in the infrastructure of a cross border payment platform," she said.

"It can be in the area of bringing more fairness in our institutions. Next year we need to complete the 16th quarter review. India has been a very strong voice for the fund to be financially strong and also to be a strong institution on the basis of fair representation of our members," she said.

"It could be in renewable energy. What is not so well known, you know it, that India has really leapfrogged in terms of solar and other forms of renewable energy. So, I very much look forward to next year and I'm sure that it would make the people of India, the whole nearly 1.4 billion of them very proud," said the IMF Managing Director.

(With PTI inputs)