Economic affairs secretary SC Garg. Photo: Pradeep Gaur/Mint
Economic affairs secretary SC Garg. Photo: Pradeep Gaur/Mint

Structural reforms helping India build resilience to global shocks, says Garg

Prudent policy measures will help contain the stress, currently seen in financial condition tightening and oil prices, among others: Economic affairs secretary SC Garg

New Delhi: Structural reforms in areas such as taxation and bankruptcy are helping the Indian economy in building resilience to global shocks and maintain a robust growth rate despite challenges, economic affairs secretary S.C. Garg has said.

He also expressed hope that the prudent policy measures being undertaken will also help contain the stress, currently seen in financial condition tightening and oil prices among others.

Speaking at the annual meeting of the International Monetary Fund (IMF) in Bali on Friday, Garg said digital technological changes taking place were more fundamental than even the invention of the steam engine, which had laid the foundation of the industrial revolution.

There was a digital revolution transforming the world, Garg said.

The session focused on the World Development Report on changing the nature of work.

Speaking about the Human Capital Index (HCI), released recently as part of the Human Capital Project of the World Bank, Garg said human capital needed to continuously evolve and develop.

HCI uses metric of industrial era to measure the status of human capital for digital age and its production system.

The World Bank ranked India 115th among 157 countries in its first-ever Human Capital Index (HCI), drawing criticism from the government. India’s neighbours Bangladesh, Nepal and Sri Lanka were better placed at 106th, 102nd and 74th position, respectively. The index took into account parameters such as child mortality, health and education.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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