Economy

“A logistical marvel” says IMF on India’s direct cash transfer scheme

The International Monetary Fund (IMF) on Wednesday hailed the deployment of the cash transfer scheme in India and described it as a “logistical marvel” considering the sheer size of the country.

Addressing a Fiscal Monitor Press Briefing, IMF’s Deputy Director of Fiscal Affairs Department Paolo Mauro said the global lender has several examples of how companies deploy cash transfers and “there is a lot to learn” from India. The top IMF official made this comment on the sidelines of annual meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG).

Mauro said, “From India, there is a lot to learn. There is a lot to learn from some other examples around the world.”

“We have examples from pretty much every continent and every level of income. If I look at the case of India, it is actually quite impressive,” he said.

Underlining the sheer size of the country, the top IMF official said it is a “logistical marvel” how these programs that seek to help people who are at low-income levels reach literally hundreds of millions of people.

“There are programs that target specifically women. There are programs that target the elderly, farmers,” he said in response to a question on India’s cash transfer schemes,” he added.

The IMF official also pointed to the success of a lot of technological innovations in India and the use of the unique identification system, the Aadhaar, in making the cash transfer scheme a success.

IMF’s Director of Fiscal Affairs Department Vitor Gaspar said, “we are collaborating with India in that context as one of the most inspiring examples of the application of technology to solve very complicated issues of targeting support to the people who need it most.”

This praise for India’s cash transfer scheme comes as the country continues to maintain its position as the fastest-growing major economy in the world.

In its latest World Economic Outlook report, the IMF noted, “The outlook for India is for growth of 6.8 per cent in 2022, a 0.6 percentage point downgrade since the July forecast, reflecting a weaker-than-expected outturn in the second quarter (April-June) and more subdued external demand.”

In its July 2022 report, the IMF had pegged India’s GDP growth for 2022 at 7.4 per cent. The IMF latest projection on India’s GDP growth is lower than the 7 per cent growth pegged by the Reserve Bank of India (RBI) for the financial year 2022-23.

Also read: India to grow at around 7% this year despite headwinds: Sitharaman

ANI

Ani service

Recent Posts

“Whatever the verdict, our relationship with US will only grow”: EAM Jaishankr on US Presidential Elections

External Affairs Minister S Jaishankar held a joint presser with his Australian Counterpart Penny Wong,…

1 hour ago

‘Political space given to extremist forces’: EAM Jaishankar on attacks on Hindu temples in Canada

External Affairs Minister, S Jaishankar expressed concerns about the recent attacks on the Hindu temples…

3 hours ago

Coast Guard Chief S Paramesh calls on Navy Chief Admiral, deliberates on ICG’s operational readiness

Indian Coast Guard Chief Director General S Paramesh has called on Indian Navy Chief Admiral…

3 hours ago

North Korea launches short-range ballistic missiles ahead of US elections

Just a few hours ahead of the presidential polls in the United States, North Korea…

3 hours ago

Brampton: Thousands take out solidarity rally against attacks on Hindu temples in Canada

Over a thousand Canadian Hindus gathered outside the Hindu Sabha Mandir in Brampton, Canada on…

4 hours ago

Jaishankar meets Australian counterpart Penny Wong for Foreign Ministers’ Framework Dialogue in Canberra

External Affairs Minister S Jaishankar was welcomed by Australian Foreign Minister, Penny Wong, at the…

4 hours ago