The Big Picture: Growth On Right Path

India's growth has been "very solid" over the past four years, IMF's Chief Economist Maurice Obstfeld on Sunday said, praising the fundamental economic reforms like the GST and the Insolvency and Bankruptcy Code carried out by the government. Summing up his impression of India's economy in the last four-and-a-half years of the Modi government, the top IMF economist said the country's "growth performance has been very solid". Noting that there has long been a legacy of corporate debt associated with bad infrastructure projects in India, Obstfeld said it has been very concentrated in the banking system. However, with an upcoming election in the country, there is reluctance to do anything that would slow the economy, the economist said, observing, "the lesson of experiences is that financial vulnerabilities can go south very quickly". Maurice Obstfeld, - who is set to retire this month-end -- will be succeeded by Gita Gopinath, the second Indian to be appointed to the position. Former RBI Governor Raghuram Rajan had served as Chief Economist of the International Monetary Fund.

Guest: R. Gopalan, Former Secretary, Financial Services, Ministry of Finance
: Ajay Dua, Former Secretary, Ministry of Commerce & Industry
: K. A. Badarinath, Policy Editor, Financial Chronicle

Anchor: Frank Rausan Pereira