<p>The IMF on Thursday welcomed India's Union Budget for focussing on growth and said fiscal policy can and should play an important role in facilitating a strong and inclusive economic recovery.</p>.<p>Gerry Rice, Director of Communications at the International Monetary Fund (IMF), at a press conference here said the Union Budget rightly focuses on health, education, public infrastructure and, if fully implemented, can help increase India’s growth potential.</p>.<p>“We welcome the Indian government budget’s focus on growth. Fiscal policy can and should play an important role in facilitating a strong and inclusive economic recovery,” Rice said, responding to a question on the Union Budget presented by Finance Minister Nirmala Sitharaman in Parliament on February 1.</p>.<p>“We also welcome measures to improve fiscal transparency by including food subsidies in the budget. Of course, a medium-term fiscal consolidation strategy will be important to ensure credibility,” he said.</p>.<p>“And we also agree with the need to further strengthen the financial sector and look forward to the details of the proposed measures in that area,” Rice said.</p>.<p>Finance Minister Sitharaman on Monday proposed a sharp increase in expenditure on infrastructure, doubling of healthcare spending and raising the cap on foreign investment in insurance in her Budget for the next fiscal in a bid to pull Indian's economy out of the pandemic-induced economic crisis.</p>
<p>The IMF on Thursday welcomed India's Union Budget for focussing on growth and said fiscal policy can and should play an important role in facilitating a strong and inclusive economic recovery.</p>.<p>Gerry Rice, Director of Communications at the International Monetary Fund (IMF), at a press conference here said the Union Budget rightly focuses on health, education, public infrastructure and, if fully implemented, can help increase India’s growth potential.</p>.<p>“We welcome the Indian government budget’s focus on growth. Fiscal policy can and should play an important role in facilitating a strong and inclusive economic recovery,” Rice said, responding to a question on the Union Budget presented by Finance Minister Nirmala Sitharaman in Parliament on February 1.</p>.<p>“We also welcome measures to improve fiscal transparency by including food subsidies in the budget. Of course, a medium-term fiscal consolidation strategy will be important to ensure credibility,” he said.</p>.<p>“And we also agree with the need to further strengthen the financial sector and look forward to the details of the proposed measures in that area,” Rice said.</p>.<p>Finance Minister Sitharaman on Monday proposed a sharp increase in expenditure on infrastructure, doubling of healthcare spending and raising the cap on foreign investment in insurance in her Budget for the next fiscal in a bid to pull Indian's economy out of the pandemic-induced economic crisis.</p>