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To: Goose94 who wrote (12126)	3/16/2015 8:35:28 AM
From: Goose94	Read Replies (1) \| Respond to of 203397

Gold: IMF's Lagarde Says Indian Economy Holds Much Promise: Report India should 'seize' the opportunity to become one of the world's most dynamic economies and it is better prepared than most of its emerging market peers to handle any external shocks that could emerge as the US Federal Reserve start raising its interest rates, the International Monetary Fund Managing Director Christine Lagarde said on Monday as she began her India tour. " India is indeed a bright spot, and economic development holds much promise," Lagarde said in a written interview to The Times of India newspaper. She also said that more work was needed and urged the government to open up the economy 'more fully to the world', remove domestic constraints on growth, especially in energy, mining and power sectors. Lagarde also sought further reforms of labor laws and land acquisition and other clearance norms to boost the investment cycle. The IMF Chief will meet Prime Minister Narendra Modi and senior policymakers including central bank officials during her visit. Welcoming the 'bold initiatives' adopted by the government and the Reserve Bank of India such as the 'Make in India ' campaign and setting monetary policy target for inflation, Lagarde said Modi and his government as well as the central bank chief Raghuram Rajan were 'skillfully shifting focus to good macro economic management, transparent government and inclusive development'. She also warned that market volatility will pick up when portfolio rebalancing out of emerging market economies takes place as economic conditions in some advanced economies improve. " India has prepared better than most emerging-market economies for any such external shocks, shrinking current account deficit and increasing stock of international reserves; the higher GDP growth expected now, should help," she was quoted as saying. The IMF forecast 6.3% growth for India this year and 6.5% in 2016.