World Economy

IMF Applauds India

IMF Applauds IndiaIMF Applauds India

The International Monetary Fund (IMF) had lauded India’s efforts to cut fuel subsidies, saying the fall in global crude oil prices provides a golden opportunity to reduce energy subsidies, PTI reported. While speaking about the outlook for the global economy in 2015, IMF Managing Director Christine Lagarde said that the drop in oil prices provides a golden opportunity to cut energy subsidies and use the savings for more targeted transfers to protect the poor. The government, in October last year, deregulated diesel prices. Following the decision, retail prices of the fuel now reflects international movement in oil prices.