India should focus on structural reforms, bank clean-up and labour reforms: IMF Chief Economist Gita Gopinath

国际货币基金组织首席经济学家吉塔•戈皮纳斯说，印度应该把重点放在结构改革、银行清理和劳动力改革上

With economic growth slowing to a six-year low, IMF Chief Economist Gita Gopinath says the government should undertake structural reforms such as bank clean-up and labour reforms to address the slowdown in domestic demand.

Gopinath, 48, who is travelling to India this week, rooted for government policies focusing on managing a slowdown in domestic demand, and on boosting productivity growth and supporting employment creation in the medium term.

"Given the cyclical position and the structural challenges of the Indian economy at this point, we recommend that policies focus on managing the slowdown in domestic demand, and on boosting productivity growth and supporting employment creation in the medium term," she told PTI in an interview.

Recommending a series of key policy priorities for the Prime Minister Narendra Modi government, she said, "Politically, the time -- early in the government's second term -- is right for a structural reform push."

随着经济增长放缓至6年低点，IMF首席经济学家吉塔•戈皮纳斯表示，政府银行应该进行结构性改革，如清理银行不良资产和劳动力改革，以解决国内需求放缓的问题。

48岁的戈皮纳斯本周将前往印度，她支持政府的政策，这些政策的重点是控制国内需求放缓，促进生产率增长，并在中期内支持创造就业。

她在接受印度报业托拉斯采访时表示:“鉴于目前印度经济的周期性状况和结构性挑战，我们建议，政策重点应放在控制国内需求放缓、促进生产率增长和支持中期就业创造上。”

她向印度总理纳伦德拉·莫迪政府提出了一系列关键的政策优先事项，她说，“从政治上讲，在政府的第二个任期之初，是推动结构性改革的正确时机。”

GDP growth slowed for the sixth consecutive quarter in the July-September quarter to 4.5 per cent as manufacturing slumped on low domestic consumption.

Kolkata-born Gopinath said the policy priorities of the government should also include a credible fiscal consolidation path that is more ambitious than currently envisaged by the government.

"This is needed to reduce the high level of debt and reduce crowding out which would free up financial resources for private investment. This should be driven by subsidy-spending rationalisation and tax-base enhancing measures," Gopinath said.

Responding to a question, Gopinath said India's medium-term vision to reach a USD 5-trillion economy which focuses on boosting investment is appropriate. And so is the commitment to support the rural economy, boost infrastructure spending, streamline the goods and services tax (GST), direct tax reforms, and pursue a business-friendly policy agenda, she noted.

In this regard, Gopinath advocated, among others, three policy priorities for the Government of India.

由于国内消费低迷导致制造业下滑，印度GDP增速在7 - 9月当季连续第六个季度放缓至4.5%。

出生于加尔各答的戈皮纳斯表示，政府的政策重点还应包括可靠的财政整顿路径，这比政府目前设想的更为雄心勃勃。

“这是减少高债务水平和减少挤出效应所需要的，挤出效应将释放财政资源，供私人投资。这应该由补贴支出合理化和税基增强措施推动，”戈皮纳斯说。

在回答一个问题时，戈皮纳斯说，印度的中期目标是经济实现5万亿美元规模，重点是促进投资，这是适当的。她指出，支持农村经济、增加基础设施支出、简化商品和服务税(GST)、直接税制改革以及推行有利于商业的政策议程的承诺也同样重要。

在这方面，戈皮纳斯特别为印度的政府提出了三项政策重点。

First is to accelerate the clean-up of the banks, other financial institution, and corporate balance sheets and enhance governance of public sector banks to revive bank credit and enhance the efficiency of credit provision, while monitoring closely emerging risks from the liquidity stress in non-banking financial companies (NBFCs) and enhancing supervision and regulation of the NBFCs.

The Indian-American called for continued fiscal consolidation over the medium term -- both at the Center and state levels -- to lower elevated public debt levels, supported by further steps to increase tax compliance and administration, as well as improve fiscal transparency.

And finally, labour, land, and product market reforms aimed at enhancing competition and governance, along with infrastructure investment, should be a priority to create more and better jobs for India's young and rapidly growing labour force.

"Improvements in health and education are essential for broad-based inclusive growth," Gopinath said.

Responding to a question, Gopinath said, "The extent of the slowdown of the Indian economy has surprised many, including us here at the IMF (International Monetary Fund)."

首先是加快银行不良资产,其他金融机构和企业的资产负债表的的清理,加强公共部门银行的治理恢复银行信贷,加强信贷供应的效率,同时密切关注新兴风险流动性压力的非银行金融公司(nbfc)和nbfc加强监督管理。

这位印裔美国人呼吁在中期内继续进行财政整顿——包括中央和各邦——以降低不断上升的公共债务水平，同时进一步采取措施加强税收合规和管理，并提高财政透明度。

最后，旨在加强竞争和治理的劳动力、土地和产品市场改革，以及基础设施投资，应该是为印度年轻且快速增长的劳动力创造更多更好工作的优先事项。

戈皮纳斯说:“卫生和教育的改善对基础广泛的包容性增长至关重要。”

在回答一个问题时，戈皮纳斯说:“印度经济放缓的程度让很多人感到吃惊，包括我们国际货币基金组织的人。”

以下是《印度经济时报》网站读者评论：

译文来源：三泰虎    http://www.santaihu.com/49032.html       译者：Joyceliu

Think Tank

India must be sold completely to whiteman in pieces.

印度会被一点点地出卖给白人。.

P D

After Raghuram Rsjan, everybody, I repeat, everybody, started giving unsolicited advice to government of India. But I want to ask gita goliath what advice she had given to government of Kerala when she was working with them.

在Raghuram Rsjan之后，所有人，我重复一遍，所有人，都开始不请自来地向印度政府提出建议。但是我想问吉塔•戈皮纳斯，当她与喀拉拉邦政府合作时，她给了他们什么建议。

Raman

One Bakth will say, all people are blaming the govt but not giving solutions. You are asking why she is giving unsolicited advice?!! It seems other than opposing and abusing all those who are not agreeing to stupidity of Modi govt, bhakths have no other work.

巴克特会说，所有人都在指责政府，但没有给出解决方案。你是在问她为什么会提出不请自来的建议？似乎除了反对和辱骂那些不同意莫迪政府愚蠢的人之外，巴克思没有其他工作。

Pramod Agame

Modi not agenda to solve economic ploblem, people give mandate to solve problem but bjp using mandate to create new problems. Chines import increase but govt not making our industry competitive with reform. Gita gopinath give your opinion to other nations that benefits them.

莫迪的工作重点不是解决经济问题，民众委托他解决问题，而人民党利用民众给他们的权力制造新问题。的进口增加了，但政府没能使我们的工业在改革中提高竞争力。吉塔•戈皮纳斯，把你的意见传达给其他国家吧。

Raman

Very true. Modi will create new problems and blame it on Congress. Even after 5 years Modi has not gone beyond blaming congress and others from opposition. This is his Gujarat Model.

说得很对。莫迪会制造新的问题，并把责任推给国大党。5年过去了，莫迪还在指责国大党和其他反对派。这就是他的古吉拉特邦模式。

RAMESH

every body talk about REFORMS but nobody talk about reform in political gain to put heavy burden on public revenue to tune of lacs of crore per year. This is interest of all parties so nobody raise and put bill TO ABOLISH LIFE LONG PENSION AND FREE PERKS TO ALL MP ,MLA AND NETAS. IF THIS SPENDING AND EXPENSE IS STOP CAN SAVE HUGE TO TREASURY AND NEED NOT THINK FOR ENHANCING, IMPOSING TAXES ON PUBLIC.tHIS STRUCTURAL REFOM IS MUST IN NATIONAL INTEREST.

每个人都在谈论改革，但没有人谈论政治收益方面的改革，从而给公共收入增加了沉重的负担，每年要调拨数百万美元。这是所有党派的利益，所以没有人提出议案来废除所有议员的终身养老金和免费津贴。如果去除这种支出和开支，就可以为国库省下一大笔钱，而不必考虑提高对公众的征税。这种结构性改革必须符合国家利益。

Biju J A

It's definitely a wake up call for the Govt. And time to do things with deep planning and discussions than impromptu decisions that seem to be loading up all too frequently. It's not muscular eye- catching policies we need. The Govt had started off very well bit now seems getting increasingly lost...

这绝对是对政府的一个警醒，是时候做一些深入的计划和讨论了，而不是那些拍大腿的决定，这些决定似乎太多了。我们需要的不是强有力的引人注目的政策。政府刚开始执政时还是挺不错的，现在似乎越来越迷茫了…

Gopal Das

Her suggession bears truth. India's present recession is in the nature of structural recession as against normal cyclic recession. Structural recession is in the nature of consumptive or cancerous economy, sap the economy from the core. If some measures and structural reforms immediately not taken, it will break down and we may see India's position not far off from Pakistan's.

她的建议是正确的。与正常的周期性衰退相比，印度目前的衰退是结构性衰退。结构性衰退是消费经济或恶性经济的本质，从核心上侵蚀经济。如果不立即采取一些措施和结构改革，经济就将崩溃，我们可能会看到印度落到巴基斯坦那般的下场。

Shas Krish

The biggest killer of Indian economy is the real estate sector all across India. The 20yr home loan was over leveraged by builders to push apartment and therefor land prices to unsupported levels. 20years growth was started being captured in 1year GDP, how long can we accumulate and postpone liabilities to later date and fool country over growth.

印度经济的最大杀手是整个印度的房地产行业。20年期的住房贷款被建筑商过度杠杆化，将公寓和土地价格推高到了无法承受的水平。我们要用多长时间来积累和推迟债务，愚弄国家经济的增长。

Realdeshbhakt

Madam,modi is perfect western slave and under your orders brought GST,Made banks beyond prosecution and allowed them to loot customers. We are now envy of USA-UK as even they dont have tota tarian looting mechanisms modi have developed on your orders.

女士，莫迪是百分百的西方奴隶，下令执行消费税，让银行免于起诉，允许他们抢劫客户。我们现在羡慕美英，因为他们没有像莫迪那样的主义掠夺机制。

Sridhar Reddy

Fake and unsubstantiated personal and ideological biases.

这是虚假的、未经证实的个人和意识形态偏见。

Veerendra Wasawade

This govt has given more stress on controlling food prices by curbing export and encouraging import. Rural areas are in anemic condition. No demand no growth.

这届政府更强调通过限制出口和鼓励进口来控制食品价格。农村地区处于贫血状态。没有需求就没有增长。

Sanjay Yogi

Listen and act from inhouse expert like Dr.Manmohan singh first & then consider others

先听曼莫汉·辛格博士这样的专家的话，然后再考虑其他人的话。

Think Tank

I am tired of Indians going to Harvard and telling what India must do. Are you ??? If yes then tell your government to control population, keep IITs and IiMs in India, figure out how to pay high wages, clean up your streets, build toilets and find a massive 20 trillion dollar budget to spend on our people like America on debt... Keep the Harvard educated silver spooners out.. A recent survey found to enroll in Harvard you have to be ultra wealthy...

我厌倦了印度人去哈佛镀完金，就对着印度说必须怎么做。你呢? ? ?如果你也这么认为，那就告诉你的政府控制人口，把印度工学院和印度管理学院的毕业生留在印度，想办法支付高工资，清理街道，修建厕所，然后拨出20万亿美元的巨额预算，把钱花在国民身上……把那些哈佛毕业的衔着金钥匙出生的人挡在门外。最近的一项调查发现，要想进入哈佛，你必须是超级富豪……

Melman Const

Who are the loan defaulters. Why RBI and govt is afraid to announce their name and details of loan.

贷款违约者是谁呢？为什么印度储备银行和政府不敢公布他们的名字和贷款细节。

R Subramanian

There have been many great economists who have only critical approach without any constructive views. Learned people who are occupying responsible positions in the ministries, in administration, in supervisory and those in judiciary should act in tandem to achieve the national goals taking cue from the constructive ideas put forth.

有许多伟大的经济学家只会批判，却没有建设性的观点。在各部、行政管理、监察部和司法部担任负责职务的学者们应根据提出的建设性意见采取一致行动，这样才能实现国家目标。

Sanjeev Malhotra

Education of good quality is the key. Educated population will be creative enough to generate new employment and to elect good leaders who don't sell dreams and get elected.

素质教育是关键。受过教育的人才有足够的创造力来创造新的就业机会，选出不出卖梦想而当选的优秀领导人。

Saroj Chakrabarti

Banks should be given the right to set off assets to wright off NPAs from big Bank loan defaulters using First Court judgment.

银行应该被赋予权利，利用第一法院的判决，将大型银行贷款违约者的不良资产剥离。

Sastry Vemoory

(1)Farmers’ incomes need to be doubled by empowering and enabling farmers to bypass intermediaries and selling their produce directly to consumers (2) Healthcare needs to be upgraded by hiring all Doctors including those with only Diploma in medical practice (MRP) (3) Improving the ratio of teachers to students to 10:1, re-orienting the learning of students to the knowledge, skills and psychological orientation to the requirements in the jobs which the students want to take up post-studies. All the above-mentioned reforms help create good enough employment.

(1)农民的收入必须翻倍，让农民能够绕过中间商,直接向消费者销售产品

(2)医疗保健需要升级，需要雇佣所有医生，包括那些只有医学实践文凭（MRP）的医生

(3)把教师与学生的比例提高到10:1，使学生的学习重新定位在知识、技能和心理上，以适应学生毕业后从事工作的需要。所有这些改革都有助于创造足够好的就业。

Sridhar Reddy

#1 is an utopia. Its impossible to eliminate middle men.#2 will encourage corruption. it will only become cash cow for politicians and their kin.#3. First step should be to build Good Teachers. Then think about teacher pupil ratio.

1.这是一个乌托邦。消除中间商是不可能的事。2.会鼓励腐败，只会成为政客及其亲属的摇钱树。3.第一步应该是培养好老师。还要考虑一下老师和学生的比例。

Raj Tillan

mam ur suggestion are good but CAn India put in to prctice .. structure reforms means diluting free riders, middle men and touts... eliminating bodies lik eAPMC none would be accepted as they are backbone of making money by side windows.by LOOTYENS delhi feudal elite .. let us hope ur advice is heeded

你的建议很好，但是在印度能真的实行吗?结构改革意味着对既得利益者、中间商不利……希望你的建议能得到重视。

Manoj Kurian

What lovely words by Gita Gopinath from IMF. This sort of timely advice has to be followed by the government, as the advise is not only from world's leading institutions but also from deep rooted experience and above all it is the advice by the daughter of this land. Appalauds to Dr. Gopinath, the true Chief economist from IMF

国际货币基金组织的吉塔•戈皮纳斯说的话太棒了。政府必须遵循这种及时的建议，因为这些建议不仅来自世界领先的机构，而且来自根深蒂固的经验，最重要的是，这些建议来自这个国家的女儿。向国际货币基金组织真正的首席经济学家戈皮纳特博士致敬。

Truth Is Bitter

Easy preach theory ... Much easy to Blame Nehru and Pakistan ...

简单轻松的传道理论…指责尼赫鲁和巴基斯坦很容易…

Truth Is Bitter

Corporate looting banks, Government looting RBI, People have NO Job, No Money ... How economy will grow ???

企业抢劫银行，政府抢劫印度储备银行，人们没有工作，没有钱……经济要如何增长?

Raj Tillan

good way to visit home town at Govt cost !!!

用政府的钱回老家看看，不错不错!

Satendra Yadav

Who are you? what are you talking? please mend with you business and don't lecture us..we're busy in hindu muslim..economy is second to us!

你是谁?你在说什么?请处理好你的事情，别来指导我们。我们忙着处理印度msl…经济只能排第二!

Satendra Yadav

My uninformed, misguided and poor friend, stop blabbering..pls state what problems india is facing in specific, don't generalise!

我无知的、误入歧途的、可怜的朋友，别再瞎说了。请具体说明印度面临的问题，不要一概而论！

Nachiket Katha

These are too generalist tips which mean nothing to put government of illiterates on track.

这些建议太笼统，对文盲政府来说毫无意义。

Naganara Simhan

The great economist has said nothing new and nothing not known to either the Govt or the people. She would have done better if she had detailed the HOW instead of repeating WHAT.

这位伟大的经济学家没有说过什么新鲜事，也没有什么是政府或人民不知道的。如果她能详细说明如何做而不是重复做什么，她会做得更好。

Hari Krishna Johri

Feku,Taklu & all these sadak chap Netas will not allow any change as for them Vote politics is the objective.These Netas are mean of lowest order & self centered ,they are only concerned about themselves ,they don't care about the progress of the Country & well being of public.Disgusting.

莫迪、Taklu和所有政客都不会允许任何改变，因为他们的目标只有选票。这些家伙以自我为中心，只关心自己，从不关心国家的进步和公众的幸福。恶心的家伙。

Realdeshbhakt

But then Modi is perfectly ruled by IMF-WB etc.Just see composition of his foreign educated advisers. They were appointed by foreign banksters to bring reforms they like to see.No real deshbhakti by modi here.IMF reforms means temporary jobs at malls-petrol pumps-watchman-construction workers with zero social security and job security.IMF also says sell your assets to saudis--israelis-russians-americans and become slaves in your own nation.

但是莫迪是完全被国际货币基金组织和世界银行控制的。看看他那些在国外接受教育的顾问们就知道了，他们是由外国银行任命的，负责推行他们希望看到的改革。国际货币基金组织的改革意味着商场——加油站——看门人——建筑工人的临时工作，没有社会保障和工作安全保障。国际货币基金组织还说，把你的资产卖给沙特--以色列-俄罗斯-美国人，然后在自己国家变成奴隶。

Realdeshbhakt

Dont listen to IMF.THeir medicine kills the patient .

不要听国际货币基金组织的。他们的药方会害死病人的。

Prashanth Kamath

The banking mess is due to fraud by the employees at high places in collusion with the borrowers. How to fix their brain to function in the right path ?

银行的混乱是由于高层雇员与借贷者勾结进行欺诈造成的。要怎样才能让他们的大脑走上正轨？

 外文链接：https://economictimes.indiatimes.com/news/economy/policy/india-should-focus-on-structural-reforms-clean-up-of-banks-and-labour-reforms/articleshow/72755716.cms

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