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New Delhi : Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Subhash Chandra Garg,  on October 12, 2018, emphasised on the need of raccepting the fact that digital technological changes taking place are more fundamental than even invention of the steam engine, which had laid the foundation of the industrial revolution. There is a digital revolution which is transforming the world, he said. Garg was speaking at the IMF’s Development Committee Lunch Session at Bali, Indonesia, on October 12.

The session focused on the World Development Report, which is on the changing nature of work. Speaking about the Human Capital Index (HCI) that was released recently as part of the Human Capital Project of the World Bank, Garg commented that Human Capital needs to continuously evolve and develop. HCI uses metric of industrial era to measure the status of human capital for digital age and its production system. He said that a better metric is needed, according to a PIB release.

Earlier, Garg led the Indian delegation to the Annual Meetings Plenary Session of the International Monetary Fund (IMF) and the World Bank on October 12 at Bali.

In the IMFC Introductory Session, Garg said the key factors like structural reforms in areas like taxation and bankruptcy are helping the Indian economy in building its resilience to global shocks and maintain a robust growth rate despite challenges. He emphasised that prudent policy measures have helped, and measures being undertaken now, will also help contain the stress currently seen in financial condition tightening, and oil prices etc. Garg is currently on an official tour to Bali, Indonesia, to participate in the Annual Meetings of the IMF and the World Bank and other associated Sidelines Meetings.

 

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