New Delhi, Oct 13 (KNN) 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, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA), Ministry of Finance.

Speaking at the IMF’s Development Committee Lunch Session in Bali, Garg said 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.

He laid emphasis on the need to recognize 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 added.

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.