The International Monetary Fund (IMF) said that India has been one of the fastest growing large economies in the world, asserting that despite the several key reforms carried out by the country in the last 5 years, more needs to be done.

In response to a question on India's economic development in the last five years at a news conference, IMF's communications director Gerry Rice on Thursday said, "India has of course been one of the world's fastest-growing large economies of late, with growth averaging about seven percent over the past five years."

He further said, "Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has."

Ahead of IMF's annual spring meeting with the World Bank in April, it will release a World Economic Outlook (WEO) survey report which will include details on the Indian economy. This will also be the first report under IMF's current chief economist, Gita Gopinath who is an Indian American.

Rice said that the WEO would include more details on the progress of the Indian economy and the policies that would be needed to be prioritized.