Dear All,

India Laying Foundation for Faster Economic Growth: World Bank President

                               

“Prime Minister Modi and his government are quickly putting in place the building blocks for even more rapid growth, streamlining the national regulatory structure, using public funds more efficiently, and promoting social inclusion,” These tax and subsidy reforms and public investments in human capital are essential to generating inclusive and sustainable growth in India over the next century.”

World Bank Group President Jim Yong Kim while addressing, during the inaugural session of the 7th edition of Vibrant Gujarat Summit, a flagship programme of Gujarat government on 11^th January, 2015 highlighted that   India is pursuing reforms that could accelerate growth in its economy and this could more rapidly reduce poverty and spread prosperity to more people in the country who are marginalized and vulnerable. The President praised Prime Minister Narendra Modi and his government’s “Make in India ” campaign, efforts to reform the Goods and Services Tax, the phasing out of diesel subsidies and steps to create a more inclusive society.

Kim said India ’s immediate economic outlook is likely to be a bright spot in an otherwise lackluster global economy, with growth expected at 6.4% this year and even faster in 2016.While the government’s achievements to date were impressive, but much more could be done to improve the lives of Indians. The President ensures that the World Bank would build on its decades of partnership with India , stretching back to the earliest years after independence, to promote economic development and maximize economic growth.

The World Bank Group president made his remarks on the same day that signing of the two agreements between the World Bank and the state of Gujarat are witnessed pertaining to Swaach Bharat (sanitation program) and Smart Cities. An exchange of letters was signed by the Department of Economic Affairs (DEA), the World Bank India Country Director, and a representative of the Government of Gujarat.