The World Bank has suggested that India should step up economic reforms and encourage domestic companies to become “globally competitive”. GDP growth (at market prices) is expected to accelerate to 7.5 percent in 2015-16 reaching 8 percent in 2017-18. Acceleration in growth is conditional on the rate of investment picking up to 11 percent during FY16 to FY18.
To achieve higher investment growth, the India Development Update has suggested fiscal reforms that protect public capital spending, financial sector reforms and reforms in business environment — all of which can help unlock private investments.
The International Monetary Fund (IMF) has projected a growth rate of 7.5 percent for the current fiscal while Asian Development Bank (ADB) puts it at 7.8 percent for 2015-16 and 8.2 percent for 2016-17. However, the Finance Ministry expects GDP growth to be 8-8.5 percent in 2015-16, and the Reserve Bank (RBI) has estimated it at 7.8 percent.
Always Seek Knowledge:
World Bank:
- Founded in July 1944 in Bretton wood conference.
- The World Bank is a United Nations international financial institution that provides loans to developing countries for capital programs.
- The World Bank’s official goal is the reduction of poverty.
- Jim Yong Kim is the current President of World Bank Group.
- World Bank’s Official Motto us Working for a World Free of Poverty.
