Monday, September 28, 2020
Home Business India's growth can be inclusive and sustainable: World Bank

India’s growth can be inclusive and sustainable: World Bank

India CMYKw:oshadow

By NewsGram Staff Writer

World Bank sees a great promise in NDA government’s three pronged development agenda. It feels that Prime Minister Narendra Modi led government’s strategy of promoting fast and durable economic growth; involving states as active development partners; and improving the delivery of social benefits and extending social safety to the elderly and the underprivileged, will accelerate inclusive and sustainable growth but reforms have to be stepped up.

World Bank report, India Development Update, April 2015, said that the Indian government has already started implementing reforms to improve the business environment; liberalize FDI; boost both public and private investment in infrastructure; quickly resolve corporate disputes; simplify taxation, and lower corporate taxes. The states are going to receive more resources and power while the implementation of GST will improve tax to GDP ratio.

The report said that the reforms of the government, coupled with favorable external environment like reduced oil prices, have led to growth acceleration, inflation decline and narrowing of current account deficit. However, it also cautioned about the negative impact that oil price rise or tightening of US monetary policy can have on the country.

The bank also said that new investments to the country are still dented due to the debt overhang in the corporate balance sheets, which has extended to the Public Sector Banks (PSB). Promotion of private investment to bridge the infrastructural deficit was also required.

The report offered some solutions too, like the need to increase manufacturing competitiveness significantly to carve a space among the world’s large exporters. It also talked of the need for infrastructural boost to bring India at par with the world’s manufacturing hubs, in addition to the competitive supply of labor, land, finance, and skills, as well as a friendly business environment.

The World Bank report also emphasized on the role of MGNREGS in the process of development in India.

STAY CONNECTED

19,133FansLike
362FollowersFollow
1,776FollowersFollow

Most Popular

Tobacco Kills 20% of All People Who Die From Coronary Heart Disease Every Year

The World Health Organization reports tobacco kills 1.9 million people, or 20 percent of all those who die every year from coronary heart disease....

Even Low Alcohol Consumption During Pregnancy Can Impact Child’s Brain Development

Researchers have found that even low levels of alcohol consumption during pregnancy can have an impact on a child's brain development. The study, published in...

Pandemic May Cause a Global Tsunami of Mental Health Problems: Researchers

Researchers, including one of Indian-origin, have found that Covid-19 pandemic will cause a global tsunami of mental health problems. Mental health problems were already a...

World Heart Day: Choreographer Ashely Lobo on Attaining Heart Health Through Dance

By Siddhi Jain Indian-Australian choreographer Ashley Lobo, who is also the founder and artistic director of Danceworx Academy and Navdhara Theatre, says that for dancers,...

Here’s Why You Should Change Your Skin & Hair Products Every Season

By Puja Gupta With winters approaching, your skin and hair absolutely starts to feel the difference. The change of season is always a complicated time...

The Party Culture of Hindi Film Industry

BY VINOD MIRANI The film industry was known for its party culture. The alcohol flowed freely catering to choice of all, from beer to vodka...

High Levels of Air Pollution Leads to Increase in Electricity Consumption: Study

Researchers have found that high levels of air pollution are forcing people to consume more electricity, subsequently causing even greater environmental problems by increasing...

Using Weighted Chain Blankets May Improve Sleep of Insomnia Patients

Using weighted chain blankets may lead to better sleep maintenance, a higher daytime activity level, and reduced symptoms of fatigue, depression and anxiety among...

Recent Comments