Monday December 10, 2018
Home Business India’s...

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

0
//
Republish
Reprint

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.

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

To Help Poor Countries Adapt To Global Warming, World Bank Doubles Its Funding

Negotiators are also expected to put forth plans to help developing nations adapt to a warming climate.

0
Drought, Climate change, global warming
A farmer stands on cracked earth that three weeks earlier created the bottom of a reservoir on his farm, in Groot Marico, South Africa. VOA

The World Bank has announced it is doubling its funding to help poor nations adjust to global warming to $200 billion over five years.

“If we don’t reduce emissions and build adaption now, we’ll have 100 million more people living in poverty by 2030,” the bank’s climate change chief John Roome told the French News Agency.

“And we also know that the less we address this issue proactively in just three regions – Africa, South Asia, and Latin America – we’ll have 133 million climate migrants, Roone cautioned.”

Helping poorer nations adapt to a warmer environment and the weather extremes that come with it include building sturdier homes, finding new sources of fresh water, and what the bank calls “climate smart agriculture.”

Climate change, ice, China, emissions, Global Warming
An ice crevasse is seen on the Baishui Glacier No. 1, the world’s fastest melting glacier due to its proximity to the Equator, on the Jade Dragon Snow Mountain in the southern province of Yunnan in China. VOA

The World bank ‘s announcement comes as delegates from 200 countries started a two week-long climate change conference in Katowice, Poland.

The threat posed by global warming “has never been worse,” U.N. climate chief Patricia Espinosa said Sunday.

The threat posed by global warming “has never been worse,” U.N. climate chief Patricia Espinosa said at the start of climate talks in Poland.

“This year is likely to be one of the four hottest years on record. Climate change impacts have never been worse. This reality is telling us that we need to much more,” she said Sunday.

Negotiators from nearly 200 nations are in the southern Polish city of Katowice for two weeks of talks on implementing the landmark 2015 Paris Accord. Signatories to that agreement pledged to cut greenhouse gas emissions and limit the rise in global temperatures to less than two degrees Celsius by 2030.

Climate change, emissions, Global Warming
U.N. Climate chief Patricia Espinosa (C) is flanked by officials during a press conference at the COP24 climate change summit in Katowice, Poland, VOA

“Looking from the outside perspective, it’s an impossible task,” Poland’s Deputy Environment Minister Michal Kurtyka told the Associated Press last week.

“The United Nations secretary-general is counting on all of us to deliver. There is no ‘Plan B'”

The climate change talks got a boost when 19 of 20 G-20 nations meeting in Buenos Aires reaffirmed their commitment to fighting climate change.

 https://youtu.be/mbt6_4IgZNg

The United States was the only holdout. President Donald Trump has threatened to pull the U.S. out of the Paris agreement because of what he says is the economic damage the treaty’s provisions would cause.

Trump is a promoter of fossil fuels and nuclear power and has proposed renegotiating the Paris Accord – an idea many dismiss as impractical.

Also Read: Climate Change To Get Worse In The Future: Study

Host country Poland is expected to propose what it calls a “just transition” for the oil, gas, and coal industries to ease the financial blow from the move away from such polluting sources of energy.

Negotiators are also expected to put forth plans to help developing nations adapt to a warming climate. (VOA)