Sunday, January 17, 2021
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

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Hindu Holy Books: The Four Vedas

BY SHWETA PORWAL The Word Veda means wisdom, knowledge, or vision, and it serves to manifest the language of the gods in human speech. Vedas...

Music That is Happening Today is a Mixture of Good and Bad: Neeraj Shridhar

Singer Neeraj Shridhar, who has given multiple indie pop and Bollywood hits, besides remixes, says that when he remixed songs it was to revive...

Latest Study Suggests Digestive Tract Bacteria Affects Severity of COVID infections in The Body

A new study indicates the kind of bacteria found in a person’s digestive tract can affect the severity of coronavirus infections and the body’s...

This Indian Army Officer Has Developed The Country’s First indigenous 9mm ‘Machine Pistol’

Nagpur-based Indian Army officer Lt Col Prasad Bansod has developed the country's first indigenous 9 mm 'Machine Pistol', an official said here on Saturday. Working...

RBI Remains Committed To Take Further Important Measures To Support Economy

Reserve Bank Governor Shaktikanta Das on Saturday said that the central bank (RBI) remains committed to take any further necessary measures to support the...

Know Why WhatsApp Has Deffered its New Data Privacy Policy!

Facing intense criticism worldwide and now a court case in India, WhatsApp has deferred its new data privacy policy and no one will lose...

Films Are Judged Like Political Essays: Sudhir Mishra

Filmmaker Sudhir Mishra feels films these days are judged like political essays, with no regard to the craft of storytelling. "There is a lack of...

A New Plan To Promote Young Emerging Cricketers By Sonu Sood

Actor Sonu Sood is putting his weight behind an initiative to set up a pan-India platform to promote young emerging cricketers. "I always dreamt of...

Recent Comments