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1/14/2015

Indianeconomytogrowby7percentin2016:WorldBank:India,NewsIndiaToday

Indianeconomytogrowby7percentin
2016:WorldBank
IANSUnitedNations,January14,2015|UPDATED10:38IST

WorldBankChiefEconomistKaushikBasu

Helpedalongbyfallingoilpricesandby

lowerinterestratesindevelopedcountries,India'seconomyisexpectedtogrowby
sevenpercentnextyearandthesetwofactorscanbeagamechangerifthenation
weretoseizetheopportunitytoimplementfiscalandstructuralreforms,WorldBank
ChiefEconomistKaushikBasusaidonTuesday.
Asforthisyear,Indianeconomyisexpectedtogrowby6.4percent,accordingtotwo
separateprojectionsreleasedonTuesdaybytheBangkokbasedUNEconomicand
SocialCommissionforAsiaandthePacific(ESCAP)andtheWashingtonbased
WorldBank,whichalsopredicteda7percentincreasein2017.
Overall,Basupaintedadimpictureoftheglobaleconomyfacinga"stalledrecovery
insomehighincomeeconomiesandevensomemiddleincomecountries"butsaid
"therearesomesilverliningsbehindtheclouds."
"Theloweroilprice,whichisexpectedtopersistthrough2015,"hesaid,"islowering
inflationworldwideandislikelytodelayinterestratehikesinrichcountries.This
createsawindowofopportunityforoilimportingcountries,suchasChinaand
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1/14/2015

Indianeconomytogrowby7percentin2016:WorldBank:India,NewsIndiaToday

IndiaweexpectIndia'sgrowthtoriseto7percentby2016."
"Whatiscriticalisfornationstousethiswindowtousherinfiscalandstructural
reforms,whichcanboostlongrungrowthandinclusivedevelopment,"headded.
BothESCAPandtheWorldBanksawthelowoilpricesbonanzahelpingcutfuel
subsidiesinordertodivertfundsforfinancingsustainabledevelopmentwhilealso
reformingtheeconomy.
"Thisisaparticularlycriticalandopportunetimetodecreasesubsidies,"ESCAP
ExecutiveSecretaryShamshadAkhtarsaid."Reducingsubsidiescanraisesignificant
publicfinancialresourcesforproductiveinvestmentintheregionandcouldmake
neededfundsavailableforfinancingsustainabledevelopment."
AndWorldBank'sDirectorofDevelopmentProspects,AyhanKose,said,"Forboth
exportersandimporters,lowoilpricespresentanopportunitytoundertakereforms
thatcanincreasefiscalresourcesandhelpbroaderenvironmentalobjectives."
AccordingtotheWorldBank'sGlobalEconomicProspects(GEP)report,theglobal
economyisprojectedtogrowby3percentthisyear,3.3percentin2016and3.2per
centin2017.Lastyear,itgrewbyonlyadismal2.6percent.
ESCAP'sreport,YearendUpdateoftheEconomicandSocialSurveyofAsiaandthe
Pacific2014,forecasta5.8percentgrowthfortheregion'seconomyasawhole,up
fromlastyear's5.6percent.
TheESCAPreportmentionedthe"MakeinIndia"campaignasstepastepto
promotestructuralchangethatfavourmanufacturingbymakingiteasiertoestablish
andoperateabusinessinIndia.
ThereportalsotooknoteoftheinitiativesinIndiatoopenbankaccountsfor75
millionpoorhouseholdsbynextmonthandtoboothyouthemploymentbyopening
morecommunitycollegesandvocationalcourses,andpromotingentrepreneurship.
AlthoughIndiahasidentifiedinfrastructuredevelopmentasakeyelementforits
growthplans,ESCAPsaid,itfacesashortageofgovernmentresources.Therefore,
ESCAPrecommendedgivingtheprivatesectoranimportantindeveloping
infrastructureincollaborationwithgovernments.
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1/14/2015

Indianeconomytogrowby7percentin2016:WorldBank:India,NewsIndiaToday

TheWorldBankreportsaidthatreformsandderegulationinIndiashouldboost
foreigndirectinvestment.Itnotedthatincreasesininvestments,whichaccountfor
about30percentofthegrossdomesticproduct(GDP),shouldhelpraisethenation's
growthrateto7percentby2016.ButtheWorldBankwarned,"Anyslackeningin
thereformmomentumcouldresultinamoremodestorslowerpaceofrecovery."

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