Well Done, Narendra Modi, Says World Bank President Jim Yong Kim

Well Done, Narendra Modi, Says World Bank President Jim Yong Kim

PTIUpdated: Thursday, May 30, 2019, 02:30 PM IST
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In this photograph released by the Press Information Bureau (PIB) on June 30, 2016, the President of the World Bank, Jim Yong Kim (L) and Indian Prime Minister, Narendra Modi shake hands on meeting in New Delhi. RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / PIB" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS / AFP PHOTO / PIB / HO / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / PIB" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS |

India has emerged ‘bright spot’ amid global doom, asserts Bank chief

New Delhi : The World Bank on Thursday appreciated developmental efforts under Prime Minister Narendra Modi, saying the country has emerged as a “bright spot”, as it has pitched for bettering its ranking in the ease of doing business index.

The World Bank Group President Jim Yong Kim met Finance Minister Arun Jaitley, Power Minister Piyush Goyal and Commerce Minister Nirmala Sitharaman on Thursday and discussed ways to increase funding in various projects, especially renewable energy sector.

“We are extremely pleased with the progress  that’s been made in six priority areas. Prime Minister Narendra Modi and his entire Cabinet have set extremely difficult and important targets. I have been so pleasantly surprised how much progress that has been made,” Kim told reporters here.

He said the World Bank lending has gone up tremendously over the last two years to over USD 5 billion and that would continue for the next few years. “India’s growth that is now at 7.6 per cent is a true bright spot and one of the few bright spots in the global economy,” Kim said, adding India can act as a lesson for both developing and even developed countries.

Talking to reporters after the meeting, Jaitley said the discussions on global and economic situation and opportunities for World Bank to finance development projects figured in the meeting. There is a pipeline of projects in India which needs a lot of developmental finance, he said, adding World Bank has been in the forefront assisting in those programmes.

“With regard to ease of doing business ranking, we have given our viewpoint to the World Bank. Their teams will separately be coming to India to assess the progress that we made in this regard,” Jaitley said. India ranks 130th out of 189 economies on the World Bank’s Doing Business report, which is topped by Singapore as the easiest country in which to do business. Though India has moved four places up, it ranks way below China, which is placed at 84th position.

Three-year term too short: Rajan

New Delhi: RBI Governor Raghuram Rajan, whose three-year term comes to an end in nine weeks, on Thursday pitched for a longer tenure for the central bank head, saying the global practice has to be emulated in India as well. Rajan, who briefed Parliament’s Standing Committee of Finance on various aspects of economy and NPA in banks, was asked by members on what should be the tenure of the RBI Governor, sources said. He told the members that a three-year term is “short”. On whether it should be five years, Rajan is believed to have cited the case of US Federal Reserve. Biz Page.

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