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    According to reports from the World Bank and ESCAP, the Indian economy is projected to grow 7% in 2016 and 2017, helped by lower oil prices and interest rates in developed countries. World Bank Chief Economist Kaushik Basu said lower oil prices create an opportunity for reforms to boost long-term growth. Both the World Bank and ESCAP recommend using the savings from reduced fuel subsidies to invest in sustainable development and infrastructure.

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    According to reports from the World Bank and ESCAP, the Indian economy is projected to grow 7% in 2016 and 2017, helped by lower oil prices and interest rates in developed countries. World Bank Chief Economist Kaushik Basu said lower oil prices create an opportunity for reforms to boost long-term growth. Both the World Bank and ESCAP recommend using the savings from reduced fuel subsidies to invest in sustainable development and infrastructure.

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    © All Rights Reserved
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    104 views3 pages

    Indian Economy

    Uploaded by

    adp
    According to reports from the World Bank and ESCAP, the Indian economy is projected to grow 7% in 2016 and 2017, helped by lower oil prices and interest rates in developed countries. World Bank Chief Economist Kaushik Basu said lower oil prices create an opportunity for reforms to boost long-term growth. Both the World Bank and ESCAP recommend using the savings from reduced fuel subsidies to invest in sustainable development and infrastructure.

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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
    data:text/htmlcharset=utf8,%3Ch1%20style%3D%22margin%3A%200px%3B%20padding%3A%200px%200px%2010px%3B%20color%3A%20rgb(0%2C%2

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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.
    data:text/htmlcharset=utf8,%3Ch1%20style%3D%22margin%3A%200px%3B%20padding%3A%200px%200px%2010px%3B%20color%3A%20rgb(0%2C%2

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    1/14/2015

    Indianeconomytogrowby7percentin2016:WorldBank:India,NewsIndiaToday

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

    data:text/htmlcharset=utf8,%3Ch1%20style%3D%22margin%3A%200px%3B%20padding%3A%200px%200px%2010px%3B%20color%3A%20rgb(0%2C%2

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