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IMF, World Bank see India growth picking up

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IMF, World Bank see India growth picking up

India projected to do better than China this financial year, but govt needs to push forward the reforms agenda

The fund said India’s growth at 7.5% in 2015-16 will surpass China’s decelerating growth of 6.8% in the same year. Photo: Bloomberg

New Delhi: The World Bank and the International Monetary Fund (IMF) emphasized the need for India to push forward the reforms agenda, including a cut in subsidies, even as they remained largely optimistic about the economic prospects of the country—and pointed out that it would do better than China.

The forecasts—both projected that the economy would expand by 7.5% this financial year—come in the background of favourable data: last week, the government announced that factory output grew 5%, the fastest in three months, and on Monday, it said consumer inflation grew at a lower-than-expected 5.17%.

They also come soon after rating company
Moody’s Investors Service Inc. upgraded India’s credit outlook to positive.
Yet, it was clear that the World Bank and IMF would like New Delhi to do more.

Read more at: IMF, World Bank see India growth picking up - Livemint
Rajan said recently that he was a bit confused and could not explain the positive trend in indices with the practices followed. Modi is quietly listening and putting into practice views of swadeshi jagran munch - improvements in productivity of small time farmers, entrepreneurs, skill development etc. His election promise of youth getting jobs and earnings near their families will lead to better distribution of wealth and reduce pressure on big cities due to migration. He has said often that our model of development will not be the same as that of the west.
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