World Bank pegs 6.4% economic growth in India in 2015

By Religare
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    Reforms by the Narendra Modi-led NDA government is likely to upkeep Indian economy growth at 6.4 per cent in 2015 and accelerate further in the next year, World Bank President Jim Yong Kim said.

    World Bank pegs 6.4% economic growth in India in 2015
    "We project that India will be a bright spot in an otherwise medium global economic outlook. (The) economy according to our projections is expected to grow 6.4 per cent this year and even faster in 2016," he said, while speaking at the Vibrant Gujarat summit.

    After slowing to sub-five percent growth in the previous two financial years, the economy has started showing signs of pick-up as it expanded by 5.7 per cent and 5.3 per cent in the second and third quarter of 2015.

    The World Bank President said Prime Minister Modi and his government have been quickly putting in place the building blocks for even more rapid growth, streamlining national regulatory structure and promoting social inclusion.

    Jim said he was "very encouraged" by the recent proposal of a Constitution amendment bill for Goods and Services Tax. The proposed new indirect tax regime, he said, offers an opportunity to make it substantially easier to do business in India.

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