World Bank projects 9% growth rate for Indian economy

Drawing a rosy picture of the Indian economy both World Bank and UN have in their studies have concluded that Indian economy has the potentials to clock 8 to 9 percent growth rate in the coming fiscals. To achieve this, the government must streamline and speed up the project delivery mechanism and pending tax reforms, World Bank's Chief Economist, South Asia Region, Kalpana Kochhar said, adding that quicker implementation of issues including GST, DTC and reduction in subsidies must be tackled on war footing to achieve the targeted growth.

Chairman, NSE, Vijay Kelkar, in a statement has blamed bad policies for low growth rate and its impact on inclusive growth hampering job generation badly uncertainties in policy decisions is resulting in investors staying off the country. Apart from this, non conformity of contracts also added to the multiple constraints faced by investors. The way the government handling key issues, is the main reason behind discouraging investors and increasing the cost of risk capital. It is largely due to global problems like slowdown in the euro zone and domestic issues like widening fiscal deficit, depreciating currency, inflation and the consequent rate hikes by the RBI largely contributed to the government's decision to downwards its fiscal growth targets for the current fiscal, he said.