Gandhinagar

World Bank today said India can grow at 6.4 per cent in 2015 and accelerate further next year.

The government, however, is well aware of this issue and the World Bank sees India as “a bright spot in an otherwise mediocre global economic outlook,” the multilateral lending agency’s President Jim Yong Kim said here.

“Indian society has an enduring exclusion that is based, among other things, on caste identities. This bias can impede shared prosperity, serving as a basis for discrimination in many spheres, including in employment and other markets, as well as in public services,” he said.

Acknowledging the government’s efforts to address such issues, Jim said that Prime Minister Narendra Modi has focused on programmes to promote “broad-sharing of its benefits”, in addition to action that will accelerate growth.

“Its (government’s) special allocation of a fund for entrepreneurs from among the Scheduled Castes, and its focus on fixing bottlenecks so that money earmarked for the Scheduled Tribes reaches them, are both ethically just and economically sound responses,” he added.

Speaking at the Vibrant Gujarat summit, inaugurated today by Modi, the World Bank chief said that there is much reason for optimism among investors, entrepreneurs and CEOs thinking of doing business in Gujarat and the country as a whole.

“According to our projections, its (India’s) economy is expected to grow 6.4 per cent this year and even faster in 2016, he said.

He said Prime Minister Narendra Modi and his government are quickly putting in place the building blocks for even more rapid growth, streamlining the national regulatory structure, using public funds more efficiently, and promoting social inclusion.

After slowing to sub-five per cent 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.

Khem chho Gujarat Vasiyo, thamne maline anand thayo: Ban Ki Moon started his speech with this note pic.twitter.com/hIGfMgHAaW

— DeshGujarat (@DeshGujarat) January 11, 2015

2015 must be a year of global action: UN Secretary General Ban Ki Moon at #VibrantGujarat2015

— DeshGujarat (@DeshGujarat) January 11, 2015

Ban Ki Moon describes Gujarat as a land of Mahatma Gandhi. Mentions his Gandhi Ashram visit today morning in his speech #VibrantGujarat2015

— DeshGujarat (@DeshGujarat) January 11, 2015

UN Secretary General commends visionary Prime Minister Narendra Modi for solar/wind/renewable energy initiatives #VibrantGujarat2015

— DeshGujarat (@DeshGujarat) January 11, 2015

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