{"id":27851,"date":"2017-09-22T17:39:13","date_gmt":"2017-09-22T12:09:13","guid":{"rendered":"https:\/\/apnlive.com\/?p=27851"},"modified":"2017-09-22T17:43:01","modified_gmt":"2017-09-22T12:13:01","slug":"indias-economy-growing-pretty-robustly-says-world-bank-chief-jim-yong-kim","status":"publish","type":"post","link":"https:\/\/apnlive.com\/business-news\/breaking-newscast-economy\/indias-economy-growing-pretty-robustly-says-world-bank-chief-jim-yong-kim\/","title":{"rendered":"India\u2019s economy growing \u201cpretty robustly\u201d, says World Bank chief Jim Yong Kim"},"content":{"rendered":"

Amid concerns within India over the country\u2019s slipping GDP growth and stagnating job market, WB president\u2019s comments come as good news for Centre<\/em><\/p>\n

Being slammed by the Opposition, economists and general public alike over the country\u2019s slipping GDP growth rate, its less than impressive economic policies and a stagnating job market, here\u2019s some good news for Prime Minister Narendra Modi<\/a>\u2019s central government.<\/p>\n

While predicting a strong global growth for the current fiscal, World Bank president Jim Yong Kim reportedly told a Bloomberg Global Business Forum in New York\u00a0on Wednesday<\/span>, that India is \u201cgrowing pretty robustly\u201d.<\/p>\n

While Kim\u2019s comment was only a fleeting reference to India\u2019s economy as he spoke about his perception of economic growth at a global level, the comment is likely to be latched on to by the Centre as an endorsement of its fiscal policies, which in recent months have come under severe attack from the Opposition \u2013 in particular the Congress party.<\/p>\n

Addressing the Bloomberg Global Business Forum, Kim said, \u201cThat dormant capital will earn a higher return, where the developing countries will have access to much more capital for the infrastructure needs, even for investing in health and education, investing in resilience to climate change and other factors.\u201d<\/p>\n

\u201cA country like India is growing, pretty robustly. Japan and Europe are growing in a more healthy way whereas the US continues to grow. It used to be that commodity importers were doing much better than commodity exporters. So the growth is relatively more evenly distributed,\u201d Kim is reported to have said.<\/p>\n

The World Bank chief\u2019s comments come weeks after India recorded a 2 per cent slip in its GDP growth for the April-June quarter, dropping to a three-year low of 5.7 per cent. The fall in the GDP growth has been attributed to the impact of Modi\u2019s demonetisation<\/a> decision and the Centre\u2019s \u201chasty\u201d rollout of the Goods and Services Tax (GST) regime.<\/p>\n

Former Prime Minister Dr Manmohan Singh<\/a>, who had earlier predicted that demonetisation will force a 2 per cent decline in the GDP, had recently claimed that noteban along with the GST rollout would further slow down the economy as it would direct impact the informal and small-scale sector that contributes to 90 per cent of India\u2019s job creation.<\/p>\n","protected":false},"excerpt":{"rendered":"