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World Bank's optimistic about India's growth but...
Thu, 30 Apr Pre-Open

Most experts are of the opinion that India's GDP growth for the upcoming year and subsequent years will be better than what it has been in the last couple of fiscals. This view has been further endorsed by none other than the World Bank. As per its latest report, the World Bank projects India's GDP to expand by 7.5% in FY 2016. By FY 2018, the growth is expected to accelerate to 8%. Having said that, this growth is highly conditional on the growth rate in investments in the country too.

The World Bank's projection is lower than the target given in the Union Budget 2015-16 for 8.5% in the current fiscal. But as per the World Bank findings, India's government has undertaken various reforms and has begun its implementation too. As reported in Economic Times, World Bank's country director for India - Onno Ruhl has given positive remarks on the progress made so far.

Mr Ruhl believes the current business environment offers great promise of acceleration in economic growth. However, the current outlook is also dependent on the oil and commodity prices, which have remained low since some time. Hence, it is more important for the government to take advantage of this situation and take steps to boost up the regulations and infrastructure. To do this it needs to unlock investment and push the credit growth. Among the various issues, addressing the problems in the financial sector is quite critical.

It is a truth well acknowledged that an efficient financial sector is crucial for economic development. Since some time, several reports have been sounding the alarm bell for the banking sector. India's present economic woes are marked by a rapidly rising nonperforming assets. Public sector banks, especially, are witnessing a large share of this deterioration in asset quality. Although the government has undertaken some reforms, more needs to be done. Otherwise, it won't take long for global money and investors to lose confidence and interest.

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