Modi’s Economic Vision Will Accelerate India’s Economic Growth To 6.5% This Year

The reforms initiated by Narendra Modi-led BJP government Indian economy is likely to accelerate India’s economic growth by 6.4% in 2015, said World Bank President Jim Yong Kim at the Vibrant Gujarat summit in Gandhinagar, adding that it will grow further in 2016.

The World Bank was committed to begin the process of creating a vibrant India and there is much reason for optimism, asserted Kim. "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% this year and even faster in 2016," he said.

He also stressed that the economy is back on growth track as it expanded by 5.7% and 5.3% in the second and third quarter of 2015, respectively, after registering sub-5% growth in the previous two financial years.

Prime Minister Narendra Modi and his Cabinet have been striving hard to quickly put back the pillars of Indian economy back in the same so that once again the country starts moving towards growth trajectory, said the World Bank chief.

Jim also stated that he was "very encouraged" by the recent proposal of Goods and Services Tax (GST) amendment bill. According to him, this amendment will make it easier for the investors to carry out businesses in India. Not only this, “it will also create one common market and substantial saving for companies on logistics, especially if the structure of the GST is uniform," he added.

The World Bank had a keen interest in leading India’s economy on the road to sustainable and inclusive economic growth.
(Image: PIB)