ID :
23660
Fri, 10/10/2008 - 15:15
Auther :
Shortlink :
http://m.oananews.org//node/23660
The shortlink copeid
India in a position to weather global financial storm: W.B.
Washington, Oct 9 (PTI) Coming in support of the claims
made by the Manmohan Singh Government, the World Bank (W.B.)
Thursday said India is in a position to weather the global
financial turmoil, though the country will witness some
slowdown in its economic growth.
"India like China has been growing very well. I think you
will see some slowdown, but for a number of reasons I hope
India will be in a position to weather the storm. There are
issues that the government is focusing on... The (Indian)
Prime Minister is keenly aware of those topics," World Bank
President Robert Zoellick said.
Zoellick's statement came a day after India's Cabinet
came out with almost similar statement. The Cabinet had stated
Wednesday that the Indian economy has the capacity and the
resilience to face the global financial crisis.
"We have enough instruments to ensure the stability of
the Indian financial system and we will continue to provide
credit and other support for the growth of the economy,"
Finance Minister P. Chidambaram had said reading out the
statement.
Indian economy grew at 9 percent last fiscal and 7.9
percent in the first quarter of this fiscal and the Finance
Minister had expressed confidence that for the whole of the
year the economic growth rate would be close to 8 percent.
Ahead of annual meeting with the International Monetary
Fund, Zoellick, said he had talked about certain economic
issues to Prime Minister Manmohan Singh during the United
Nations General Assembly (U.N.G.A.) meet and will meet
Chidambaram in a couple of days.
Referring to World Bank's projects in India, Zoellick
said the multilateral agency has found that the country is
keen on sectors like health and education.
The Bank will not only provide resources but the expertise
to help the country in the required areas, he added.
Stressing on the innovative ways of funding, Zoellick said
"There continues to be an interest in innovative ways to
finance and develop infrastructure. There are other private
partnerships in this...it important because at times India has
had inflationary issues form bottlenecks."
About the agricultural requirements of the country, he
said the Bank has been in talks with the authorities in India
about ways to scale up the agricultural productivity. PTI SK
made by the Manmohan Singh Government, the World Bank (W.B.)
Thursday said India is in a position to weather the global
financial turmoil, though the country will witness some
slowdown in its economic growth.
"India like China has been growing very well. I think you
will see some slowdown, but for a number of reasons I hope
India will be in a position to weather the storm. There are
issues that the government is focusing on... The (Indian)
Prime Minister is keenly aware of those topics," World Bank
President Robert Zoellick said.
Zoellick's statement came a day after India's Cabinet
came out with almost similar statement. The Cabinet had stated
Wednesday that the Indian economy has the capacity and the
resilience to face the global financial crisis.
"We have enough instruments to ensure the stability of
the Indian financial system and we will continue to provide
credit and other support for the growth of the economy,"
Finance Minister P. Chidambaram had said reading out the
statement.
Indian economy grew at 9 percent last fiscal and 7.9
percent in the first quarter of this fiscal and the Finance
Minister had expressed confidence that for the whole of the
year the economic growth rate would be close to 8 percent.
Ahead of annual meeting with the International Monetary
Fund, Zoellick, said he had talked about certain economic
issues to Prime Minister Manmohan Singh during the United
Nations General Assembly (U.N.G.A.) meet and will meet
Chidambaram in a couple of days.
Referring to World Bank's projects in India, Zoellick
said the multilateral agency has found that the country is
keen on sectors like health and education.
The Bank will not only provide resources but the expertise
to help the country in the required areas, he added.
Stressing on the innovative ways of funding, Zoellick said
"There continues to be an interest in innovative ways to
finance and develop infrastructure. There are other private
partnerships in this...it important because at times India has
had inflationary issues form bottlenecks."
About the agricultural requirements of the country, he
said the Bank has been in talks with the authorities in India
about ways to scale up the agricultural productivity. PTI SK
