World Bank in its recent report has appreciated India’s developmental efforts, by terming it as a “bright spot”, as it has pitched for bettering its ranking in the ease of Doing Business Index which in itself is a positive development. The World Bank Group President Jim Yong Kim who is here has expressed desire to increase funding in various projects, especially in renewable energy sector. We are extremely pleased with the progress that’s been made in six priority areas. Prime Minister Modi and his entire Cabinet have set extremely difficult and important targets. He said the World Bank lending has gone up tremendously over the last two years to over $5 billion and that would continue for the next few years. “India’s growth that is now at 7.6 per cent is a true bright spot and one of the few bright spots in the global economy,” Dr. Kim said, adding India can act as a lesson for both developing and developed countries. Discussions on global and economic situation and opportunities for World Bank to finance development projects figured in the meeting. There is a pipeline of projects in India which needs a lot of developmental finance and the World Bank has been assisting in those programmes. India ranks 130th out of 189 economies on the World Banks Doing Business Report, which is topped by Singapore as the easiest country in which to do business. Though India has moved four places up, it ranks way below China, which is placed at 84th position. The coming of World Bank report at a time when world economies are on a slow trajectory would no doubt boost foreign funds flow but would also help in boost domestic production of service and products.
