Published 22:06 IST, October 26th 2019
David Malpass hails Modi's vision and ease of doing business in India
World Bank President David Malpass, while addressing a press conference in New Delhi said that India has done progress in monetary process and bankruptcy
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World Bank President David Malpass, while addressing a press conference in New Delhi on Saturday, October 26, said India has done progress in monetary process and bankruptcy and also commended the country's efforts in ease of doing business. President Das who met Prime Minister Narendra Modi earlier, also highlighted that in the meeting with the Prime Minister various aspects of the financial sector including ways that financial sector can move forward and add to growth within India were discussed. He also lauded PM Modi's vision of a $5 trillion economy.
Malpass calls $5 trillion economy vision 'Powerful'
President Malpass while addressing a media briefing on Saturday said, "India has moved from 77 to 63 which is a great move. Digitization of land would facilitate more buying and selling of land. India has done progress in monetary process and bankruptcy. I congratulate India in doing business and more they can do in future. India has also done really good in ease of doing business. India may progress and move ahead of 63 and progress in doing business and cross border trade. India has also taken good initiative of cutting corporate tax rates which will add to the growth."
While speaking about the effects of demonetization in India, he said, "India is being affected by the global environment and has slowed its economy than earlier rates. Openness to reforms and investment for faster growth is what I would suggest." Malpass also spoke about his discussion with PM Modi and said that growth of financial sector in India was one of the major topics discussed and also lauded his vision of $ 5 Trillion economy and called it 'Powerful'
India among the top 10 performers on the list for the third time in a row
India jumped 14 places to the 63rd position on the World Bank's ease of doing business ranking released on Thursday, riding high on the government's flagship 'Make in India' scheme and other reforms attracting foreign investment. The country also figured among the top 10 performers on the list for the third time in a row. The rankings come at a time when the Reserve Bank of India (RBI), World Bank, International Monetary Fund (IMF) and various rating agencies have slashed the country's growth forecasts amid a slowdown in the global economy.
21:26 IST, October 26th 2019