India disagrees with World Bank on economy
New Delhi: In a sharp reaction to the comments made by the World Bank on India's economy in its recent development policy review, the country's chief economic advisor, Ashok Lahiri, has said: "The numbers are there for everyone to see. At least give the devil its due. Forex reserves have mounted to $83 billion, exports are growing at a reasonable pace, inflation rate is in single digit and good monsoon is poised to revive the agriculture sector. The gross domestic product growth rate during the current year is likely to be significantly higher than 4.3 per cent recorded last fiscal. The worst is behind us."

The World Bank report had warned that India will not be able to sustain the growth trend witnessed during the past decade without accelerating economic reforms. "Fiscal indicators like primary deficit and public debt are worse than many countries which actually suffer a macroeconomic crisis."
Back to News Review index page