Describing India as a global player and rising economic power, World Bank President Robert Zoellick has said the high level of growth in the country is helping the international economy recover from the crippling effects of recent financial turmoil.
“India’s return to high levels of growth is helping the global economy recover from the crisis,” said Mr. Zoellick, who is scheduled to arrive in the country on Monday on a four-day visit aimed at strengthening cooperation between the multilateral lender and Asia’s second-fastest growing economy.
India, he further said, “is a player on the global stage. The country’s status as a rising economic power is closely connected with how it manages this next phase of growth, balancing rapid development with the environment and most importantly, the need to ensure all people have opportunity.”
As per a World Bank release, Mr. Zoellick will meet Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee and Planning Commission Deputy Chairman Montek Singh Ahluwalia during the trip. He will also visit Bihar.
Having witnessed a slowdown in growth in the wake of the global financial crisis, India’s growth rate picked up to 7.4 per cent in 2009-10 from 6.7 per cent a year ago. The economy expanded by 8.9 per cent in the first half of the current fiscal, making India one of the fastest growing economies in the world.
According to the International Monetary Fund’s (IMF) projections, the Indian economy is expected to record a growth rate of 8.8 per cent in 2010-11.
Mr. Zoellick’s discussions with the Prime Minister and government will also cover cooperation on global issues, including preparations for the upcoming G-20 meetings.
During his visit, the World Bank President will sign agreements for two new projects in the road and disaster management sectors, as well as meet private sector representatives, self-employed women’s associations and urban and water experts.
The World Bank Group significantly boosted the support extended to India last year to help offset the impact of the global financial crisis. The Bank Group committed a record USD 11.1 billion to India during 2009-10.
