World Bank chief hails Modi’s leadership

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The World Bank has hailed the developmental efforts undertaken by the Indian government under Prime Minister Narendra Modi, saying the country had emerged as a “bright spot” and improved its ranking in the ease of doing business index.

“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. I have been so pleasantly surprised how much progress that has been made,” Kim told reporters.

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,” Kim said.

Kim assured the Prime Minister that The World Bank would be “proactive” and “fully support” this agenda. “Prime Minister Modi’s personal commitment toward renewable energy, particularly solar, is the driving force behind these investments. The World Bank Group will do all it can to help India meet its ambitious targets, especially around scaling up solar energy,” Kim said.

Kim also met Finance Minister Arun Jaitley, Power Minister Piyush Goyal and Commerce Minister Nirmala Sitharaman today and discussed ways to increase funding in various projects, especially renewable energy sector.

“With regard to ease of doing business ranking, we have given our viewpoint to the World Bank. Their teams will separately be coming to India to assess the progress that we made in this regard,” Jaitley said.

India ranks 130th out of 189 economies on the World Bank’s Doing Business report, which is topped by Singapore as the easiest country in which to do business.

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