India to return to 8-9% growth in 1-2 yrs: World Bank chief
World Bank President Robert Zoellick on Friday said India is likely to return to high growth of 8 to 9 per cent in a year or two, helped by strong fiscal and monetary actions to counter the global financial crisis.
The country's 11th Five Plan ending in 2012 envisaged achieving an average nine per cent growth rate. GDP growth slipped to 6.7 per cent in 2008-09, after three years of over nine per cent growth, as a result of the global crisis.
Zoellick, winding up his four-day visit here, said return to that level appears possible over the next one to two years.
"India has emerged from the economic crisis with a clear vision of what it will take to accelerate back to earlier growth rates and beyond," he said.
The strong fiscal and monetary policies of India had helped counteract a decline in exports and withstand some of the external shocks brought on by the multiple food, fuel and financial crises, he said.
Impressed with the country's macro-financial management and anti-poverty programmes, Zoellick said India is important for global recovery.
India's strong crisis management and the sustained global demand from the USD 1.2 trillion economy is playing an important role in helping the world recover from the global economic crisis. "We all look to India as a rising global economic power," Zoellick said.
During his visit, he called on Prime Minister Manmohan Singh, met with Finance Minister Pranab Mukherjee, other ministers, bureaucrats and private sector players to understand the priorities of India and how best the World Bank could deploy its resources efficiently.
