WB hopeful economy will grow 6%

The World Bank has expressed hope that India’s economic growth will accelerate to 6 per cent in 2014 after an expected slowdown of 5 per cent in the current fiscal.

World Bank President Jim Yong Kim on Monday said once the exports market starts improving, India will clock higher growth. "Growth rate of 5 per cent here is one that has been somewhat disappointing but we are very encouraged by what has happened and what will happen and we think India will get back to higher levels of growth," Kim said after meeting Finance Minister P Chidambaram.

Chidambaram emphasised the need for enhancing the capital base of the bank to meet the challenges of poverty reduction and infrastructure development in the developing countries. India is the highest cumulative borrower from the World Bank at $90.5 billion; with a current portfolio of 77 projects having a commitment of $23.3 billion.

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