India’s growth rate has slowed and is now in the vicinity of over 5%, World Bank President, Jim Yong Kim said. But he expressed hope that economy will soon get back to high growth trajectory of 6% next year and more thereafter, he made these observations while speaking to reporters after he met Finance Minister P Chidambaram on Monday.
Kim said “India is going to grow by 6% next year and we hope for even more increase in future.”
Meanwhile, India’s GDP is estimated to have grown 5% in the current fiscal and the growth rate is likely to improve to 6.1-6.7% in 2013-14, according to government own estimates.
He added “although the economic growth has been somewhat disappointing at 5% but the situation would improve as the global market scenario improves.”
“Growth rate of 5% 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.
“The Indian economy is subject to global slowdown,” he said adding “as export market starts doing better we think India will do better as well.”
India’s share in global economy almost doubled in five years between 2005 and 2010, he said while lauding the efforts of finance minister to ensure high growth rate in future.
Kim will meet Prime Minister Manmohan Singh and the UP Chief Minister Akhilesh Yadav on Tuesday.