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India’s growth trajectory holds enormous prospective for global stakeholders: Ashish Sinha
Apr-22-2019

Counsellor in India’s Permanent Mission to the UN Ashish Sinha has said India’s growth trajectory holds immense potential for global stakeholders to establish energy, infrastructure and technology collaboration with the country.  He stated that India wanted to use growth as a mechanism to pull the maximum number of people out of poverty and improve quality of life in an inclusive manner.

He highlighted that India has retained its position as the world’s fastest growing major economy. Indian economy has been growing over 7 per cent for several years and the forecast for the future is equally robust. He noted that India improved its ranking on the World Bank’s ‘ease of doing business’ report for the second straight year, jumping 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas.

Besides, he mentioned that the current global economic outlook also reiterates the need for the promotion of policies for enhancing economic growth and growth inducing investments. Earlier this month, the World Bank said India’s GDP growth was expected to accelerate moderately to 7.5 per cent in fiscal year 19-20, driven by continued investment strengthening, particularly private-improved export performance and resilient consumption.

Moreover, Sinha added ‘the objective is to bank the unbanked, secure the unsecured, fund the unfunded and service the un-serviced areas’. Noting that India has taken strong initiatives for financial inclusion in the past three years, the government has opened over 320 million bank accounts for those who never had an account.

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