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World Bank Praises Indian Reforms

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India’s newly-elected leader Narendra Modi can count one important official as a big fan: The president of the World Bank.

Jim Yong Kim said at the World Economic Forum on Saturday that the new Indian prime minister is making “extremely promising” reforms.

Kim spoke on the final panel discussion of the conference in Davos, Switzerland. He cited Modi’s efforts to reduce economic bureaucracy, such as allowing the trucking of goods between Indian states without checks.

Kim also noted how low oil prices would help boost economic growth in countries like India that are net importers of fuel. The World Bank chief’s comments came during a panel discussion hosted by CNBC’s Geoff Cutmore, “The Global Agenda 2015.”

Modi was elected in a landslide victory last May, and has earned widespread plaudits for his program of economic reform. Kim’s remarks in Davos presaged a visit there by U.S. President Barack Obama, who on Sunday appeared with Modi to unveil plans to boost nuclear trade and a strategic defense partnership with one of the largest emerging economies in the world.

The World Bank projects gross domestic product growth in India of 6.4 percent in 2015, up from 5.6 percent in 2014 and 5.0 percent in 2013. That figure is expected to be even higher for 2016 at a full 7 percent.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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