WB projected economic growth rate of 5.7% for India in 2014-15 fiscal

The World Bank on 9 April 2014 projected that the economic growth rate of India for the fiscal year 2014-2015 will be 5.7 percent. In its forecast the World Bank said that the growth would be backed on the more competitive exchange rate and many large investments going forward.

World Bank in its latest edition of South Asia Economic Focus has said that the Indian conditions would be bolstered by the permanently more competitive exchange rate and progress towards clearance of important investment projects; India may see an acceleration of growth (factor costs) in financial year 2013-14 to 4.8 percent further increase to 5.7 percent during fiscal year 2014-15.

Apart from this, the International Monetary Fund (IMF) in its release has also forecasted that the Indian economy would recover from 4.4 percent growth in 2013 to 5.4 percent in 2014.

World Bank also said that India needs to bring in some necessary reforms to create a better environment and spur growth for private sector. According to him, the private sector strongly feels that India is a difficult place to do business due to many regulations.