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Pace of Economic Reforms in India is Fast, The Economy Is Continuously Improving: World Bank

Recently, the World Bank has released a new report, in which it has been talked about increasing the potential growth of India. The World Bank has said that growth can be boosted by faster implementation of the reform agenda already underway.

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The report said that in the decade before COVID-19, a global slowdown in productivity was already raising concerns about long-term economic prospects, but continued economic recovery is expected to accelerate the pace of economic reforms .

The report further said that the coronavirus pandemic has triggered capital reversals, weakening investment growth and slowing the global labor force. However, the World Bank has stated that investment growth in India declined from an annual average of 10.5 percent in 2000–10 to 5.7 percent in 2011–21.

It is said that the GDP growth rate is expected to fall to a low of 2.2 per cent per annum by 2030, from 2.6 per cent in 2011-21. The analysis shows that GDP growth can be increased by 0.7 percentage points if the country adopts development policies. Also, the outcome of the financial sector crisis in India can be unlocked through significant developments.

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