The World Bank has said that the reforms undertaken by India have been significant and the results would be reflected in the mid and long-term growth figures. Commenting on the issue, World Bank Chief Jim Yong Kim told the media, "The reform process has been significant.
We think that certainly in the medium and long term, the growth will reflect the seriousness of Prime Minister Modi's government in making those reforms." As per reports, last week, the World Bank chief had said that the recent slowdown in India's economic growth is short-term and an aberration mainly due to the temporary disruptions in preparation for the GST.
As per reports, the World Bank yesterday forecast that India's GDP may slowdown from 8.6 per cent in 2015 to 7 per cent in 2017 because of disruptions by demonetisation and the GST. The IMF has also lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China's 6.8 per cent.