Finance Minister Arun Jaitley has expressed his confidence that India's GDP will grow at 7.2 per cent in 2017 and at the rate of 7.7 per cent in 2018. He also pointed out that global growth is moving upwards but emerging market economies (EMEs) face newer challenges from growing protectionism of some economies, global financial condition, policies of the United States and increased geopolitical tension.
The Minister has stated that India has sought $2 billion loans for various projects from the New Development Bank (NDB), whose core mandate is sustainable infrastructure development and which is set up by the emerging countries such as India, China, Brazil, Russia and South Africa. He also pointed out that in next five years, the country would require Rs 43 lakh crore or $646 billion for modernizing its infrastructure from highways to urban infrastructure. He added that funding needs for building infrastructure in India and other emerging nations offers enormous opportunity to an institution like NDB.
Jaitley further said that growth in emerging and developing countries is picking up and news from economies of BRICS countries is encouraging. He hopes that NDB will help in funding of emerging economies. He added that India was looking to have a mutually beneficial partnership with the bank.
