India must undertake financial reforms to aide growth: World Bank president

29 Oct 2019 Evaluate

World Bank group President David Malpass has said that India must undertake financial reforms in three key areas that are sound regulations for non-banking financial companies (NBFCs), allow private sector banks in a big way in the banking sector and deepen capital market to aide growth. He added that the Indian financial sector has made quite a bit of progress. It has made progress in terms of monitoring of assets, the bankruptcy process and deepening of the banking system. He also called for more reforms to support growth. He said ‘Having sound regulations for NBFCs, which is vital to India's overall growth, will help India's financial sector. Prime Minister Modi has the goal of a $5 trillion economy. That's a powerful vision that needs to be assisted by innovations in the financial sector.’

On whether demonetisation has caused lower growth in India, the World Bank chief said ‘Economists made lots of forecasts... They were saying India has been affected by the global environment and has slowed from the higher past growth rates and it is very much related to the slowdown in global growth.’ He said the main policy challenge for the country is to address the sources of softening private consumption and the structural factors behind weak investment. He added that stronger courts, modern land management and land permits and enforcement of contracts will benefit India. He also said that the possibility of setting up fast track courts for dispute resolution should be considered. In order to modernise land management, India could digitise land records, which will facilitate quick transactions.

Malpass also said that global trade uncertainty, Britain's plans of leaving the European Union and the low investment rate in the world were among the factors affecting growth. He said ‘I think what is to be done is to have better growth programmes country by country.’ Besides, he said the World Bank will continue with the $6 billion lending target for India. Ninety-seven projects are currently being executed with loan assistance from the World Bank in India. He said ‘The World Bank right now has 97 projects in India with a commitment of $24 billion. We expect the programmes to continue.’ Praising the recent corporate tax cut, he said ‘India has taken a good step with the recent cut in corporate tax rate which will add to its growth.’

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