I
ndia has been designated as
the world’s fastest growing
economy with the World
Bank’s projection of its growth
rate at 7.3% for the year 2018.
The World Bank is an
international financial institution
that provides loans to countries
of the world for capital projects.
The Global Economic Prospects
is a World Bank Group flagship
report that examines global
economic trends, developments
and prospects, with a special
emphasis on upcoming markets
and developing economies.
After five consecutive slow
quarters, India’s GDP growth
bottomed out in the middle of
2017 and finally rose vigorously
in 2018. This acceleration of
pace for India in the current
fiscal year is supported by
strong private consumption
and increase in public spendingon wages and infrastructure
investments. Moreover, private
investment is expected to revive
as the private sector adjusts
to the Goods and Services Tax
and a global trade recovery
lifts exports. India is said to be
growing at a rate faster than its
assessed potential.
Ayan Kose, Director,
Development Prospects Group
at the World Bank stated,
“India’s economy is robust,
resilient and has potential to
deliver sustained growth.”
He also added, “In terms of
economic growth, the fact that
India is able to deliver a robust
consumption growth, robust
investment... All these are
good news. The big issue is now
that India has a potential to
sustain this growth and we are
optimistic about India to realize
that potential.”WORLD BANK
PREDICTS
7.3%
GROWTH RATE
FOR INDIA,
MAKING IT
THE FASTEST
GROWING
ECONOMY
SBI MANAGING DIRECTOR B. SRIRAM
APPOINTED CEO OF IDBI BANK
S
tate Bank of India (SBI)
Managing Director B.
Sriram will serve as the
CEO of IDBI Bank for tenure of
3 months following a special
order by the GOI.
The appointment was passed
on through an official order
and is the first lateral shift of
senior management in decades.
The vacancy for the topposition opened after its
CEO Mahesh Kumar Jain was
named Deputy Governor of
the RBI by the Appointments
Committee of the Cabinet,
which decides appointments
to several top posts under
the Government of India and
is composed of the Prime
Minister of India, who serves
as the Chairman of the
committee.
Jain has been a part of the
IDBI Bank since March 2017
and was previously CEO at
Chennai based Indian Bank.
Jain has been appointed the
4th deputy governor’s post
which lay vacant since SS
Mundra retired in July 2017.WRLDSPAN
1086420
Q
2015
Source: CSO, Thomson Reuters DatastreamIndia’s economy now growing faster than China’s
GDP growth, change vs same quarter previous year (%)© FT16 17 18Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 QIndia China12 | ASIA ONE | JULY-AUGUST 2018