The Hindu Business Line : World Bank to provide $9 b

WHILE Indian economy is growing at a rate of more than six per cent and hopes to move ahead faster in the coming years, it is an average rate and a real understanding of the two different paces of growth is necessary.

India cannot move ahead with two rates of growth in different geographical locations and the Government is conscious about it and is moving ahead in a balanced manner, the President of the World Bank Group, Mr James D Wolfensohn, said here today.

Addressing the media after holding meetings with the Finance Minister and the Planning Commission, Mr Wolfensohn said that the focus on the rural sector in the National Common Minimum Programme (NCMP) of the present Government is a balanced approach.

He said in his meeting at the Planning Commission, four thrust areas have been identified where the World Bank and the Indian Government would have close cooperation. The four sectors are storage and availability of water, power, roadways and railways.

He said that the bank would provide India $9 billion over the next three years for various projects.

He said that gathering of water during the four months of rain and making use of it during the remaining part of the year assumes importance. On the power sector, the World Bank President said that India's power situation doesn't even compare to neighbouring countries and providing continuous power to the industry is a big challenge.

On the development of roadways, he said that apart from the highways connecting the nation it is important to connect villages with smaller populations of 250 to 500 people with proper road system. Regarding improvement of railways, Mr Wolfensohn focussed on high speed and reliable train service system. He said the issues of rolling stock of the railways, track safety and the general issue of security had come up for discussion.

While praising the present Government over its NCMP, he said that it is necessary to have continuity so that the Government can actually implement the programmes that are undertaken by it.

More Stories on : Economy | RBI & Other Central Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page