India will grow by 6% next year, says World Bank president

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Expressing disappointment over 5 per cent growth, World Bank today said the Indian economy will soon get back to high growth path of 6 per cent next year and more thereafter.

“India is going to grow by 6 per cent next year and we hope for even more increase in future,” World Bank president Jim Yong Kim said. Kim, who is on a three-day visit to India, was talking to reporters after meeting finance minister P. Chidambaram here.

He said although the economic growth has been “somewhat disappointing” at 5 per cent, but the situation would improve as the global market scenario improves.

“Growth rate of 5 per cent here is one that has been somewhat disappointing but we are very encouraged by what has happened and what will happen and we think India will get back to higher levels of growth,” Kim said.

The Indian economy is subject to global slowdown, he said adding “as export market starts doing better, we think India will do better as well.”

The GDP is estimated to have grown 5 per cent in the current fiscal and the growth rate is likely to improve to 6.1-6.7 per cent in 2013-14. India’s share in global economy almost doubled in five years between 2005 and 2010, he said while lauding the efforts of finance minister to ensure high growth rate in future.

Kim will also be meeting Prime Minister Manmohan Singh. He is scheduled to visit Uttar Pradesh tomorrow and meet chief minister Akhilesh Yadav. He would visit Lucknow and Kanpur and see development challenges in the state, which accounts for the largest number of India’s poor.

This is Kim’s first visit to India after taking over as president of World Bank Group in July last year.