World Bank English news | World Bank, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

Union Finance Minister Nirmala Sitharaman on Monday chaired a meeting of chief ministers/finance ministers of states, via video conferencing on the subject of economic recovery post-COVID pandemic.Briefing about the meeting, TV Somnathan, Finance Secretary had earlier said, "Growth had slowed down in the COVID-19 pandemic. However, after the first quarter of the current fiscal, the economy has picked up again with green shoots of recovery clearly visible. Several economic indicators are now at pre-pandemic levels. Projections of International Monetary Fund (IMF) and World Bank peg India's GDP growth at about 9.5 per cent and 8.3 per cent respectively, as one of the fastest-growing economies.""While the investor sentiment is good, there is a need to capitalise on the momentum already created. The first four months of FY 2021 have already witnessed inflows of USD 64 billion foreign direct investment (FDI). The Government of India (GoI) in its Union Budget 2021-22 has given further impetus to the inflow of foreign investment capital through streamlining procedures, removing roadblocks and providing necessary incentives," he added.Somnathan further said the objective of the meeting is economic recovery."India is becoming a thriving destination for foreign investors. These positive sentiments should be capitalized and the opportunity is to be utilised. To push India's growth story towards the higher path, the states' role is important and is an essential component. In this regard, Finance Minister is holding meeting with chief ministers on state-level issues. Challenges faced by the states will be discussed. Efforts will be made to resolve those issues that will help the country," he added.Ajay Seth, Secretary, Department of Economic Affairs (DEA) had also said that the Finance Minister seeks to embark on a collaborative growth vision for the nation and encourage an open exchange of ideas centred on enhancing the investment climate of the country."The envisaged interaction will attempt to create a policy discourse and a facilitative environment for inward investment-led growth. This will be enabled by a pro-active approach to investment promotion, efficiencies brought about by Ease of Doing Business reforms, and an emphasis on accelerating approvals and clearances up to Urban Local Bodies (ULB) levels," he said.The DEA Secretary further said through the interaction, the States may share their ideas and vision for enhancing the investment climate, leading to a broad consensus regarding the trajectory to be undertaken for India to become the fastest-growing economy.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

World BankFOLLOW

World bank, Latest News

Manila, Dec 11 The World Bank on Saturday approved a $600 million loan to support the Philippine government's ... ...

The World Bank donors on Friday (local time) approved to release USD 280 million for Afghanistan to address humanitarian issues. ...

New Delhi, Dec 4 Vice President M. Venkaiah Naidu on Saturday said there is no need to panic ... ...

Implementation of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project has been suspended until the situation in Afghanistan stabilizes, TASS reported citing Pakistan's Federal Minister for Economic Affairs Omar Ayub Khan as saying ...

November 27, (ANI): Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin downplayed on Friday the incidence of poverty in Pakistan while insisting that its rate has gone down recently. ...

Lebanese Culture Minister Mohammad Mortada on Thursday launched a 13 million US dollars plan funded by the World Bank for the reconstruction and restoration of heritage buildings damaged by the Beirut blasts, the National News Agency reported. ...

Afghan citizens are deeply worried about the closure of 34 hospitals and centers treating COVID-19 patients across the nation and ask other countries to support Afghanistan's health sector. ...

Union Finance Minister Nirmala Sitharaman on Monday chaired a meeting of chief ministers/finance ministers of states, via video conferencing on the subject of economic recovery post-COVID pandemic. ...