World Bank head quartered in Washington D.C. has predicted that India’s GDP (Gross Domestic Product) will grow to 8% in 2017. The growth is aided by investments to the country and also slump in oil prices.
According to the World Bank’s semi-annual report, it quoted that GDP of India will touch 7.5% in 2015-16 and accelerate to 8% in the fiscal year 2016-17. The bank’s South Asia’s Focus Report has calculated that there will be increase region’s growth from 7% in 2015 to 7.6% in 2017 with factors of strong investment and increased consumption.The Bank said that Oil price slump has aided the South Asia greatly in reducing their fiscal deficit and lowering of domestic prices.
Jim Yong Kim has called for a 5 point plan to reduce carbon growth, by removing subsidies to fossil fuels like oil, gas and coal. He insisted on Carbon taxes, in-order to encourage cleaner energy technology.
He also quoted that the richest 20% consumed 6 times more fossil fuels through subsidies than the poorest 20% in low and middle-income countries.
Knowledge is Wealth
- South Korea has introduced Carbon taxes to make fossil fuel more expensive.
- South Asia is considered the fastest growing region in the world, even from last quarter of 2014 even.
- World bank and IMF (International monetory Fund) are based in Washington D.C. The head of World Bank is always an American.
- India is the leading country in Remittances (Transfer of money by a foreign worker to an individual in his/her home country). The remittances OF India amounted USD 70 Billion in 2014 through its global migrant work force.
- The World Bank’s Vice President for South Asia is Annette Dixon.
- The World Bank’s South Asia Chief Economist is Martin Rama.