World Bank chief Jim Yong Kim has said that the reforms undertaken by Prime Minister Narendra Modi have been significant and the results would be reflected in the mid and long-term growth figures.
Talking to reporters at the start of World Bank-IMF annual meetings in Washington, Mr Kim said, their team feels that the slowdown has been because of the waiting for the passage of the Goods and Services Tax. He said, the GST will be very good for Indian growth.
World Bank chief said that their perception is that the slowdown in growth is temporary. He said the actions that the Modi Government has taken are really quite substantial. Earlier, both the World Bank and the IMF downgraded India’s growth projections.