India under Narendra Modi has done well economically, says ‘big fan’ World Bank chief

Kim added, “The inflation rate has been down, growth has been extremely strong, Balance of Payments in better shape. Overall, you have to say that economically he has done well. If you look at specific programmes like Swachh Bharat, it’s amazing.”

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While appreciating the resilience shown by Indian economy in the wake of Brexit, the World Bank chief said if uncertainty continues, India might also be affected.

Commenting on RBI Governor Raghuram Rajan’s decision to not continue for a second term as the Governor, Kim called Rajan a great central bank governor and added that the government will continue to maintain the independence of central bank.

“He (Rajan) is so well respected. I think he has done a great job. I think the Modi government has made it clear that they will continue with the important principle of having an independent central bank. There are many things that they have said that will confirm in my opinion that it is not about a single person, it’s about certain principles, practice that they would adhere to. I don’t know what the whole story is, I understand that he is going to be back to academia at some point in time. He is an extremely respected and productive scholar in addition to having being a great central bank Governor. I don’t expect there will be a major shift because the principles of independent central bank, someone who is respected, I think will continue,” he said.