Thursday, April 12, 2007

India - a developmental success

India an inspiration to Africa: World Bank
India Daily
April 12, 2007

At a Round Table for a select group of media persons ahead of the World Bank’s and IMF’s weekend Spring Meeting, World Bank President Paul Wolfowitz stated that India “has been making wonderful progress in the last fifteen years or so.” While he admitted that India had the world’s largest number of poor people, he opined that India is in a transition phase and the country is making noticeable progress. He stated that countries such as India and China were fast becoming examples of developmental success and represent what African countries should strive toward. Wolfowitz claimed that India’s success in this regard was due partially to International Developmental Assistance (IDA), and he urged the developed world to continue providing financial assistance to the IDA program.

Wolfowitz also mentioned that the Bank’s 2007 World Development Report would focus on agriculture and strongly emphasize investment in rural development as a major way of fighting poverty. Citing to his own recent visit to India, he stated that India’s robust economic performance was due at least in part to its poor farmers being advanced micro-credit loans.

1. What can African nations learn from Asian successes India and China? How much of India’s recent success has been through the efforts of multilateral institutions such as the World Bank and the IMF?

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