Addressing the delegates at the Opening Ceremony of the 2nd New Development Bank meeting in New Delhi on Saturday, Finance Minister Arun Jaitley said that India’s economy was expected to grow at 7.2% in 2017 and 7.7% in 2018. He further said that the global growth was showing positive signs and moving upward. He added that it was only to improve further in the FY 2017-18. Delivering the keynote address at the 2nd Annual meeting of the Board of Governors of New Development Bank ion Delhi, he said that the emerging market would continue to face new challenges like protectionism and increased geopolitical tension. He also expressed hope that the New Development Bank would emerge as a Development Bank and help in the funding of emerging economies.
The Finance Minister further said that India had sought loans of USD 2 billion from the National Development Bank for various purposes. The NDB has been set up by emerging nations such as India, China, Brazil, Russia and South Africa. The Finance Minister further said that India had needs for huge infrastructural fundings which haven’t been met. He said that an amount of 646 billion was required in the next 5 years for financing infrastructure.
Jaitley added that the growth rate in all emerging and developing countries was on a climb and the news from the economies of all the BRICS countries was very encouraging. He then spoke about the challenged faced by the Emerging market Economies and said that they have to deal with newer challenges such as looking into the protectionism policies of some economies, the global financial condition and the policies of the United States of America along with the increase in geopolitical tension.