India’s growth may be hampered: UNDP

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Mumbai, Mar 18 The ongoing turmoil in the international Markets post sub-prime crisis may hamper the growth of developing nations like India and China, said Kemal Dervis, administrator of United Nations Development Programme (UNDP), in Mumbai.

“A substantial slowdown in the US Economy will impact the rest of the world. Developing nations contribute to 40-70% of the world income. If the slowdown in the US is severe, developing nations will be affected very badly,” stressed Dervis. “It may become difficult for India to achieve an 8.5% growth rate, if the global uncertainties continue,” he said.Dervis was speaking on the sidelines of a press conference in Mumbai.Talking about his outlook for the Indian Economy, Dervis said that the Indian Economy needs to do a lot on the agricultural front. He said that infrastructure bottlenecks persist and investment in infrastructure is very essential, if the country needs to compete with other nations.

Meanwhile, talking about UNDP’s contribution to the Indian Economy, for the development of the nation, Dervis said that they contribute $50 million on yearly basis as a part of their annual program. “This money is used to increase efficiency, poverty alleviation and further development,” said Dervis.