Speaking at the second annual meeting of the New Development Bank (NDB), a bank promoted by BRICS, Finance Minister Arun Jaitely said that the Indian economy is pegged to grow 7.2% in 2017 and 7.7% in 2018. He added that global growth was picking up but, emerging economies faced new challenges in the form of inward looking policies of protectionism, global financial condition, policies of the United States and increased geopolitical tension.
He mentioned that India has ought USD 2 billion loans for various projects from the NDB, which is set up by the emerging nations- India, China, Brazil, Russia and South Africa. He further said that India had huge unmet infrastructure funding needs. USD 646 billion is required in next 5 years (for financing infrastructure), Mr. Jaiteey said.
The minister further went to state that the growth in emerging and developing countries is picking up and news from economies of BRICS countries is “encouraging”. He also expressed that NDB will emerge as a development bank and help in funding of emerging economies.
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