"Shifts in the world economy could affect India's growth momentum and sharpen its development challenges. The Bank stands ready to continue to support India with its knowledge and financial resources to meet the challenges ahead," Zoellick said in a statement.
India is poised to grow at seven percent this year, buoyed by strong fundamentals and a high domestic savings rate, he said.
"India's needs are great, so I am here to explore with the Government of India innovative ways in which our joint financial capacities can be leveraged, especially in infrastructure financing, so that India can build the roads, highways, railway lines and power plants needed to propel growth," Zoellick said.
Zoellick, who has visited India four times during his five-year tenure as Bank President, will meet government leaders, including the Union Ministers of Finance, Home and Rural Development, and the Deputy Chairman of the Planning Commission to better understand how the World Bank Group can be useful to India in meeting its development priorities.
India is the largest client for the International Bank for Reconstruction and Development and its private sector arm, International Financial Corporation.
The Group in its last fiscal (ending June 2011) made $6.33 billion available to India, including $3.46 billion from IBRD, $775 million from IFC, and $2.07 billion from its fund for the poorest, the International Development Association.
State-owned oil companies today hiked jet fuel price by about 3%, the third time they have increased rates this month.
Notably, the government has not touched the basic custom of duty of steel scrap, which is at 2.5%