World Bank to continue supporting 97 projects in India with USD 24 billion commitment: David Malpass

The World Bank will continue supporting its 97 projects in India with USD 24 billion commitment, said the global financial institution's president David Malpass here on Saturday.

"World Bank right now has 97 projects with USD 24 billion committed. So, we expect the programme to continue and to reflect the projects and reforms that were going on in India. Maybe 5-6 billion dollars (USD) per year," said Malpass while speaking to media persons here.

The World Bank president is in India on a visit. Earlier in the day, he met Prime Minister Narendra Modi. They discussed various aspects of the financial sector.

"We discussed ways that the financial sector can move forward and add to growth within India," he said.

Lauding the Indian economy's growth, Malpass said: "India's financial sector has made progress in terms of monitoring of assets, bankruptcy process, in terms of deepening of the banking system and looking for ways to the way forward."

Malpass' visit to India comes in the backdrop of the recently released World Bank report on Ease of Doing Business 2020. As per the survey, India has been placed 63rd among 190 countries.

According to the report released on Thursday, India figured among top 10 improvers for the third time in a row. The World Bank has lauded New Delhi for a "remarkable reform effort."

"I should note India made progress and move up to 63 in the ranking and there was progress on registering the business on trading across borders, resolving insolvency, dealing with construction permits, registering property, trading across boards and paying taxes indicators," the World Bank president said.

Malpass praised Prime Minister Modi for his vision to make the country a five trillion dollar economy, stating that the "powerful goal" will be assisted by innovations in the financial sector.

"Prime Minister Modi has a goal of five trillion dollar economy. It is a powerful vision and goal. It will be assisted by innovations in the financial sector," he said.

Malpass also appreciated the corporate tax cut implemented by the Central government. "India has taken a good step with the recent cut in the corporate tax rate that will add to growth," added Malpass.