PTI cited Mr Kaushik Basu chief economist of World Bank as saying that global economy will go through a very rough time in the next 2 years and it is time for India to invest in infrastructure and soft sides of development.
Mr Basu while delivering a lecture at a function organized by Institute of Human Development said that "Over next 2 year, I believe global economy will go through a very rough time and what India can do. It is time for India to Invest in infrastructure, invest also in soft institutional sides of development."
He said that some countries have done well in investing in infrastructure which India failed to do. Some countries like China have heavily invested in infrastructure but we have not done very well in that, of investing in infrastructure.
He added that "Although economic growth in India has been quite remarkable since 1991 but benefit of growth is not filtering down to the extent we wanted."
He further added that the World Bank has projected India's growth of about 5.5% for this year and below 6% for 2013. For 2014 and 2015, it has projected economic growth close to be about 7%.