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World Bank lauds India on growth rate

DUBAI SEPT. 20. The outgoing Chief Economist of the World Bank, Nicholas Stern, today lauded India's efforts in boosting the growth rate from 3.5 per cent per annum to over 5 per cent by doing away with the licence raj but warned that unsatisfactory development in rural areas of the country and corruption in some States posed major challenges for economic growth.

``From a growth of 3 or 3.5 to move to something over 5 per cent, I think it is a very important step forward. This is due to the economic policies such as reducing the effects of the licence raj," Mr. Stern told a press conference here.

However, in the rural areas, he said India ``has not done so well'', particularly in the North Eastern States.

Mr. Stern said the infrastructure, including providing drinking water and augmentation of power supply, needed to be improved.

PTI

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