NEW DELHI: Terming India's economic growth since 1991 "phenomenal," World Bank President Paul Wolfowitz on Saturday said its GDP (gross domestic product) growth could be pushed up by one to two per cent to over eight per cent with speedy reforms.

Speaking to newspersons here, he said: "The dynamism shown by India in the last 15 years is phenomenal. India can do better... A couple of percentage more growth can be possible. But it needs sound fiscal and monetary policies. India has seen 6-7 per cent average growth. It has to keep up the efforts." Continuity of reforms was important for the high growth, evident in the last 15 years.

India's incredible growth story was a policy model to the world. It showed continued development in democracy and open society.

India had all the precious resources, apart from a pool of talented people, who were waiting for opportunities to realise the fruits of their skill. "For India, economic growth is important", without which reduction of poverty was not possible. "A lot of work still needs to be done," said Mr. Wolfotwitz.

On the controversy over the Delhi water project, he said the World Bank did not fund the proposed Sonia Vihar project as alleged by NGO activists, who staged a demonstration outside the Bank office here.

"There is a misconception about the project. It is not a World Bank-funded project," he said to a question whether the price of water in Delhi shot up after the Bank put stiff conditionalities for funding.

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