socialmedian: For Indian Economy, a Shot in the Arm (Market Update)

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For Indian Economy, a Shot in the Arm (Market Update)

Source: Wall Street Journal

Sep 23, 2009

Summary

World Bank Gives a $4.3 Billion Booster

GOOD MORNING. Stocks in Asia closed lower today; U.S. futures are pointing to a flat start.

Governments are counting on infrastructure spending to lift their economies out of recession. And traders have been looking to China and India for much of the growth. China alone has committed to spending 80% of its $600 billion stimulus package on infrastructure. And the World Bank said Tuesday that it approved $4.3 billion in loans to India for projects to boost the country’s infrastructure and stimulus program. “Supporting infrastructure is particularly important during the current crisis,” said Roberto Zagha, World Bank Country Director for India in a statement.

India’s economy was roaring before the financial crisis, with growth hitting 9.7% in 2006-07. Now it’s more like 5-6%--sluggish by Indian standards. And analysts don’t expect India’s economy to improve much next year. Even when the economy was soaring, India badly needed basic infrastructure services. Nearly half the country doesn’t have access to electricity, the Wor

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