A contest was thrown open for 6 best idea flows from students for the following slogan: aImagine you are the Chief Economist of the largest lending institution to developing countries. Faced with the hefty ideals of reducing poverty and improving living standards, your strategy for India would be_________.” The best ideas were to be presented to the senior management at World Bank, Delhi.
Addressing students, Mr. V. J. Ravishankar, Lead Economist of World Bank said, aIndia has supported the World Bank with its objectives of operational, fiscal and fiduciary efficiencies thereby ensuring increased loan sanctions. The World Bank has been assisting states and Governments in development activities. Being the most mineral rich state compared to the other states in the union the Government of Orissa has received financial support from the World Bank for its development projects and activities.a
The World Bank has diversified its product offering to include Development loans with an added feature which enables states to initiate the process and take final onus to secure funding for various growth maximization projects. Earlier, loans were sanctioned only on proposal /project submissions by the Central Government. Chief Minister of Andhra Pradesh, Chandrababu Naidu, was the first to opt for the product. While reviewing project assessment and growth areas, it was found by the World Bank that demand for this kind of product was low, in fact, negligible in most of the Indian states. But soon the state of Uttar Pradesh forayed for the scheme; this was a boon for the World Bank.