World Bank finds sense in CMP

The World Bank on Thursday said the Common Minimum Programme (CMP) of the UPA government ‘‘makes good sense’’ while stat...

The World Bank on Thursday said the Common Minimum Programme (CMP) of the UPA government ‘‘makes good sense’’ while stating that the implementation of the CMP is the most critical issue.

Stressing there was a need to keep a strong check on the fiscal deficit, the World Bank added that the economy could at least grow by 6 per cent in the long term.

Taking a cue from the upswings in international markets, the Asian Development Bank (ADB) said India could achieve 7 per cent growth over the next two years if there were no ‘‘unprecedented’’ shocks.

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Talking to reporters, World Bank Country Director Michel Carter said, ‘‘the CMP makes good sense but its implementation will be the critical issue.’’ Carter was speaking to reporters on the sidelines of a seminar jointly organised by World Bank and ICRIER.

India’s high growth could be the ‘key underlying factor behind the regional performance, he said, quoting the World Bank’s Global Development Finance Report 2004.

	High fiscal deficit not sustainable: IMF

			• WASHINGTON: The IMF has warned that India’s high fiscal deficit was ‘‘not sustainable. IMF’s first Deputy Managing Director Anne O Krueger said a more efficient revenue collection and tax administration, a wider tax base and reduction in subsidies would help improve the fiscal position —PTI

He said ‘reform with a human face’ showed that the new government attached high emphasis on infrastructure, especially on investments in education and public health, but the problem of rising fiscal deficit could not be wished away.

About the growth prospects for this fiscal in view of the 7-8 per cent growth expected by the government, Carter said he would rather take a view on a long-term basis where the ‘‘lower end growth could be 6 per cent.’’ On the upper band, he said, it could be 7-8 per cent or even more depending on the global and domestic scenario.

Chief Minister Sukhvinder Singh Sukhu has expressed grief over the accident and directed the officials to expedite the rescue operations, an official statement issued here said.

18 killed in Himachal as landslide hits bus: ‘whole mountain came crashing down’

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A massive landslide in Himachal Pradesh's Bilaspur district struck a private bus, resulting in the death of at least 18 passengers. The accident occurred in the Bhalughat area and rescue operations are ongoing with slim chances of survival. Chief Minister Sukhvinder Singh Sukhu expressed grief and directed officials to expedite rescue efforts. Intermittent rains have been hindering the operations.

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