In a 'knowledge sharing' session topics on social investment and developmental products of the World Bank were shared with the students.
Beginning with a brief introduction of World Bank history and its initial operations in India the lecture further delved into the two forms of credit -- social investment and the developmental products, given in the form of loans to member countries. The session was followed by interesting questions from students.
A contest was thrown open for 6 best idea flows from students for the following slogan: "Imagine 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, "India 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."
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.
Responses from LIBA students: If I were the Chief Economist of the World Bank, my strategy for India would be
To increase productivity by encouraging more PPP's, give importance to rural empowerment by promoting the business of rural handicrafts through active SHG participation.
(Surjit Das)
To work on Inclusive Growth with emphasis on education, agriculture, infrastructure and accountability of public services so as to credit a SMILE to everyone's account.
(Gurpal Singh)
To propose measures to improve living conditions of the lower strata population, dedicate monetary resources to education, and work towards elimination of unemployment.
(Prosenjit Chakraborty)
Enabling people below povery line with access to credit without collaterals; this could be best done by providing financial support to various microfinance organizations working in India.
(Ravi Ranjan)
To persuade government to implement agricultural reforms; extend credit to infrastructure projects; increase accountability at least in World Bank funded projects.
(Ankesh Tyagi)
To encourage India to impress upon the world community the need forEnergy management at micro and macro levels by harnessing sustainable/renewable sources of energy.
(Vivek Somani)
