Essay Example on Country India Committee World Bank Delegate Topic

Country India Committee World Bank Delegate Topic Debt of developing countries Although India's debt clock is 1 1 trillion with an interest rate of 2 282 per second India's economy is rapidly advancing and as of 2015 India's economy surpassed China becoming a fast growing major economy The fiscal year of 2015 16 India's economy grew by 7 6 which lead to India topping the World bank's growth outlook for the first time While India's economy fell in the year 2016 17 from 7 6 to 7 1 a drastic fall it is still believed that the economy will rise again for the years 2018 2019 to 7 2 due to India's young population investing rates and healthy savings India's economy ranks fourth worldwide currently after China the European Union and the US India's rapid growth even after the Great Recession has reduced poverty by 10 in the past decade India's economy is currently stable but not completely immune to world threats For an economy which has emerged from problematic to being among the world's greatest economies there have certainly been issues in uplifting it 

Cyprus Germany France and UAE India's economy has been reported repeatedly as rapidly growing although being the world bank s top borrower from 1945 2015 and paying off the debt of 1 1 trillion 925 per citizen is incontrovertibly stress free Yet India is not able to do so because of poor tax collection rates corruption poverty in rural areas and lack of infrastructure India has been trying its best to come up with resolutions which will contribute in resolving the basic problems of India In many of the recent years India has been ranked amongst the worst countries with corruption including black money in which India topped the list in 2006 and bribe accompanied by absence of workers during work hours and large and inefficient bureaucracy budget consumption Even though taxes which will unify India in the market are put such as the GST tax collection rates are still poor In 2013 only 1 of the 1 23 billion people paid their taxes Many taxes are not paid and some tax collector officers are not regular and tend to laze around on their jobs The tax collected is used to pay off the debt as well as provide goods and services for the common citizens who due to the few percentage of the population that do not pay have to suffer as the government is not able to generate enough money to be of aid India does not invest a lot in infrastructure as it already has its hands full with corruption health care education taxes However India's economy is 60 services and therefore a need of infrastructure is imperative and shall help boost the country s investments In the imperative form the focal question is artless how to rid India of its debt of 1 1 trillion 

The solution is clear In order to pay off the debt the money is collected from investments and taxes mostly Therefore the government should enforce strict laws on tax collection and put a penalty if they are not paid Continuing India should work on developing its infrastructure Take up projects which will be of benefit in the far future and design structures that will attract other nations to invest in To combine it into one the Indian Bank should lower the interest rates so that manufacturers would borrow the money with content and construct something effective and efficient A tactic used by many other countries India should also cut spending s and raise taxes In assistance to the above resolutions India should also do Pro trade Pro business India ranks within the top 10 countries for organic production which they can trade and earn foreign currency from India supports all means of reducing its debt and looks forward to talking about it at the World Bank