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The World Bank has supported India since its independence by giving large loans for its economic development. Evaluate its role as a facilitator of developmental objectives. (250 words)

Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

5. The World Bank has supported India since its independence by giving large loans for its economic development. Evaluate its role as a facilitator of developmental objectives. (250 words)

Difficulty level: Moderate

Reference: InstaPedia

 

Why the question: The question is part of the static syllabus of General studies paper – 3 and mentioned as part of Mission-2022 Secure timetable.

Key Demand of the question: To write about the role of world bank as the facilitator of development in India.

Directive word: 

Evaluate – When you are asked to evaluate, you have to pass a sound judgement about the truth of the given statement in the question or the topic based on evidence.  You must appraise the worth of the statement in question. There is scope for forming an opinion here.

Structure of the answer:

Introduction: 

Start by explaining India’s relationship with World Bank since Independence.

Body:

In the first part, explain the ways the world bank has helped India since its independence – India is the largest recipient of loans from the World amounting to $102.1 billion, 77 The International Bank for Reconstruction and Development, a part of the World Bank group, has lent India $57.2 billion, and the International Development Association, a multilateral concessional lender World Bank, has loaned $49.4 billion to India over the last 70 years.

Also write about, World Bank’s close partnership with the and State Governments and other development partners – non-governmental organizations (NGOs), the private and the public including academics, scientists, economists, journalists, and local people etc. Mention the schemes launched with respect to the above.

Next, write about various limitations associated with world bank funds.

Conclusion:

Conclude with balanced opinion regarding the role of World Bank in India’s economic development.