World Bank president Jim Yong Kim on Sunday said the Indian economy is expected to grow at 6.4 percent in 2015.
Emphasizing upon the potential that India has, Kim said there is much reason for optimism.
"We project that India will be a bright spot in otherwise mediocre global economic outlook. Its economy, according to our projections, is expected to grow 6.4 percent this year and even faster in 2016," Kim said while speaking at the Vibrant Gujarat Global Investors Summit here.
"In addition, Prime Minister (Narendra) Modi and his government are quickly putting in place the building blocks for even more rapid growth. Streamlining the national regulatory structure for example, using public funds more efficiently and promoting social inclusion," he added.
Kim further said the World Bank has a vision for implementing projects for sustainable and exclusive economic growth in the 21st century, which will only be possible when India, a home to more than 1.2 billion people, follows a path of rapid growth that benefits all Indians.
He said the World Bank would help India accelerate its economic growth.
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"Together the World Bank group and the Government of India will build on decades of effective collaboration, which includes iconic projects like the Green Revolution, the White revolution, the roads, bridges, and rail network that will link this vast land and campaigns to tackle polio, tuberculosis, HIV AIDS and leprosy," said Kim.
"We will offer technical expertise and share knowledge on a variety of issues central to the country's accelerated economic development," he added.
The World Bank chief also mentioned that over several decades, rapid growth of China has helped it put an end to the poverty of hundreds of millions of people.
"In the next decades, we believe that India can be the leader that guides us to the end of poverty. We are the first generation in human history that can eliminate extreme poverty from the face of the earth," Kim said.
"With the leadership of Prime Minister Modi, with the leadership of all of you here in this room today and most importantly, with the hard work of the people of this great country, we can unleash a movement that will remake history," he added.
Apart from UN Secretary General Ban Ki-moon and US Secretary of State John Kerry, several ministers from Europe, Japan, Australia and Canada and over 50 CEOs of top Indian as well as international companies are also participating in the Vibrant Gujarat Global Investors Summit.