"If we look at the numbers, it clearly shows that we are trending up. That's really what we are hoping for, there are some signs that can actually make the credible scenario.

"I think the key for India is to recognise that India itself can do a lot and I think the results (second quarter GDP growth) we just had shows that it is actually possible," Ruhl told PTI on the sidelines of the CSR-CSO Bridge programme organised by CII.

According to the latest Government data, India's second quarter economic growth inched up to 4.8 per cent during the second quarter (July-September) of 2013-14, well above 4.4 per cent in the first quarter (April-June).

Ruhl said the World Bank was encouraged by the second quarter GDP numbers and sectors such as exports, agriculture and service were doing well. "It looks like exports are picking up, agriculture is doing well and the service sector is still going strong. It did show some good results of 4.8 per cent in the second quarter. We are really happy about that."

To a query on the world economic situation, Ruhl said there remained uncertainty because of the US Monetary Policy and that it is hard to predict the global situation. However, he said the markets had already factored in the US tapering programme.

"Of course, there is uncertainty because of what might happen to the monetary policy of the United States. Hard to predict really about that.

"My personal guess is that the market has already factored in (the US tapering programme). Everybody knows it will happen sometime in the future and therefore it would not be the same kind of surprise it was earlier this year," he said.

PTI