World Bank has warned India that its growth prospects are weakened by high fiscal deficits and slow reforms, and the country needs to accelerate poverty reduction efforts, especially in UP, Bihar and MP, to meet the millennium development goals. "India's growth prospects are weakened by excessive high fiscal deficits, resulting in one of the highest levels of public debt in its history, a slowdown in the implementation of structural reforms and a financial system that is successful at mobilising savings but not in efficient allocation,' the Bank said in its mid-term progress report for 2001-04.