Ajay Banga, the president of the World Bank, stated on Thursday that India’s growth rate is the most impressive aspect of the global economy, with the local market playing a major role.
“There is no doubt that India’s growth rate is among the shiniest parts in the world economy. I think being able to grow at six, seven per cent and more in this kind of environment shows you that they’ve done a number of things to get there,” Banga told reporters ahead of next week’s annual meeting of the World Bank and the International Monetary Fund.
“A lot of that growth is in India, is driven by the domestic market as well, which actually is a healthy sign, in some ways. What India needs to work on as the prime minister laid out is things on quality of life, like air and the quality of water and the like,” he said.
“We are actively engaged with them on a number of topics to do with these, and I think we will see more results of those coming out in the coming months in terms of projects,” Banga said in response to a question.
According to Anna Bjerde, Managing Director for Operations at the World Bank, the bank is helping the government convert growth into sustainable development and jobs.
Given India’s enormous potential to boost female involvement, she emphasised the necessity of increasing female workforce participation.
The World Bank is also collaborating with India on urban development since there is a lot of room to improve the quality of the air, the water supply, and urban planning in cities.
