World Bank Chief Ajay Banga praises India’s economic growth, says it has potential to grow beyond 8 % despite global economic headwinds

Asheville, September 02
Union Finance Minister Nirmala Sitharaman met World Bank President Ajay Banga on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, United States. The two leaders discussed further strengthening the India-World Bank Group partnership.

The discussions also covered a sector-based, programmatic approach to credit enhancement for infrastructure. Ms. Sitharaman highlighted India’s engagement with the World Bank Group on establishing a Global Digital Public Infrastructure Knowledge Hub in India, including exploring opportunities to leverage technology in areas such as agriculture.

In an interview, World Bank President Ajay Banga said, India has the potential to grow beyond its current 7 to 8 per cent trajectory. Mr. Banga described the country’s latest economic performance as robust despite global energy pressures, trade uncertainty and the impact of El Niño.

The World Bank chief said the latest growth figures reflected the strength of India’s underlying economy. The world bank president pointed to growth in services and exports along with sustained investment. He said India was doing substantial work on roads, bridges, airports, power, water and digitisation.