‘India’s growth rate is among the shiniest parts of the global economy’: Ajay Banga

World Bank President Ajay Banga. File | Photo credit: Reuters

India’s growth rate is among the shiniest in the global economy, World Bank President Ajay Banga said on Thursday (Oct 17, 2024), noting that much of this is driven by the domestic market.

“There is no doubt that Indian growth is among the most promising parts of the global economy. I think the fact that we can grow at six, seven percent and more in these kinds of circumstances shows that they have done some things to get there,” Mr Banga told reporters ahead of the World Bank’s annual meeting of next week. the International Monetary Fund.

“A lot of that growth is happening in India and is also driven by the domestic market, which in some ways is actually a healthy sign. What India needs to work on, as the Prime Minister has outlined, is quality of life issues like air and water quality and so on,” he said.

“We are actively engaging with them on a number of topics related to this, and I think we will see more results on these topics in terms of projects in the coming months,” Mr Banga said in response to a question.

Anna Bjerde, Managing Director of Operations at the World Bank, said the bank is supporting the government in converting growth into jobs and also into sustainable development.

Also read: Growth matrix: about the performance of the economy

She underlined the need to increase women’s participation in the labor market as India has immense potential to increase women’s participation.

The World Bank is also working with India on urban development, because there is so much potential to make cities more liveable, whether in air quality, water supply or urban planning.