World Bank President Ajay Banga recently spoke about one of the most promising factors in the world economy-the rapid growth India has been recording. Talking to reporters in Washington before the annual meetings of the World Bank and International Monetary Fund, he said: “One of the things that is maybe the most promising within the global economy is the very robust growth that’s being recorded by India at six to seven percent.”
According to Banga, one of the special features of the world economy is this great growth story that India has. For this he credits effective government strategies within the current global context. He stresses that growth is still fueled by domestic consumption and, thus marks a bright spot for the economy.
The whole quality of life of citizens and areas that need special attention emerged in his analysis as well. He mentioned the air quality problem and water supply issue. According to him, those are essential for sustainable development. Banga is optimistic regarding upcoming projects and an effort to address these issues with the government of India.
Reaffirming Banga’s sentiments, Anna Bjerde, Managing Director of Operations at the World Bank, said that the bank would like economic growth to mean more in terms of jobs and sustainable development. She also stated that India possesses immense unrealized potential in terms of increasing the contribution of women in the workforce-its share is significantly low. Adding women could further boost economic growth.
Bjerde further mentioned the World Bank efforts that aimed at improving the circumstances for urban development in Indian cities and upgraded its livability by cleaner air, better water supply, and comprehensive planning.
Amid the complexities of India’s economic landscape, the Banga and Bjerde messages reflect a shared vision for collaboration—both domestically and internationally—to achieve sustainable growth. Banga believes that India can face its challenges and take advantage of opportunities as it moves forward in economic terms.
