Ajay Banga also said that a lot of India's growth is driven by the domestic market as well. (File)
WASHINGTON: India’s growth rate is one of the brightest parts in the global economy, World Bank President Ajay Banga said on Thursday, adding that a lot of it is driven by the domestic market.
“There is no doubt that India’s growth rate is one of the brightest parts in the world economy. I think being able to grow at six, seven per cent and above in this kind of environment shows you that they have done a lot of work to get there,” Banga told reporters ahead of the World Bank and International Monetary Fund’s annual meeting next week.
“A lot of this growth is in India, which is also driven by the domestic market, which is actually a healthy sign in some ways. The Prime Minister said that India needs to work on quality of life, such as air and water quality, etc,” he said.
“We are actively engaged with him on a number of topics related to these, and I think we will see more results in terms of projects in the coming months,” Banga said in response to a question.
Anna Bjerde, World Bank operations managing director, said the bank is supporting the government in transforming growth into jobs and sustainable development.
She stressed the need to increase female workforce participation as India has a huge potential to increase women’s participation levels.
The World Bank is also working with India in terms of urban development as there is a huge potential to make cities more liveable, whether it is in terms of air quality, water supply or urban planning.
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