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July 20, 2023
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‘India came out of pandemic relatively stronger’

World Bank chief says gains made on poverty over the last three to four decades the world over took a little hit due to the pandemic and climate change…reports Asian Lite News

India has come out of the pandemic relatively stronger, said World Bank chief Ajay Banga, who is currently in India, and noted maintaining the momentum in economy will be the best way to tackle poverty and buoy growth.

Indian-American Banga, who began his five-year term as World Bank Group President on June 2, 2023, visited a skill centre facility here in Dwarka, where he interacted with students enrolled in various skill development programs. The executive directors of the World Bank selected Banga as the 14th President of the Bank for a five-year term in May this year.

“I think India has had an advantage over tackling poverty as its economy has been growing, India had a year or two of challenges during the pandemic, but India has come out of it relatively strong…The best way to tackle poverty is growth in jobs,” said Banga here in the national capital on being asked to comment on a Niti Aayog report which showed 13.5 crore Indians escaping poverty in past five years.

The Niti Aayog report titled ‘National Multidimensional Poverty Index: A Progress Review 2023’ was released on Monday. The report stated as many as 13.5 crore individuals in India moved out of multidimensional poverty between 2015-16 and 2019-21.

Banga further said the gains made on poverty over the last three to four decades the world over took a little hit due to the pandemic and climate change, and higher debt in some countries.

“The best way to drive a nail in the coffin of poverty is growth. And jobs every other way, is you have to provide skilling for those jobs. You have to provide education for those jobs. You have to provide health care for people grow up,” Banga said.

India, he noted, is focused on both growth and jobs.

“So I’m actually more optimistic today with all the infrastructure investment that has been going on with all the investment with digital and physical infrastructure (here in India),” he said.

Jaishankar, Banga discuss concerns of Global South

Meanwhile, External Affairs Minister S Jaishankar and Banga held discussions on “India’s endeavours to empower regional connectivity” and the “concerns of the Global South.”

Indian-American Ajay Banga, who is in Gandhinagar in Gujarat to attend the third G20 Finance Ministers and Central Bank Governors Meeting, met Jaishankar on Wednesday and talked about India’s endeavours to “propel larger development.” “Delighted to meet @worldbank President Ajay Banga during his India visit. Appreciate World Bank’s support for India’s G20 Presidency. Discussed India’s endeavors to strengthen regional connectivity, promote regional prosperity and propel larger development. Also exchanged views about the concerns of the Global South,” tweeted Jaishankar after the two leaders met.

On Monday this week, Banga said that he is more optimistic today about India economically than he has been for a long time and lauded the government’s initiatives towards digitization of infrastructure.

He also referred to IMF and World Bank predictions about the world getting a little challenging for a year or so and asserted that a forecast is not destiny.

In an exclusive interview with ANI on the sidelines of the meeting, Banga said digitisation has made it easier for people to access services and he is a “big fan” of it.

“You can’t just do digitization of lending without digitizing the infrastructure. What India has done over the last 15-20 years, it is digitising the infrastructure. And that is enabling all these terrific applications to be built, which makes it easier for people to access services online. So I’m a big fan of it,” he said.

“I am more optimistic today about India as a whole, economically, than I have been for a long time,” he added.

Banga is the first person of Indian origin to head either the World Bank or the International Monetary Fund. Banga, a finance and development expert, took over as World Bank President last month.

The executive directors of the World Bank selected Banga as the 14th President of the Bank for a five-year term in May this year.

FM meets World Bank President

Finance Minister Nirmala Sitharaman also met Banga on Wednesday, and discussed deepening of partnership to secure tangible outcomes at the G20 Leaders’ Summit scheduled to take place in September.

“Union Finance Minister Smt. @nsitharaman and World Bank Group @WorldBank President, Mr. Ajay Banga, today in New Delhi. President @WorldBank congratulated the Union Finance Minister for the successful G20’s 3rd Finance Ministers and Central Bank Governors #G20FMCBG meeting in Gandhinagar,” the Finance Ministry said in a series of tweets.

“FM Smt. @nsitharaman appreciated the excellent support of @WorldBank for #G20India Presidency and looked forward to further deepening of this partnership to secure tangible outcomes at the Leaders’ Summit in September,” it added.

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