India has one of the ‘shiniest’ economic growths: World Bank chief

India has had one of the “shiniest economic growths” in the world, much of it driven by the domestic market, World Bank president Ajay Banga has said.

“There is no doubt that India’s growth rate is among the shiniest parts in the world economy,” Banga said in Washington ahead of next week’s annual meeting of the World Bank and the International Monetary Fund (IMF).

“I think being able to grow at six, seven per cent and more in this kind of environment shows you that they’ve done a number of things to get there,” he said.

India’s domestic market

Banga noted that a lot of the growth in India was driven by the domestic market. This, he said, was a healthy sign.

“What India needs to work on … is things on quality of life, like air and the quality of water and the like,” he said.

“We are actively engaged with them on a number of topics to do with these, and I think we will see more results of those coming out in the coming months in terms of projects,” Banga said.

Support for India

World Bank managing director for operations Anna Bjerde said the bank was supporting the government in turning the growth into jobs as well as sustainable development.

She underscored the need to increase females in the workforce.

The World Bank was also working with India on the urban development side as there was so much potential to make cities much more liveable vis-à-vis air quality, water supply or urban planning.



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