Union Finance Minister Nirmala Sitharaman held discussions with World Bank President Ajay Banga on strengthening cooperation between India and the World Bank Group during their meeting on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, United States.
The meeting focused on expanding the India-World Bank Group partnership, with both sides exploring areas where greater cooperation could support India's infrastructure and development priorities.
A key issue discussed was the adoption of a sector-based, programmatic approach to credit enhancement for infrastructure projects. Such an approach could help improve access to financing for major infrastructure initiatives and support the country's efforts to expand and modernise its physical infrastructure.
Sitharaman also highlighted India's engagement with the World Bank Group on the proposed establishment of a Global Digital Public Infrastructure Knowledge Hub in India. The initiative is aimed at sharing India's experience with digital public infrastructure and exploring ways in which technology can be applied to development challenges.
During the discussions, agriculture emerged as one potential area for greater technology-led cooperation. India has developed large-scale digital platforms and public infrastructure in several sectors, and the proposed knowledge hub could provide opportunities to explore their application in areas such as agriculture and service delivery.
Banga, meanwhile, expressed confidence in India's economic prospects, saying the country has the potential to grow beyond its current trajectory of around 7 to 8 per cent.
In an interview, the World Bank president described India's recent economic performance as robust despite a challenging global environment. He pointed to pressures arising from energy prices, trade uncertainty and the effects of El Niño, noting that the Indian economy had demonstrated considerable resilience in the face of these external headwinds.
According to Banga, India's latest growth performance reflects the strength of the underlying economy. He highlighted the contribution of the services sector and exports, along with continued investment activity, as important drivers supporting economic expansion.
The World Bank chief also drew attention to India's ongoing infrastructure development. He said substantial work was being undertaken across sectors including roads, bridges, airports, electricity and water supply, while digitisation was also emerging as an important component of the country's development strategy.
The comments come as India continues to pursue higher economic growth through infrastructure investment, technological innovation and deeper integration with global markets. Cooperation with multilateral institutions such as the World Bank could play an important role in mobilising finance, strengthening project delivery and supporting new development models.
The Sitharaman-Banga meeting therefore underscored the broadening scope of India-World Bank cooperation, extending beyond conventional development financing to infrastructure credit enhancement, digital public infrastructure and technology-driven solutions for sectors such as agriculture.
Leave Your Comment