New Delhi: India’s domestic consumption contributes a lot to the country’s GDP. Even in tough times, it can survive by being more domestic consumption-oriented, World Bank President Ajay Banga said after meeting Union Finance Minister Nirmala Sitharaman in Delhi.
Banga further talked about inflation and said, while it was predicted that the global economy would face difficulties, it proved difficult and “predicting is not destiny.”
Meanwhile, he talked about the global slowdown in manufacturing of goods and services and said it was local consumption that helped India survive.
Adding further, Banga highlighted the importance of optimum utilization of available funds.
Re-Effect of Covid-19 on Schools
Banga further pointed out that school closures during COVID-19 have been a global phenomenon. He said people all over the world share a sense of loss.
#Watch , The amount of money we need for renewable energy resources is in the trillions of dollars. We cannot collect such a huge amount with the help of the government. We need to involve the private sector: Ajay Banga, World Bank President pic.twitter.com/MGf35IyYU9
— ANI (@ANI) 19 July 2023
World Bank to invest $1 billion
Talking about the investment plans, Banga mentioned about the World Bank’s plan to invest $1 billion, which would eventually yield a return of $5-7 billion.
Adding further, he said that increased renewable energy would contribute to an increase of $1 trillion in the global economy.
Ajay Banga is the first Indian-origin President of the World Bank. He begins his five-year term in June 2023. Prior to this, Banga served as President and Chief Executive Officer of Mastercard for 11 years.