NEW DELHI: Domestic intake supplies herbal cushion to the Indian financial system in opposition to the worldwide slowdown as bulk of the rustic’s GDP will depend on native call for, stated World Bank President Ajay Banga right here on Wednesday.
Talking to newshounds after assembly Union Finance Minister Nirmala Sitharaman, Banga stated he mentioned problems associated with G20 and cooperation between the World Bank and India.
“We talked about everything we did at G20 and how the meeting went. We talked about what the world bank and India can do further as well as G20 part of it. India is the largest market for the World Bank in terms of our portfolio here There is a lot of interest here,” he stated.
On international financial system outlook, the World Bank President stated there’s extra chance at the problem on the subject of a slowdown within the early a part of subsequent 12 months.
However, he stated, “India gets a lot of its GDP from domestic consumption. So even if the world would slow down for a few months, India has a natural cushion by the fact that it is more domestic consumption oriented.”
India-born Banga is right here to wait the conferences of the G20 being held underneath India’s presidency.
With regard to outlook on international financial system, he stated, “I think we did better than we all thought. But I still feel that there’s more risk on the downside in terms of a slowdown over the early part of next year. In the G20 meeting, forecasts are not destiny and so you shouldn’t just think that the forecast is right. Think about what can be done.”
Banga, 63, took over because the president of the World Bank ultimate month, turning into the primary individual of colour to move both of the 2 international monetary establishments — the World Bank and the International Monetary Fund.
Banga is on his first seek advice from to India after taking up the rate of the worldwide lender.
Talking to newshounds after assembly Union Finance Minister Nirmala Sitharaman, Banga stated he mentioned problems associated with G20 and cooperation between the World Bank and India.
“We talked about everything we did at G20 and how the meeting went. We talked about what the world bank and India can do further as well as G20 part of it. India is the largest market for the World Bank in terms of our portfolio here There is a lot of interest here,” he stated.
On international financial system outlook, the World Bank President stated there’s extra chance at the problem on the subject of a slowdown within the early a part of subsequent 12 months.
However, he stated, “India gets a lot of its GDP from domestic consumption. So even if the world would slow down for a few months, India has a natural cushion by the fact that it is more domestic consumption oriented.”
India-born Banga is right here to wait the conferences of the G20 being held underneath India’s presidency.
With regard to outlook on international financial system, he stated, “I think we did better than we all thought. But I still feel that there’s more risk on the downside in terms of a slowdown over the early part of next year. In the G20 meeting, forecasts are not destiny and so you shouldn’t just think that the forecast is right. Think about what can be done.”
Banga, 63, took over because the president of the World Bank ultimate month, turning into the primary individual of colour to move both of the 2 international monetary establishments — the World Bank and the International Monetary Fund.
Banga is on his first seek advice from to India after taking up the rate of the worldwide lender.