NEW DELHI, February 22, 2023 – Today, World Bank Group President David Malpass met with Nirmala Sitharaman, Minister of Finance and Corporate Affairs of India.
President Malpass commended India on maintaining solid economic growth and its goal for Amrit Kaal of 8% growth. President Malpass also encouraged further progress to improve the business enabling environment, advance India’s energy transition, and pursue India's competitiveness in global value chains through policies that stimulate the private sector and support the growth of MSMEs.
President Malpass welcomed Minister Sitharaman's Union Budget 2023-24 - the first in Amrit Kaal - which reduces subsidies, targets a reduced central government fiscal deficit, continues the shift towards capital expenditures, and maintains the decline in the share of the budget's current spending.
President Malpass and Minister Sitharaman discussed India’s G20 Finance Track priorities, including strengthening multilateral development banks to better address global public goods and serve all clients, including middle-income countries.
President Malpass and Minister Sitharaman exchanged views ahead of the Global Sovereign Debt Roundtable to be hosted by the World Bank, the Government of India, and the International Monetary Fund later this week, and noted the importance of faster action to address debt vulnerabilities of developing countries.
President Malpass and Minister Sitharaman also discussed the evolving relationship between the World Bank Group and India toward greater impact through operations targeting reforms, increased private capital facilitation, a more effective knowledge partnership among Indian states, and additional opportunities for diversifying the sources of knowledge worldwide.