NEW DELHI, February 22, 2023 – Today, World Bank Group President David Malpass met with Prime Minister Narendra Modi of India.
President Malpass commended India on maintaining solid growth during the global slowdown and encouraged further progress to improve the business enabling environment and advance India’s energy transition.
President Malpass and Prime Minister Modi discussed India in “Amrit Kaal” and the goal to achieve and sustain 8% growth as India approaches the 100th anniversary of its independence in 2047. President Malpass noted the importance of increasing private sector investment and commercial credit growth as India builds competitiveness in global value chains. President Malpass encouraged expanded capital markets and more pathways to de-listing of companies as steps to attracting large new inflows of foreign direct investment.
President Malpass and Prime Minister Modi also discussed the role and cost of various subsidies and the importance of targeted support for small farmers and vulnerable sectors. President Malpass welcomed the government’s new budget and the recent stability of the rupee, which are both key steps to fast and sustainable growth. President Malpass expressed the World Bank Group’s support for increased female labor force participation, expanded infrastructure, green finance, sustainable agriculture, and renewable energy. President Malpass and Prime Minister Modi also discussed agricultural policies that could increase efficiency and crop yields while better utilizing scarce water and electricity resources, and the LiFE initiative for environmental awareness around the world.
Looking ahead to the G20 summit hosted by the Government of India, President Malpass and Prime Minister Modi discussed India’s priorities, action on debt for low-income countries and vulnerable middle-income countries, and the role and evolution of international finance institutions.