On Thursday, World Bank President David Malpass met with Prime Minister Narendra Modi.
President Malpass commended India for maintaining solid growth despite the global slowdown and encouraged further progress to improve the business-enabling environment and advance the energy transition during the meeting. Malpass is in India for a meeting of G20 finance ministers and central bank governors.
Prime Minister Modi and Malpass discussed India in terms of “Amrit Kaal,” or the goal of achieving and maintaining 8% growth as the country approaches its 100th anniversary of independence in 2047.
President Malpass emphasised the importance of increasing private sector investment and commercial credit growth as India strives to become more competitive in global value chains.
Malpass advocated for the expansion of capital markets and the creation of more avenues for companies to delist in order to attract large amounts of new foreign direct investment.
Malpass and Prime Minister Modi also talked about the role and cost of various subsidies, as well as the importance of targeted assistance for small farmers and vulnerable sectors.
WB President Malpass praised the government’s new budget and the rupee’s recent stability, both of which are critical steps towards fast and sustainable growth. He expressed support for increased female labour force participation, expanded infrastructure, green finance, sustainable agriculture, and renewable energy.
WB President and Prime Minister Modi also discussed agricultural policies that could increase efficiency and crop yields while better utilising scarce water and electricity resources, as well as the LiFE initiative to raise global environmental awareness.
In preparation for the G20 summit, President Malpass and Prime Minister Modi discussed India’s priorities, debt relief for low-income and vulnerable middle-income countries, and the role and evolution of international financial institutions.
