FM Nirmala Sitharaman discusses post-pandemic economic recovery, other issues with World Bank chief
Finance Minister Nirmala Sitharaman discussed the post-pandemic economic recovery, India's major role in the global fight against COVID-19 and preparations for the upcoming Climate Change Conference, among other issues during her meeting with World Bank President David Malpass.
Sitharaman met Malpass at the World Bank headquarters in Washington DC on Friday.
"Both sides discussed various issues, including #COVID #vaccination, #economicrecovery, preparations for #CoP26, an initiative of #WBG for increasing lending space for India, IDA 20 replenishment, knowledge partnership with @WorldBank," Finance Ministry said in a series of tweets.
During the meeting, Sitharaman shared the measures being taken by India to contain the spread of the second wave of COVID-19 pandemic, including the major role played by India in the global COVID-19 effort, the ministry said.
She appreciated the World Bank Group for their initiative for increasing lending space for India to enhance the availability of finance for development.
The minister also mentioned that the focus should be on technologies that need to be moved from lab to field and those that require targeted global research in the pursuit of low carbon growth.
She highlighted three broad suggestions, including strengthening #LighthouseIndia, #technology and a special focus on #FinancialSectorReforms and #infrastructure sector to strengthen the knowledge partnership with #WBG, it said.
Earlier, in her address to the Development Committee of the World Bank, she said India has not only faced the COVID-19 crisis with great resilience and fortitude but has also played a major role and "walked the talk" on the global fight against the pandemic.
She highlighted that the measures taken by the government have set a strong foundation for the country's sustained economic growth.
She said the Indian government, besides taking economic relief measures, has also undertaken significant structural reforms to turn the crisis into an opportunity and emerge stronger.
The minister also discussed the preparations for the upcoming Climate Change Conference in Glasgow.
From here, she will go to New York for an interactive session with the business community before flying back home. She started her week-long trip from Boston.
In addition to her meetings at the International Monetary Fund and the World Bank, Sitharaman had more than 25 bilateral engagements.
US brokerage Jefferies’ analysis shows that India is set to achieve economic growth between 2003 and 2010 when it averaged between 8.5 percent and 9 percent, up from 5.5 to six percent average before that.
(Additional background information has been added to this PTI copy for context)