Ajay Banga In India: Domestic Consumption A Cushion Against Global Slowdown

NEW DELHI, (IANS) – World Bank president Ajay Banga on July 19 met Foreign Minister S. Jaishankar and discussed ways to strengthen regional connectivity.

“Discussed India’s endeavors to strengthen regional connectivity, promote regional prosperity and propel larger development,” Jaishankar tweeted after the meeting.

He said they exchanged views about the concerns of the Global South.

Earlier Banga had also met Finance Minister Nirmala Sitharaman.

Domestic consumption provides a natural cushion to the Indian economy against global slowdown as the bulk of the country’s GDP depends on local demand, he had told reporters after meeting her.

“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 had said.

He said that India has come out strong from the challenges posed by the Covid pandemic, but the momentum needs to be maintained.