‘Sustained growth can eradicate poverty’

He added that India has an advantage due to its economic growth, though the global fight of 40 years against poverty got impacted due to the Covid pandemic and high-interest rates.
President of the World Bank Ajay Banga (File photo | AP)
President of the World Bank Ajay Banga (File photo | AP)

NEW DELHI: India can get rid of poverty if it maintains the current growth momentum and creates jobs, World Bank President Ajay Banga said on Wednesday. He said the country has come out relatively strong from the two years of challenging times of Covid while stressing the need for skill-building and education. As per Banga, most countries would be elated with the over 7% growth rate that India registered in FY23.

“India has had an advantage over poverty as your economy has been growing. You had a year or two of challenges during the pandemic; you’ve come out of it relatively strong. If you can maintain this momentum, the best way to drive a nail in the coffin of poverty is growth,” Banga said. He added that India has an advantage due to its economic growth, though the global fight of 40 years against poverty got impacted due to the Covid pandemic and high-interest rates.

“I am more optimistic about today than I was in the past few years, considering all the investment in digital and physical infrastructure. India is focused on growth and that makes me optimistic,” Banga said while sharing his perspective on India’s economic growth. Finance Minister Nirmala Sitharaman and Banga met in the capital on Wednesday. They discussed India’s sectoral priorities including municipal financing, logistics, and recycling of water, among others.

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