New Delhi: A delegation of 11 executive directors from the World Bank, representing 95 countries, met with India’s Finance Minister, Nirmala Sitharaman. The executive directors shared their observations after visiting Mumbai, Ahmedabad, and Lucknow.
They appreciated India’s rapid development across all sectors, which has been made possible by transformational reforms and increased private sector participation. India has ambitious plans to become a developed country by 2047, and the World Bank executives acknowledged the progress made so far.
The success of India in digital technology and startups was also praised, with a particular focus on the delivery of essential public goods like water, electricity, and road infrastructure.
Sitharaman highlighted India’s efforts to empower communities for equitable growth, especially for the benefit of the poor. She mentioned that the reforms implemented since 2014 have enabled decentralization of planning, allowing states to set ambitious development goals and perform to their full potential.
The World Bank executives commended initiatives like the Goods and Services Tax (GST), Nari Shakti (Women’s Empowerment), and Fast Tags, which align with the vision of fast-paced development.
Sitharaman also emphasized India’s leading role in global sovereign debt round-table discussions, reforms in multilateral development banks, crypto regulations, and digital public infrastructure. She expressed India’s willingness to share its development experience and expertise with other countries and offer capacity-building support to those who can benefit from India’s experiences.