India’s vision for development appreciated in World Bank Group meeting

Eleven Executive Directors (EDs) of the World Bank Group, representing 95 countries, convened with Union Finance Minister Nirmala Sitharaman in New Delhi on Thursday. During their visit to India, they also explored Mumbai, Ahmedabad, and Lucknow. The Ministry of Finance reported that the officials were keen to discuss their observations and insights with Sitharaman.

The Executive Directors expressed admiration for India’s fast-paced development in various sectors. They highlighted the transformative reforms and the prominent role of the private sector in India’s goal of becoming a developed nation by 2047. The progress observed is a reflection of India’s robust policies and a commitment to comprehensive growth.

Specifically, the World Bank officials appreciated India’s success in digital technology, startups, and the efficient delivery of public goods such as water, electricity, and road infrastructure. They acknowledged the tremendous strides made by the country in modernizing essential services and enhancing the overall quality of life for its citizens.

Finance Minister Sitharaman detailed India’s concentrated efforts on empowering the poor and creating opportunities through equitable growth. She outlined the key reforms since 2014 that have fostered decentralized planning, enabling states to set ambitious development targets and perform optimally. This approach has been instrumental in India’s dynamic transformation.

The Executive Directors praised the clarity of India’s political leadership’s vision, with particular admiration for initiatives like GSTNariShakti, and FastTags. These efforts resonate with India’s ambition for fast-paced development and demonstrate the commitment of the leadership to progress and innovation.

Union Finance Minister Sitharaman further emphasized India’s leadership role in the Global Sovereign Debt Roundtable, Multilateral Development (MDB) Reforms, crypto regulations, and Digital Public Infrastructure (DPI). She expressed India’s willingness to share its development experience to benefit other countries, reaffirming India’s position on the global stage.

Under the guidance of Prime Minister Narendra Modi, India has risen to become a superpower and one of the top five global economies. The forward-looking policies have catalyzed growth in every aspect of the country’s development, setting it apart from the stagnation seen during the seven decades of Congress rule. The EDs’ appreciation serves as a testament to the renewed vigor and ambition that India has demonstrated under the current leadership.