Asheville, September 2: India is making significant strides in sectors like roads, airports, and digitization, with the potential to push its economic growth rate beyond the current 7-8 percent. This statement was made by World Bank President Ajay Banga.
Banga’s remarks come at a time when India has achieved a growth rate of 7.8 percent in the first quarter of fiscal year 2027, despite global instability.
In an exclusive interview with a news agency on the sidelines of the G20 finance ministers’ meeting, Banga highlighted that the latest growth figures reflect the resilience of the Indian economy.
He stated, “India is consistently achieving growth rates between 7 and 8 percent, which is commendable, and I believe there is room for further advancement.”
Banga also noted the continuous investment in the country, alongside increases in the service and export sectors.
He added, “The 7.8 percent growth rate is supported by significant growth in both the service sector and exports. The level of investment remains strong, which indicates that India has performed remarkably well.”
The World Bank chief emphasized that the focus should extend beyond a single quarter, aiming to translate this growth into employment and opportunities for the youth.
He remarked, “I believe India has a great opportunity to advance through private sector investment and job creation. It is essential to convert all these factors into opportunities, hopes, and aspirations for the youth.”
Additionally, Banga outlined three critical elements necessary for job creation: physical and human infrastructure, regulatory reforms, and mobilizing private capital.
He mentioned that while India is excelling in areas such as roads, bridges, airports, electricity, water, and digitization, there is a need for further progress in education, skills development, and healthcare.
He concluded, “I think there is a need to enhance the entire skilling and education system in India to align with future job requirements and the needs of the private sector.”
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