US President said Banga will also be integral in bringing together the public and private sectors, alongside philanthropies, to usher in the fundamental changes in development finance that this moment requires.
Banga was announced as the candidate for the post of president of the World Bank by US President Joe Biden earlier in February this year.
Recently, the World Bank and the Asian Development Bank projected moderation in Indian economic growth between 6.3 per cent and 6.4 per cent due to a slowdown in consumption and challenging external conditions.
Business news: In 2022, the prime minister had launched the National Logistics Policy (NLP) to ensure quick last-mile delivery, end transport-related challenges, save time and money of the manufacturing sector and ensure desired speed in the logistics sector.
Pakistan: The World Bank has claimed that the inflation rate in Pakistan can rise to 29.5 percent in the fiscal year 2023.
US President Joe Biden has nominated Ajay Banga, an Indian-American executive, to become the next President of the World Bank, continuing the tradition of the US holding the presidency.
Despite this, the World Bank report said India was one of the fastest-growing economies in the world despite significant challenges remaining in the global environment.
World Bank presidential nominee Ajay Banga tested COVID-19 positive during routine testing in New Delhi. He is currently quarantined in isolation.
US nominee for World Bank President Ajay Banga will meet with Prime Minister Narendra Modi as well as the Minister of Finance Nirmala Sitharaman and the Minister of External Affairs S Jaishankar.
President Joe Biden announced that Indian American Ajay Banga is uniquely equipped to lead the global institution at this critical moment.
Indian American Ajay Banga has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results, US President Joe Biden said in a statement.
Indus Waters Treaty: Following Islamabad's "intransigence" in resolving disputes, India has also sent a notice to Pakistan seeking a review and modification of the 62-year-old IWT for the management of cross-border rivers.
Pakistan's actions have adversely impinged on the provisions of IWT and their implementation, and forced India to issue an appropriate notice for modification of IWT, they said.
The World Bank report also noted that rising interest rates in developed economies like the United States and Europe will attract investment capital from poorer countries, thereby depriving them of crucial domestic investment.
Nirmala Sitharaman on subsidies: As an illustration, she said that by providing free LPG connections under the Pradhan Mantri Ujjwala Yojna over the last six years, the Indian Government has ensured that access to clean cooking methods has achieved near saturation for women in India.
Auguste-Tanoa-Kouame most recently served as the World Bank's Country Director for Turkey where he led the expansion of the bank's country programme and deepened its support to Ankara's climate agenda.
Indian Railways is the fourth-largest rail network in the world, transporting 1.2 billion tonnes of freight in the fiscal year ending March 2020.
In April, the World Bank had trimmed the forecast from 8.7 per cent to 8 per cent and now it is projected at 7.5 per cent. The GDP growth compares to an 8.7 per cent expansion in the previous 2021-22 fiscal.
Recent media reports have inaccurately stated that the World Bank is planning support for Sri Lanka in the form of a bridge loan or new loan commitments, among other incorrect assertions, the Bank said in a statement.
In her first public appearance before the Atlantic Council think-tank, the finance minister told a select group of Washington audience about how the people together with the Indian government successfully faced the challenge posed by COVID-19 and the subsequent lockdowns.
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