Domestic consumption cushioning India from global headwinds: Banga
India doing lot of things which are helping it to stay ahead in times of global slowdown: WB Chief
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New Delhi Domestic consumption provides natural cushion to the Indian economy against the global slowdown as bulk of the country’s GDP depends on local demand, said World Bank President Ajay Banga here on Wednesday. Talking to reporters after meeting Union Finance Minister Nirmala Sitharaman, Banga said he discussed issues related to G20 and cooperation between the World Bank and India.
“We talked about everything we did at G20 and how the meeting went. We talked about what the World Bank and India can do further as well as G20 part of it. India is the largest market for the World Bank in terms of our portfolio here. There is a lot of interest here,” he said.
On world economy outlook, the World Bank President said there is more risk on the downside in terms of a slowdown in the early part of next year. However, he said, “India gets a lot of its GDP from domestic consumption.”
