World Bank Country Director Emphasizes Need for Private Investment to Achieve 8% Growth in India

Dr. Auguste Tano Kouamé, the World Bank’s Country Director for India, emphasized the importance of increasing private investment alongside public investment to achieve an 8% growth rate for India. Speaking at an event organized by NCAER in New Delhi, Dr. Kouamé expressed optimism about India’s future growth prospects despite global challenges.

Dr. Kouamé highlighted that India’s current growth rate of 6.5% could potentially reach 8% with the right policy measures and a favorable global economic environment. He emphasized the need for conducive global conditions to support India’s growth ambitions.

Addressing concerns about the least-developed countries, Dr. Kouamé mentioned a consistent downgrade in growth forecasts for these nations by the IMF. He emphasized that India, as it globalizes and connects with the world, sees potential markets in these least-developed countries.

Currently, the World Bank projects India’s growth rate at around 6.5%, but Dr. Kouamé believes that unlocking the potential of existing assets, especially the female workforce, will be key to achieving a visionary growth trajectory.

Dr. Kouamé’s remarks echo those of the Chief Economic Advisor (CEA), who earlier expressed confidence in India’s potential to achieve an 8% growth rate in the Financial Year 2024 with the right policy environment.

In conclusion, Dr. Kouamé emphasized the importance of fostering private investment alongside public initiatives to drive India’s growth momentum. He underscored the significance of leveraging human capital, particularly empowering the female workforce, to realize India’s growth ambitions.

The World Bank India chief’s insights shed light on the pivotal role of economic policies and global conditions in shaping India’s growth trajectory amidst a challenging global landscape.