New Delhi: India’s domestic consumption contributes a lot to the country’s GDP. Even in tougher times, it can survive considering it is more domestic consumption-oriented, says World Bank President Ajay Banga post meeting Union Finance Minister Nirmala Sitharaman in Delhi.

Banga further talked about inflation and said, while it was anticipated that the global economy to witness difficulties, it proved to be tough and “Forecast is not destiny.”

Meanwhile, he talked about the global slowdown in manufacturing goods and services and that it was the local consumption which helped India in surviving.

Adding further, Banga highlighted the significance of optimum utilisation of available funds.

Regressing impacts of Covid-19 on schools

Banga further mentioned about school closures have been a global thing during the Covid-19. People across the globe share the feeling of loss, he added.

#WATCH | The money we need for renewable energy resources is in a trillion dollars. We cannot pool such a huge amount with the government’s help. We need to involve the private sector: Ajay Banga, World Bank President pic.twitter.com/MGf35IyYU9

— ANI (@ANI) July 19, 2023

World Bank to invest $1 billion  

Talking about the investment plans, Banga told about the World Bank’s plan to invest $1 billion, which will eventually generate $ 5-7 billion worth of returns.

Adding further, he said that the enhanced renewable energy would contribute $1 trillion worth of growth to the global economy.

Ajay Banga is the first India origin president of the World Bank. He started his five-year term in June 2023. In the past Banga has served as the president and Chief Executive Officer of MasterCard for 11 years.