World Bank endorsed a five-year country partnership framework (CPF) for India a day after Prime Minister Narendra Modi said that the country would be a $5 billion economy by 2022, PTI has reported. This partnership will support India in becoming a higher middle-income country by providing finance for development activities. Higher middle-income countries have a per capita national income more than $12,056 as per World Bank.
“With a fast-growing economy, global stature, and its unique experience of lifting the highest number of poor out of poverty in the past decades, India is well-positioned to become a high middle-income country by 2030,” World Bank South Asia Vice-President Hartwig Schafer told PTI.
Country Director, World Bank (India), Junaid Ahmed told PTI in an exclusive interview about the preparation prior to the CPF endorsement. He said that first a systematic country diagnostic was carried out following which the CPF was brought into play.
Some of the analysis included, the challenges India faces for growth and the goals set by the world bank which are reduction in extreme poverty and the increase in shared prosperity.
Economic Affairs Secretary welcomed the decision taken by the World Bank in a statement. This partnership is likely to bring $25-30 billion in the form of funds to take up development works.
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