India, as the fastest growing economy in the world, has managed to get public support from World Bank under its five-year Country Partnership Framework (CPF) to move the country to high-income from low-middle income category.
The key focus in this initiative by world bank is to focus on leveraging resources, employment growth, human resource development and inclusive growth. Under the framework, the world bank might provide a financial assistance of ₹2500 crores by getting help from the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
Hartwig Schafer, World Bank South Asia vice president said, “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,”
In an exclusive interview to PTI, Junaid Ahmad, Country Director, World Bank, India stated, “It’s a five-year framework that commits the World Bank’s engagement in India, both in areas where what we’ll do, how we will work in these areas and the level of financial commitment. This is the first country partnership framework written with India.”, reported NDTV.