Development Committee - Statement by Ms. Anuradha Thakur at the 112th Meeting (October 16, 2025)

Jul 19, 2026

Statement delivered by Ms. Anuradha Thakur, Secretary Economic Affairs, Ministry of Finance, India, representing Bangladesh, Bhutan, India, and Sri Lanka, at the 112th Development Committee meeting in Washington, DC on October 16, 2025. The statement extends condolences for last year’s global natural disasters and reviews global macroeconomic conditions, including slow growth and easing inflation. It highlights World Bank reforms, urging a faster, more inclusive agenda with stronger voice for developing countries, greater capital and pricing reforms, and job-focused strategies. It also requests a timebound action plan addressing job quality, regional differences, reskilling needs amid AI and automation, and scaled-up financing tools to meet employment demand.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages6

Reading Time15 min

Condolences and global outlook

Growth, inflation, and economic uncertainty

World Bank reforms and reform priorities

Voice, voting power, capital increase, and knowledge solutions

Jobs focus and implementation gaps

Job quality, regional differences, reskilling for AI/automation

Country remarks: India

GDP growth, inflation, and fiscal glide path

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fund on the Transfer of Real Resources to Developing Countries) ONE HUNDRED AND TWELFTH MEETING WASHINGTON, DC – OCTOBER 16, 2025 DC/S/2025-0054 October 16, 2025 Statement by Ms. Anuradha Thakur Secretary Economic Affairs Ministry of Finance India Representing the Constituency of Bangladesh, Bhutan, India, and Sri Lanka Statement by Ms. Anuradha Thakur Secretary Economic Affairs Ministry of Finance India Representing the Constituency of Bangladesh, Bhutan, India, and Sri Lanka 112th Meeting of the Development Committee October 16, 2025 Washington, DC 1. I extend my heartfelt condolences to the families and communities impacted by the devastating natural disasters worldwide last year. India stands in solidarity with the peoples and governments of these nations as they navigate the difficult path of recovery and rebuilding. 2. The global economy today continues to grapple with significant uncertainty and volatility. Geopolitical dynamics and trade tensions have intensified vulnerabilities across economies. 3. The Global Economic Prospects Report, published by the World Bank in June 2025, projects global growth to be 2.3 percent in 2025, the slowest rate since 2008. In 2025-26 and 26-27, global economic growth is projected to be 2.4 percent and 2.6 percent, much below the historical (2000– 19) average of 3.7 percent. 4. Global inflation is expected to be 2.9percent in both 2025 and 2026, before easing to 2.5 percent in 2027. Inflation expectations have picked up at the shorter horizon due to the expected impact of the tariff rise. However, there is significant heterogeneity across countries, with inflation projections revised slightly lower in EMDEs in 2025 due to weaker demand for traded goods. 5. Over the past year, the World Bank Group has made progress towards becoming a faster, more efficient, and impactful institution as envisioned in the evolution roadmap and the G20 Independent Expert Group’s (IEG) recommendations on MDB reforms. The reforms undertaken in the past year are a testament to its commitment to change. But the journey is far from complete. As representatives of the developing world, our constituents urge the Bank to continue its transformation-becoming faster, more flexible, and more inclusive. The Bank needs to continue its reforms with an even bolder agenda to address the ensuing changes in the Global Economic Order. This includes increased voice and voting power for the developing world to reflect the current reality, expanding financial capacity through a capital increase, implementing deeper reforms in IBRD pricing, greater engagement of think tanks from the Global South, and delivering enhanced value to EMDEs through robust knowledge solutions—with a particular emphasis on the priorities of the Global South. 6. We support the World Bank Group in placing job creation at the center of its development strategy and mobilizing the whole institution behind this critical agenda. We note that this year’s Development Committee paper builds upon the ideas introduced during the Spring Meetings 2025. Identifying five job-rich sectors—infrastructure, agribusiness, healthcare, tourism, and value-added manufacturing—aligns well with the priorities of many emerging economies, including our constituency. Further, we take note of the job strategy, which is structured around three pillars. The emphasis on infrastructure, human capital, and private sector mobilization is appropriate. 7. While the initiatives and strategy presented in the DC paper are encouraging, the paper understates some critical aspects, like the quality of jobs, regional differences, and the strong need to focus on reskilling and adapting to the impact of AI and automation. Over-reliance on Private Sector Mobilization may leave Fragile state

FAQs

Who delivers the statement and what constituency does it represent?

Ms. Anuradha Thakur, Secretary Economic Affairs, Ministry of Finance, India. She speaks representing the constituency of Bangladesh, Bhutan, India, and Sri Lanka.

What global economic conditions are highlighted in the statement?

The statement notes persistent uncertainty and volatility, projecting weak global growth and inflation easing over the period ahead, with differences across countries.

What is requested from the World Bank regarding jobs and financing?

The statement supports job creation but asks for a clear, timebound action plan addressing job quality, regional differences, reskilling needs related to AI and automation, and a substantial scale-up of concessionality, guarantees, and blended finance.

Jul 19, 2026

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