[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110127-en":3,"doc-seo-110127-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},110127,549758146520,"Patrick","https://ap-avatar.wpscdn.com/avatar/80002397d8c0411e94?_k=1775819394049821470",8,"Research & Report","Nirmala Sitharaman at the 107th Meeting of the Development Committee - Statement (April 12, 2023)","Statement by H.E. Nirmala Sitharaman outlines the Development Committee’s priorities amid poly-crises, emphasizing convergence of thought and action to secure global peace and stability. It highlights headwinds affecting the global economy, strained supply chains, and risks to food, energy, and fertilizer security, with disproportionate impacts on poor and marginalized populations. The statement urges the World Bank Group to evolve into a bigger, better, “fit for purpose” institution and summarizes recent developments in India’s growth, employment, inflation trends, and high-frequency indicators.","DEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND SEVENTH MEETING WASHINGTON, DC – APRIL 12, 2023  \nDC/S/2023-0024 April 12, 2023  \nStatement by  \nH.E. Nirmala Sitharaman Minister of Finance and Corporate Affairs  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka  \nStatement by  \nH.E. Nirmala Sitharaman  \nMinister of Finance and Corporate Affairs  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka 107th Meeting of the Development Committee  \nApril 12, 2023  \nWashington, DC  \n1. We are happy to be here today and hope that this meeting ushers a new era in the history of the WBG and multilateralism. As the world is still dealing with the impact of poly-crises, it is important that we achieve convergence of thought and action to secure our shared future, and global peace and stability.  \n2. The current headwinds and strained global supply chains have put a tremendous pressure on the global economy which is marked by persistently high interest rates, northbound inflationary pressures, and currency depreciation. The recent turbulence in the banking sector in some advanced economies has further increased the challenges to global economic recovery and increased fiscal pressures, especially on EMDEsand LDCs.  \n3. Continued disruptions to global supply chains are still straining supplies of food, fuel, and fertilisers and endangering food and energy security. This is disproportionately impacting the poor, the disadvantaged and the marginalised, particularly in the developing world. The need of the hour is a people centric, equity driven, consensus-based, and collective approach to face global developmental challenges.  \n4. These circumstances challenge multilateralism more than ever before. And, against the backdrop ofthe WBG ‘Evolution Road Map’ discussion, we encourage the World Bank Group to evolve into a bigger and better bank, which is ‘fit for purpose’ to address the new world challenges. We call upon all shareholders and stakeholders to adopt an innovative, bold, and robust approach to transform the WBG into an institution capable of effectively addressing present and future challenges. We look forward to a WBG that deploys innovative ways to mobilize resources, unleashes its full potential as a solutionsand knowledge bank, and fully leverages its comparative advantage to build a better world.  \n5. With these brief remarks, I take this opportunity to outline recent developments in our constituency countries.  \nINDIA  \n6. Despite challenges and global headwinds, the IMF in its Global Economic Outlook forecasts above 6% economic growth rate for India, making it the only major economy growing at that rate. With a manageable current account deficit and a growth rate highest among the major economies in FY23, the Indian economy has shown resilience in navigating the turbulence of the pandemic as well as geopolitical spill overs.  \n7. An optimistic business environment, robust industrial output and rapid vaccination coverage have provided a strong momentum to the Indian economy, as evidenced by an estimated GDP growth of 9.1 percent for the previous financial year. India has moved on beyond the pandemic, staging a full recovery in  \nFY22-23, ahead of many countries, and positioned itself in an upward pre-pandemic growth path. The unparalleled vaccination drive has not only ensured quick economic recovery but also ensured economic prospects for this year and beyond. Successful implementation of agriculture and labour reforms have provided the boost for medium-term growth.  \n8. The Q3 estimate of real GDP in FY 23 reflects the sustenance of sequential growth momentum in the economy, as further verified by high-frequency indicators. This is a reaffirmation of the ability of the Indian economy to grow on the strength of its domestic demand","cbCaikd7Hs3vLEOr","https://ap.wps.com/l/cbCaikd7Hs3vLEOr","pdf",256744,2,1,12,"English","en",105,"# Statement Overview\n## Global Challenges and Multilateralism\n## Request to Evolve the World Bank Group\n## Recent Developments in India\n## Economic Growth, Employment, and Inflation","[{\"question\":\"What concerns are raised about the global economy and recovery?\",\"answer\":\"The statement points to persistent high interest rates, inflationary pressures, currency depreciation, strained supply chains, and banking-sector turbulence that worsen global recovery challenges and fiscal pressures, especially for EMDEs and LDCs.\"},{\"question\":\"How does the statement describe the World Bank Group’s needed direction?\",\"answer\":\"It encourages the WBG to evolve into a bigger, better “fit for purpose” institution, using innovative approaches to mobilize resources, act as a solutions and knowledge bank, and leverage its comparative advantages to address present and future challenges.\"},{\"question\":\"What developments in India does the statement highlight?\",\"answer\":\"It notes IMF forecasts for above-6% growth, resilience amid pandemic and geopolitical spillovers, strong GDP growth estimates, improving employment indicators, easing inflation, and positive trajectories in high-frequency indicators such as GST collections and transactions.\"}]","Nirmala Sitharaman at the 107th Meeting of the Development Committee - 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