"I am more optimistic today about India as a whole economically....," says World Bank President Ajay Banga

The newly elected President of the World Bank, Ajay Banga, has expressed full confidence in India's prospects amid global challenges. However, he cautioned that economic forecasts should not be taken as luck. He stressed the need for countries to be united in dealing with global concerns.

On the occasion of the third meeting of Finance Ministers and Central Banks held in Gandhinagar on Monday, Banga said that today he is more optimistic about India than ever before. He is on his first visit to India after taking over as World Bank President.

He further said that the world economy is in difficult times. But contrary to popular belief, it has performed exceptionally well. However, this does not mean that more challenges will not come.

World will get some challenge next year: Ajay Banga

Banga also said that countries should look beyond economic forecasts. He said that the estimate of IMF and World Bank is that the world will face some challenge in the next year or so. I said in a speech this morning that guessing should not be equated with luck. We can change the fate, we should think this now.

Emphasis will be given on the participation of the private sector

The President of the World Bank said that global challenges have to be tackled by private sector participation and by working on infrastructure financing for cities. On Sunday, speaking at the G20 event on Infra-Investor Dialogue, Banga mentioned that the scale of the challenges is too big for any government or a multilateral bank to tackle on its own.

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