David R. Malpass is the President of World Bank Group will be visiting India on October 25th and be staying here till October 28th. Tomorrow the visit will start Malpass’ first visit to India since taking over as the multilateral organization. This visit comes in the backdrop of domestic economy battling a serve demand slowdown. Malpass’ engagements include meetings with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
“At the invitation of the Government of India, Mr Malpass will visit Gujarat to deliver the inaugural address at a 3-day event on strengthening the capacity of the Indian Administrative Services (IAS),” the World Bank said in a statement. “He will interact with the new cohort of civil servants to discuss ideas on strengthening public administration in India. Mr Malpass will also give a keynote speech at the next NITI Aayog’s Lecture Series on the role of the financial sector in India’s development,” it added.
Asia’s third-largest economy grew at its slowest pace in six years in the quarter of June at 5 per cent. The International Monetary fund (IMF) also slashed its economic growth forecast for India to 6.1 per cent for the current fiscal from its July projection of 7 per cent, citing weaker than expected outlook for domestic demand. IMF also lowered India’s FY21 GDP growth forecast by 20 bps to 7.2 per cent.
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