Despite geopolitical crisis, India’s economic fundamentals and strategic partnerships will sustain growth: World Bank
Speaking on the sidelines of the SAPLING High-Level Policy Dialogue, co-hosted by the World Bank Group and the Union Ministry of Food Processing Industries, Procee said India’s growth story continues to be underpinned by investments in people, businesses and expanding international partnerships.
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“India has very strong underlying growth and it has a huge underlying economy. And as long as we focus on what we’re doing here, which is building businesses, India is creating very nice partnerships and trade agreements with bilateral partners. So India is really taking care of itself by investing in its people and its businesses, and with that it will continue to have very strong underlying growth for years to come,” he said.
When asked about India’s attractiveness as an investment destination amid global economic challenges, Procee said the country’s strength lies in creating a conducive business environment and supporting private sector growth.
“Again, I think India is a continent. I cannot specify a single sector. This is actually about creating a business environment where people can invest, where foreign investments, local investments will go to build the private sector,” he said.
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“There is also a lot of potential, let’s say, in terms of consumers in India. So India has everything. And as I said before, there are a lot of free trade agreements coming up, bilateral agreements where India can make a lot of profit and India will continue to grow strongly on a fundamental basis,” Procee said.
Highlighting opportunities The food processing sector has been identified by a World Bank official as one of India’s most promising areas for future growth.
“It’s actually one of the major manufacturing sectors. It’s already one of India’s main export sectors,” he said.
Procee said the World Bank and the government will focus on strengthening value chains and improving market linkages for farmers.
“I see huge growth potential in this sector. Because after all, 60 percent of people still live in rural areas,” he said.
He also noted that improving food processing could create employment and economic opportunities in rural India.
