World Bank feels despite rating agency’s adverse remark, India has managed its economy well amidst slowdown and has been successful in making its strong presence felt in the recent G20 summit.
“India has managed well internally and has also showed solidarity in G-20 summit, with its strong presence,” World Bank vice-president (Concessional Finance & Global Partnership) Axel van Trotsenburg told Hindustan Times.
The agreeing of G20 countries to give priority to investment in infrastructure in developing countries in order to stimulate global growth has been seen as a big success for India in bringing all countries onboard.
Responding to Standard & Poor’s rating that India would run risk of losing its investment grade rating, Trotsenburg said one should not go after speculations. “Instead, one should strive to do best globally and work for international cooperation to support each other, rather than pulling one down.”
Emphasising on multilateral solutions, Trotsenburg said there are a host of global issues that bilateral donors cannot solve on their own.