World Bank president discusses India's economy

World Bank president Robert B Zoellick, who is in New Delhi on a 5-day visit, held consultations, on Monday, with the Rural Development Minister Jairam Ramesh, economists and think-tanks on the state of economy.

"It was a open ended consultation. President discussed the economic developments in India and around the region," sources said.

Among the senior government functionaries Zoellick met Ramesh and is scheduled to meet Finance Minister Pranab Mukherjee on Tuesday.

Zoellick, who had visited India four times during his five-year tenure as bank president, will also meet Home Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia to assess how the World Bank Group can be useful in meeting the development priorities of the country.

"Shifts in the world economy could affect India's growth momentum and sharpen its development challenges. The bank stands ready to continue to support India with its knowledge and financial resources to meet the challenges ahead," he had said in a statement on Sunday.

This will be the last visit of Zoellick as President of World Bank as he is retiring on June 30.

India is the largest client for the International Bank for Reconstruction (IBRD) and Development and its private sector arm, International Financial Corporation (IFC).

The Group in its last fiscal (ending June 2011) made $6.33 billion available to India, including $3.46 billion from IBRD, $775 million from IFC, and $2.07 billion from its soft lending arm, the International Development Association.

Image: World Bank Chief Robert Zoellick. | Photograph: Tim Wimborne/Reuters