The World Bank board has approved an ambitious five-year Country Partnership Framework (CPF) for India that is in line with India’s objectives of high, sustainable and inclusive growth. The framework sets the strategic focus for the World Bank’s engagement with India for the period FY18-22, to support its transition to a high-middle income economy.
Through the CPF, the World Bank aims to support India’s transition to a higher middle-income country by addressing some of its key development priorities such as resource efficient and inclusive growth, job creation and building its human capital.
The framework is expected to bring financial support worth Rs 25-30 billion US Dollars from the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
India has posted incredible growth and development over the last several decades. It has gone from a low-income country status to a low-middle income and now, it is entering the economic transformation from low-middle income to high-middle income country. Hence, India is well-positioned to become a high middle-income country by 2030.