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India Receives More Focus from the World Bank

India Receives More Focus from the World BankThis week, President of the World Bank Jim Yong Kim said that the World Bank will dedicate more resources to ending poverty in India’s most destitute regions as part of an initiative to end poverty worldwide within a generation.

Kim asserted that reaching the goal to end global poverty within the near future could only be achieved by increasing support for India’s poorest seven states, where over 200 million people continue to live without proper nutrition, education, or healthcare.

Although the World Bank already gives nearly $3 to 5 billion annually to India for development purposes, Kim said that a larger percentage of the existing aid would be redirected towards the seven states in India that are the most in need, with no new additional aid being given. These seven states contain only half of the approximately 400 billion people throughout India who live in extreme poverty; meaning that they live on less than $1.25 per day. Two of the states included, Uttar Pradesh and Bihar, are two of India’s largest states in terms of population, which is a contributing factor in why India is receiving the increased focus from the World Bank.

Kim went on to acknowledge India’s gains in development and poverty-reduction thus far, saying that progress there holds beneficial guidance for the World Bank and other development institutions. India is one of the World Bank’s largest beneficiaries, having received over $26 billion in aid from the institution within the last four years.

Kim also stated that “We have to be smart about fighting poverty – we have to have economic growth because without growth you can’t lift people out of poverty.”

Christina Kindlon

Source: Gulf Times