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Domestic consumption is cushioning Indian economy against global slowdown: Ajay Banga

Ajay Banga, the head of the World Bank, stated that domestic consumption is protecting the Indian economy from the ongoing global downturn.

Banga told reporters that during his meeting with Union Finance Minister Nirmala Sitharaman, they discussed G20 and World Bank-India cooperation.

"India cushioned by domestic consumption despite global slowdown," PTI quoted him as saying.

India-born Banga is here to attend the meetings of the G20 being held under India's presidency.

Banga further said he also talked about the issues being taken up at G20.

"India is the largest market for the World Bank in terms of our portfolio. There is a lot of interest here," he said.

Regarding the outlook for the global economy, the president of the World Bank stated that there is a greater danger of a slowdown at the beginning of next year.

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