World Bank chief Ajay Banga said on Wednesday that domestic consumption is protecting India’s economy against an ongoing global slowdown.

Speaking to reporters after meeting with Union Finance Minister Nirmala Sitharaman, Banga said he discussed issues related to the G20 and World Bank-India cooperation.

“India cushioned by domestic consumption despite global slowdown,” he told PTI.

Banga, born in India, is here to attend the G20 meetings held under the Indian Presidency.

Banga further said that he also talked about the issues discussed at the G20.

“India is the biggest market for the World Bank in terms of portfolio. There is a lot of interest here,” he said. On the outlook for the global economy, the World Bank President said there were more downside risks in terms of a slowdown early next year.

(With PTI entries)