World Bank President and the first Indian-American to head the top global financial institution, Ajay Banga on Wednesday lauded India’s economy, saying it is doing many things to stay ahead during the global recession. He asserted that India has come out strongly from the challenges posed by Covid and it needs to keep up the momentum.
“India is doing many things which are helping it to stay ahead in times of global recession. One thing which is in favor of India is very high percentage of GDP at domestic level..India has emerged stronger from the challenges of the pandemic But the momentum needs to be maintained,” he said while talking to reporters at a skill center in Dwarka.
Asked about India’s potential increase in high-income jobs, Banga said, “We need to understand where these jobs are. They are in technology, which are few…then they are in manufacturing.” India currently has an opportunity to take advantage of it.” China plus strategy. This opportunity won’t be open for 10 years, it’s an opportunity of three to five years when supply chains start to move or another location is added where work needs to be done.
Banga, 63, took over as president of the World Bank last month, becoming the first black person to head either of the two global financial institutions – the World Bank and the International Monetary Fund. Banga is on his first visit to India after taking charge of the global lender. He visited the GMR Varalakshmi Center for Empowerment and Livelihoods in New Delhi and interacted with the students.
(with PTI inputs)
Also Read – Appointment of Indian Americans to EXIM US Advisory Councils