World Bank president Ajay Banga, the first-ever Indian-American to head the highest international monetary establishment, on Wednesday, praised India’s financial system saying India doing lot of issues to keep forward throughout international slowdown. India has come out strong from challenges posed by Covid and it wants to sustain the momentum, he asserted.
“India is doing a lot of things which are helping it to stay ahead in times of a global slowdown. One thing that is in India’s favour is the very high percentage of GDP that comes domestically..India has come out strong from the challenges posed by the pandemic but the momentum needs to be maintained,” he mentioned whereas speaking to reporters at a talent centre in Dwarka.
Asked about India’s potential development in high-income jobs, Banga mentioned, “We need to understand where are these jobs. They are in technology, which are very few..then they are in manufacturing. India’s opportunity currently is to cash in on the China Plus strategy. This opportunity won’t stay open for 10 years, it is a three to five years opportunity when supply chains start relocating or add another location that is going to need work”.
Banga, 63, took over because the president of the World Bank final month, turning into the primary particular person of color to head both of the 2 international monetary establishments — the World Bank and the International Monetary Fund. Banga is on his first go to to India after taking on cost of the worldwide lender. He visited the GMR Varalakshmi Centre for Empowerment and Livelihoods and interacted with college students in New Delhi.
(With PTI inputs)
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