India has come out strong from challenges posed by Covid, need to sustain momentum: World Bank’s Ajay Banga

World Bank president Ajay Banga, the first-ever Indian-American to head the top global financial institution, on Wednesday, praised India’s economy saying India doing lot of things to stay ahead during global slowdown. India has come out strong from challenges posed by Covid and it needs 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 said while talking to reporters at a skill centre in Dwarka.

Asked about India’s potential growth in high-income jobs, Banga said, “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 as the president of the World Bank last month, becoming the first person of colour 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 over charge of the global lender. He visited the GMR Varalakshmi Centre for Empowerment and Livelihoods and interacted with students in New Delhi.

(With PTI inputs)

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