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World Bank President Ajay Banga said on Wednesday that India is doing a lot of things to help it stay ahead during times of global slowdown.
Speaking to reporters at a skills center in Dwarka, the first-ever Indian-American to head the world’s largest financial institution said India has emerged strong from the challenges posed by the pandemic but the momentum needs to be maintained.
“India is doing a lot of things that help it stay ahead in times of global slowdown. One thing that is in India’s favour, he said, 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 Need to keep it.”
Asked about India’s potential growth in high-income jobs, Banga said, “We need to understand where those jobs are. They are in technology, which are very few…and then in manufacturing. India’s opportunity currently is to benefit from the China plus strategy. It will not This opportunity remains open for 10 years, it’s a three to five year opportunity when supply chains start to relocate or add another site that needs work.”
Banga, 63, took over as president of the World Bank last month, becoming the first person of color to head either of the two global financial institutions — the World Bank and International Monetary Fund.
Banga is on his first visit to India after taking charge of the World Bank.
Visited GMR Varalakshmi Empowerment and Livelihood Center and interacted with students here.
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