Ajay Banga, World Bank President, will visit India next week for the first time since assuming his position. He will be present at the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad, marking his first visit to India as the leader of the global institution.
These meetings in Gujarat offer an opportunity for business representatives to contribute to economic and business-related discussions. Gujarat hosting G20 meetings reflects India’s active role in global economic affairs.
G20 Summit India, Gujarat Meetings Are Ongoing
The G20, comprising 19 countries and the European Union, includes major global economies. Additionally, it represents a significant share of global GDP, international trade, and world population.
Therefore, it serves as the primary forum for international economic cooperation. Collectively, the G20 accounts for a substantial portion of global economic indicators.
Moreover, India currently holds the presidency of the G20, and Gujarat will host four meetings in July. In these meetings, representatives from the business community can exchange viewpoints, ideas, and policy suggestions.
Consequently, these discussions will profoundly impact shaping global economic agendas and policies. Officials from PTI have emphasized the crucial role these meetings will play in shaping such agendas.
World Bank Will Provide Financial Assistance for Manipur Digital Literacy Program
Furthermore, the World Bank will extend financial assistance to Manipur to foster digital literacy and enhance governance. An official email confirmed the Bank’s contribution of $46 million to the ‘Manipur Infotech electronic disablement development project’.
The aim is to leverage digital technologies for economic transformation and electronic service provision in the state. The total cost of the project is $67.5 million. The World Bank’s funding will aid necessary initiatives in Manipur.
The Manipur government’s Industrial and Investment Policy 2017 has designated ITeS (Tech-Enabled Services) as a “thrust area.” Manipur Vision 2030 emphasizes inclusive access to digital technologies in education and agriculture. The policy aims to promote trade and economic growth. The government has prioritized the use of digital technologies for development in Manipur.
Ajay Banga Became First Indian-American World Bank President
In June, 63-year-old Indian-American Banga assumed the presidency of the World Bank, becoming the first person of colour to lead either the World Bank or the International Monetary Fund.
Following the nomination by President Joe Biden in February, Ajay Banga was selected by the Executive Directors of the World Bank as the 14th President for a five-year term.
In celebration of his appointment, the organization warmly welcomed Ajay Banga, expressing its commitment to poverty eradication. The World Bank even tweeted a picture of Banga entering the bank headquarters.
Extending well wishes to Banga, IMF managing director Kristalina Georgieva acknowledged his assumption of the new role.
Notably, Banga’s appointment marks a historic milestone as the first-ever Indian-American to head the World Bank, succeeding the previous President, David Malpass, who announced his decision to step down.
Under Banga’s leadership, the World Bank aims to create a poverty-free world on a sustainable planet. Taking office as the World Bank President for a five-year term, he is now preparing for his first trip to India since assuming the prestigious position.
Previous Leadership Positions held by Ajay Banga
Before becoming World Bank President, Banga was Vice Chairman at General Atlantic. Additionally, as the President and CEO of Mastercard, he successfully led a global organization with around 24,000 employees. Notably, Banga spearheaded the establishment of the Center for Inclusive Growth at Mastercard.
Furthermore, he served as the Honorary Chairman of the International Chamber of Commerce, previously acting as Chairman. Banga then joined General Atlantic as an advisor to their climate-focused fund, BeyondNetZero.
Moreover, he actively contributed to the Partnership for Central America as Co-Chair, focusing on economic opportunity.
Additionally, Banga served on the Boards of the American Red Cross, Kraft Foods, and Dow Inc. His expertise in finance and leadership proved valuable to various organizations.
Most importantly, Banga promoted equitable economic growth and financial inclusion worldwide.
