"I serve as a prime illustration of the Make in India initiative," stated World Bank Chief Ajay Banga in an exclusive interview with India Today on Sunday.
During the conversation with India Today's Rahul Kanwal, Ajay Banga emphasized his upbringing in India and his education at exclusively Indian institutions, revealing that he had not pursued any courses abroad.
"I grew up in India, studied in Indian institutes, and haven't pursued a single course abroad," Banga affirmed.
He added, "Fifty percent of success in life is attributable to luck, with the remainder being a result of one's hard work and the ability to seize opportunities."
Rahul Kanwal shared insights from the interview, writing on his social media platform, "Reforming Multilateral Development Banks has been one of the key agenda points of India’s G-20 Presidency. And Banga is the man entrusted by President Biden to adapt the World Bank to be able to deal with China’s growing challenge to the old Washington led global financial order."
During the interview, the World Bank Chief expressed his dissent regarding the 'Washington-dominated world'.
"Fifty-five percent of World Bank employees are based outside of the US," Banga pointed out.
Discussing his mission to reform the World Bank, Banga informed India Today, "In the past three months, I've met with several leaders and finance ministers from numerous countries, which has provided me with a clear perspective."
Banga outlined the roadmap for the World Bank's evolution as one that involves defining a new vision and mission and ensuring inclusivity.
When asked about the necessary steps for this transition and what remains to be accomplished, Banga underscored the importance of having a clear vision, straightforward communication, effective management, and measurable objectives using simple scorecards.
Banga also delved into geopolitics and China, remarking, "The world is faced with numerous challenges, and the financial resources required far surpass what a single institution should aim to dominate."
"Yes, geopolitics exists, and I don't deny it, but China is a shareholder and no longer relies heavily on us for funding," noted the World Bank Chief. He further added, "There is much work for the World Bank to tackle, particularly in areas like climate change and healthcare, which will keep us engaged for years to come."
Speaking on Washington's role in providing additional funds to the World Bank, Banga shared, "I met with US President Joe Biden, and he stressed the importance of leveraging the bank's resources. The US contribution enhances our capacity to generate earnings."
On Friday, Prime Minister Narendra Modi referred to a G20 report prepared by the World Bank, highlighting India's rapid achievement of financial inclusion targets that would otherwise have taken 47 years to accomplish.
"India's strides in financial inclusion, facilitated by Digital Public Infrastructure! A G20 report by the World Bank shared an interesting point about India's progress," PM Modi shared on social media.
"India has achieved financial inclusion targets in just 6 years that would have otherwise taken at least 47 long years. Kudos to our robust digital payment infrastructure and the determination of our people. It is also a testament to rapid progress and innovation," he stated.
Home Minister Amit Shah also acknowledged that the report recognizes the Modi government's establishment of a strong Jan Dhan, Aadhaar, and mobile trinity infrastructure, which has empowered millions.
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