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Source– The post is based on the article “Banga Message” published in The Times of India on 25th February 2023.
Syllabus: GS3- Economy
Relevance: India and institute of global economic governance
News- Ajay Banga has been nominated as World Bank president.
What are the issues faced by WB (World Bank) and IMF(International Monetary Fund)?
WB and IMF is certainly in dire need of reform.
The US and EU have controlled the leadership of the two institutions. It does not reflect the actual economic weight of their global membership.
What is the significance of the Banga nomination for American Indians?
The nomination marks an important trend in India diaspora’s performance. They have achieved high- profile positions in the business world in the US.
YouTube’s Neal Mohan, Alphabet’s Sundar Pichai, Microsoft’s Satya Nadella and Novratis’s Vasant Narasimhan are just some of the names in the CEO list .
Banga’s nomination shows their rising profile in US politics and governance.
What are the lessons for India?
Banga’s US citizenship was a prerequisite for the top WB job.
If India’s economic heft grows, it will be successful in pushing reforms at WB and IMF. It will be able to nominate its own citizen for this.
Getting there needs to create opportunities like the US. Many more Indians should be able to rise to the top without travelling to America.