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World Bank President Ajay Banga praised India's digital infrastructure and the ease it brings to people's lives

World Bank president Ajay Banga optimistic about India's economy

World Bank President Ajay Banga praised India's digital infrastructure and the ease it brings to people's lives

Ajay Banga, the President of the World Bank, expressed his optimism about India and its economy. Banga said that he is more positive about India now than he has been in a long time.&nbsp;
During the third G20 Finance Ministers and Central Bank Governors meeting, Banga, the first-ever Indian-American to lead the prestigious global financial institution, commended India for its remarkable digital infrastructure initiatives.
"I am more optimistic about India, as a whole, economically, than I have been for a long time," said Banga, acknowledging the challenging state of the global economy. Despite surpassing expectations, he warned that the world economy is expected to face increasing challenges in the coming year, as projected by the International Monetary Fund (IMF) and the World Bank.
India's GDP growth exceeded all expectations, with a 6.1% expansion in the last quarter of the previous fiscal year, according to government data released in May 2023. This robust performance contributed to an annual growth rate of 7.2% in FY23.
Ajay Banga also pointed out that the digitization of infrastructure has enabled the creation of innovative applications that offer easy online access to various services.&nbsp;
India's progress in digitization extends beyond lending, with the nation focusing on building a comprehensive digital infrastructure over the past two decades.

Banga, who was awarded the Padma Shri in 2016, most recently served as Vice Chairman at General Atlantic.

Ajay Banga becomes first Indian-American to head World Bank

Ajay Banga was on Wednesday appointed as the next President of the World Bank, becoming the first-ever Indian-American to head the global financial institution

Banga, who was awarded the Padma Shri in 2016, most recently served as Vice Chairman at General Atlantic.

Ajay Banga was on Wednesday appointed as the next President of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries.
"The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement.
In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group&rsquo;s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries," the bank statement added.
Banga, who was awarded the Padma Shri in 2016, most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organisation with nearly 24,000 employees.
He is the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: the International Monetary Fund and the World Bank.

ajay banga

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