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World Bank President Ajay Banga to visit India: Here’s why it’s special
Ajay Banga, President of the World Bank, will visit India for the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad.
Ajay Banga is set to embark on his first visit to India since assuming office. The President of the World Bank will be attending the G20 Finance Ministers and Central Bank Governors Meeting in Ahmedabad. This visit holds particular significance as it marks Banga's first trip to his home country since being appointed as the President of the World Bank in June.
The G20 meetings, which are being hosted by the state of Gujarat, are taking place in the first two weeks of July. As India currently holds the presidency of the G20, these gatherings provide a platform for business representatives to exchange perspectives, insights, and policy recommendations on various economic and business-related matters. Moreover, these meetings play a crucial role in shaping global economic agendas and policies.
Also Read: Indian-origin Ajay Banga is next World Bank president
The G20 consists of 19 member countries and the European Union, representing major developed and developing economies. Together, they account for 85% of global GDP, 75% of international trade, and two-thirds of the world's population. Consequently, the G20 is considered the premier forum for international economic cooperation.
Ajay Banga's visit to India not only highlights the importance of the G20 meetings but also signifies his role as the first person of colour to head either the World Bank or the International Monetary Fund. His appointment as the 14th President of the World Bank for a five-year term came after being nominated by US President Joe Biden.
During the G20 Finance Ministers and Central Bank Governors Meeting, key discussions will take place on a range of economic and financial issues impacting the global community, as per PTI. These deliberations will help shape future policies and agendas to foster international economic cooperation and sustainable development.
Also Read: World Bank President Ajay Banga named in US Great Immigrants list of 2023
In summary, Ajay Banga's visit to India as the President of the World Bank for the G20 meetings underscores the significance of these gatherings in promoting economic collaboration and the exchange of ideas among the world's major economies.
(With PTI inputs)
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First Published:8 Jul 2023, 12:50 PM IST
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