Bhubaneswar (Odisha) [India], January 29 : The level of infrastructure investment that has happened in India in the last 10 years is quite admirable, World Bank President Ajay Banga said on Thursday, noting that the country has demonstrated it can show exceptional growth.
Ajay Banga, who visited the Central Tool Room and Training Centre (CTTC) in Bhubaneswar, said skilling population in India will be important to reach the goal of Viksit Bharat.
"India has demonstrated that it can show exceptional growth. The real thing is not the percentage of growth. The real thing you need to think about is if you want to be Viksit Bharat by 2047, then this kind of facility, skilling effort, devotion of people who run facilities like this is very important. Skilling our population in India is going to be very important," he told reporters.
"You have 12 million young people becoming ready for a job every year. If you skill them the right way, then you can get them the opportunity to work in a state, in a city, in a village, in another town and in countries overseas," he added.
He was responding to a query about the Economic Survey's forecast that India's real GDP growth in FY27 would be between 6.8 and 7.2 per cent. "Absolutely," Banga said.
Answering another query, Banga said apart from physical infrastructure there is need for human capital, skilling, health care, education and right business-friendly policies.
"The amount of infrastructure investment that has happened in India in the last 10 years is actually quite admirable. Today, you land in Bhubaneshwar, and you see a modern airport. 280 airports, tens of thousands of kilometres of roads every year. The reality is that infrastructure is being built," he said.
He called for reforms concerning land and labour laws for sustained growth and said Modi government is working in that direction.
"There are three things that have to happen. One is that you must have infrastructure, not just physical, but also human capital, skilling, health care, and education. Second, you must have the right business-friendly policies. In India, there has been some progress. But as you know, the Prime Minister is driving new changes in the land and labour law, which are very important for continuing growth and ease of doing business in India," he added.
Ajay Banga began his five-year term as World Bank President on June 2, 2023.
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