New Delhi: World Bank president Ajay Banga is of the opinion that India has an excellent opportunity to become an alternative to China in manufacturing.
However Banga, who visited India last week, pointed out that India has a limited window of 3-5 years to capitalise and grab the opportunity.
Even if companies don’t completely leave China, they will also look to manufacturing opportunities in other countries to strengthen the supply chain, so India needs to seize the opportunity with determination and enthusiasm to become an alternative to China, Banga advised.
It was Banga’s first visit to India after taking over as World Bank President in June. He attended the G20 Finance Ministers and Central Bank Governors meeting in Ahmedabad.
The 63-year-old Banga, an Indian-American, is the first person of colour to head either the World Bank or International Monetary Fund.
India currently holds the presidency of G20, the critical inter-governmental forum of the world’s major developed and developing economies.
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