‘Grew up in India, studied in Indian institutes, haven’t done a single course abroad. 50% of success in life is luck. The rest is your hard work and the ability to capitalise on opportunity,’ says Banga
Ajay Banga, the current president of World Bank, told India Today that he’s “the perfect example of Made in India”.
In an interview with India Today News Director, Rahul Kanwal, Banga said that he grew up in India, studied in Indian institutes and hasn’t done a single course abroad.
“Fifty per cent of success in life is luck, the rest is your hard work and the ability to capitalise on opportunity,” he added.
Reforming Multilateral Development Banks (MDBs) has been one of the key agenda points of India’s G20 Presidency and Banga is the man entrusted by US President Joe Biden to adapt the World Bank to be able to deal with China’s growing challenge to the old Washington-led global financial order.
During the conversation, the World Bank Chief also expressed his dissatisfaction with the “Washington-dominated world”.
“Fifty-five per cent of World Bank employees are outside of the US,” Banga said.
Speaking on his mission to reform the World Bank, Banga told India Today, “In the past three months, I’ve met several leaders and finance ministers from scores of countries, which gave me a clear perspective.”
“The roadmap for the evolution of the World Bank is to get a new vision and mission and to make it inclusive,” Banga said.
Clarity of vision, simplicity of speaking, management and measurement of what you want to achieve, and simple scorecards are all important steps that need to be taken for a successful transition, Banga said on the steps needed for the transition, in terms of what still needs to be achieved.
On geopolitics and China, Banga said, “The challenges of the world are very plentiful and the kind of financial energy required is much more than how much just one institution should want to dominate on,” he said.
“Yes, there is geopolitics and I do not deny it, but China is a shareholder and it does not take much money from us any longer,” the World Bank chief said, adding, “There’s a lot for the World Bank to work on (in climate change and healthcare), which can keep us occupied for the years to come.”
“I met US President Joe Biden and he was very clear about the leveragability of the resources of the bank. The US contribution enhances our earning capacity,” Banga said about Washington arranging more funds for the World Bank.
