Jobs Key To Growth, Says World Bank’s Ajay Banga, Citing India

WASHINGTON, DC– World Bank President Ajay Banga on April 10 underscored job creation as central to global development, pointing to models such as India’s cooperative sector as scalable solutions.

Speaking at the Atlantic Council ahead of the World Bank and International Monetary Fund Spring Meetings, Banga said development strategies must shift focus from individual projects to broader outcomes centered on employment and economic opportunity.

“Development isn’t a charity. It’s a strategy,” he said, stressing that creating jobs is essential for sustained growth and stability.

He highlighted a demographic challenge, noting that 1.2 billion young people are expected to reach working age over the next 15 years, while significantly fewer jobs are likely to be created.

“If you don’t get these young people to have the opportunity of a job… dignity and hope come from the chance to have a job,” he said.

Banga outlined a framework for job creation based on infrastructure development, business-friendly governance, and access to finance.

Drawing from India’s experience, he cited the dairy cooperative model as an example of how organization and technology can improve livelihoods and expand market access for small producers.

He said the World Bank is shifting its focus from inputs such as project volumes to measurable outcomes, particularly jobs and growth. (IANS)