World Bank President Ajay Banga visits India for G20 meeting

Ajay Banga, the newly appointed President of the World Bank, will make his first visit to India since assuming leadership of the global lender. According to a PTI report, Banga will attend the meeting of G20 finance ministers and central bank governors in Ahmedabad, Gujrat. The state is hosting four G20 meetings in the first two weeks of July.

Indian-American Ajay Banga, 63, is the first black person to head the World Bank, one of two global financial institutions – the World Bank and the International Monetary Fund. World Bank Executive Directors on June 2 elected Ajay Banga as the 14th President for a five-year term beginning June 2, 2023.

In early February, US President Joe Biden announced that the US would nominate Banga to head the World Bank.

This would be Banga’s first trip to India after assuming the post of World Bank President.

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India currently chairs the G20, an intergovernmental forum that includes major developed and developing countries.

The meeting of G20 finance ministers and central bank governors in Ahmedabad will provide an opportunity for business leaders to share their perspectives, insights and policy recommendations on various economic and business issues, and will play a very important role in shaping global economic agendas and policies, according to officials reported PTI.

The G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union (EU). Together, the G20 member countries represent 85 percent of global GDP, 75 percent of international trade and two-thirds of the world’s population. As the most important platform for international economic cooperation, the G20 plays a central role in overcoming global economic challenges.

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