Ajay Banga, the president of the World Bank, recently visited India and stated that India has a great chance to compete with China in the manufacturing sector. However, Banga also pointed out that India only has a small window of three to five years to seize the chance and that it does not have ten years to do so.
Companies will look to production in other nations even if they do not entirely abandon China, in order to reinforce the supply chain.
Banga offered the following advice: India must seize this chance to position itself as a viable alternative to China.
Banga made his first trip to India since taking over as head of the international lender during this trip. He was present at the Ahmedabad G20 Finance Ministers and Central Bank Governors Meeting.
The 63-year-old Indian-American Banga became the World Bank’s president in June, becoming the first person of colour to lead either of the two major international financial organisations, the World Bank or the International Monetary Fund.
The G20, an intergovernmental grouping of the largest established and developing economies in the world, is currently presided over by India.
Here are the difficulties that China’s economy is currently experiencing.
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