Ajay Banga Urges India to Seize Trade Opportunities Beyond Tariffs

World Bank Group President Ajay Banga urges India to focus on trade opportunities rather than tariffs. Highlighting India's numerous trade agreements and recent EU deal, he emphasizes key growth sectors like infrastructure, primary healthcare, and tourism, necessary for achieving Viksit Bharat by 2047.

Ajay Banga, President of the World Bank Group, has advised India to shift its focus from tariffs to embracing trade opportunities. During his visit to Bhubaneswar, Banga underscored the significance of the recent India-EU free trade agreement and the nation's extensive network of regional and bilateral deals.

He highlighted that India's role in global trade has expanded, with its share in emerging markets doubling over two decades. With tariffs lowered, benefits will accrue to both India and the EU, fostering a large market due to the partnership. Banga praised India's infrastructure progress, emphasizing the need for continued development in both physical and human capital.

Identifying promising growth sectors, Banga pointed out opportunities in infrastructure, primary healthcare, tourism, and value-added manufacturing. He stressed the importance of skilling the youth, as 12 million enter the job market annually, to fulfill the vision of 'Viksit Bharat' by 2047.

(With inputs from agencies.)