World Bank President Ajay Banga emphasized that India has a limited time window to capitalize on the ‘China plus one’ opportunity and create jobs in the manufacturing sector. He stressed that this window will be available for only three to five years and will not remain open for a decade.
Speaking to reporters in New Delhi, Banga expressed optimism about India’s potential to leverage this opportunity. He highlighted that during the three-to-five-year period, supply chains may expand to other locations, providing India with a chance to attract investments and foster job growth in the manufacturing industry.
However, the World Bank chief cautioned that India needs to act swiftly to make the most of this opportunity. He stressed that 15-20 million jobs, including highly skilled positions in manufacturing and technology, need to be created to fully benefit from the shifting supply chains.
Banga also praised India’s resilience in relying heavily on domestic consumption, which could prove beneficial during a global economic slowdown. He stated that India’s high share of GDP coming from domestic consumption could help sustain the economy during challenging times.
In conclusion, the World Bank president urged India to seize the ‘China plus one’ opportunity, enhance its manufacturing capabilities, and foster job creation to propel economic growth and development.