World Bank President Ajay Banga has praised India's remarkable economic trajectory, highlighting the nation's impressive infrastructure investments over the past decade as a cornerstone of its growth story.

Speaking in Bhubaneswar on Thursday during a visit to the Central Tool Room and Training Centre (CTTC), Banga emphasised that India's ability to demonstrate exceptional growth goes beyond mere GDP percentages.

He stressed the critical importance of skilling India's vast youth population to realise the ambition of becoming a Viksit Bharat by 2047.

"India has demonstrated that it can show exceptional growth," Banga told reporters. "The real thing is not the percentage of growth. The real thing you need to think about is if you want to be Viksit Bharat by 2047, then this kind of facility, skilling effort, devotion of people who run facilities like this is very important."

Banga pointed out that India produces 12 million young people ready for employment each year, underscoring the urgency of effective skilling programmes.

"If you skill them the right way, then you can get them the opportunity to work in a state, in a city, in a village, in another town and in countries overseas," he elaborated.

His comments came in response to the Economic Survey's projection of India's real GDP growth between 6.8 and 7.2 per cent for FY27, to which Banga responded affirmatively: "Absolutely."

The World Bank chief also commended India's physical infrastructure transformation, citing the modern Bhubaneswar airport as a prime example.

"Today, you land in Bhubaneswar, and you see a modern airport. 280 airports, tens of thousands of kilometres of roads every year. The reality is that infrastructure is being built," Banga observed.

However, he advocated for a holistic approach encompassing not just physical infrastructure but also human capital development through skilling, healthcare, and education.

Banga identified three essential pillars for sustained growth: robust infrastructure (both physical and human), business-friendly policies, and reforms in land and labour laws.

He acknowledged progress in policy reforms under the Modi government, particularly in easing business operations.

"In India, there has been some progress. But as you know, the Prime Minister is driving new changes in the land and labour law, which are very important for continuing growth and ease of doing business in India," Banga noted.

The World Bank President, who assumed his five-year term on 2 June 2023, used his Odisha visit to underscore practical examples of India's skilling ecosystem.

His remarks align with India's broader economic strategy, which balances impressive infrastructure expansion with human resource development to maintain its position as the world's fastest-growing major economy.

Banga's endorsement carries significant weight given the World Bank's role in global development financing and his personal familiarity with India's business landscape from his previous tenure at General Atlantic and Mastercard.

The timing of his statement coincides with ongoing discussions about India's Economic Survey projections and the government's focus on achieving developed nation status within the next two decades.

ANI