Bhubaneswar: Praising India and the European Union (EU) for signing the trade agreement,
World Bank Group president Ajay Banga Thursday said emerging markets like India are extremely crucial to world trade. “I think all trade deals are important. In the last 20 years, global trade quadrupled, but the share of the emerging markets also doubled from 20% to 40%. India is a key component in trade now,” said Banga, who is on a two-day visit to Odisha.
He said in the last 20 years, about 100 regional and bilateral deals were signed. “The India-EU trade deal is an example of that. I think lowering both tariff and non-tariff barriers on both sides will benefit both sets of people. And I think that’s a very good idea. You’ve got to do it in a way that takes care of the right phasing so you don’t damage domestic industries on either side.”
On India’s development, the World Bank chief said the amount of infrastructure investment that has happened in India in the last 10 years is admirable. “Do you want more infrastructure? Yes, because India is a large country with enormous opportunities in different parts of the country. It will also create jobs.” he added. Banga also said India has demonstrated its ability to sustain exceptional economic growth.
‘Think less about tariffs’
He added that going ahead, India should “think less” about tariffs and focus more on opportunities, amid concerns over global trade due to geopolitical tensions. Banga said there are five sectors that will provide growth in employment: infrastructure, agriculture, primary healthcare, tourism, and value-added manufacturing.
(With agency inputs)
Hemanta Pradhan writes for the Times of India on education, hospi...
Read MoreHemanta Pradhan writes for the Times of India on education, hospital issues, transport, agriculture & tribal affairs. He has been working as a journalist since 2011. He has a PG degree in Journalism & Mass Communication from Berhampur University. He has won Laadli Media Awards for gender sensitivity.
Read Less