Ajay Banga, president of the World Bank, said that India should focus less on trade barriers and taxes and more on making a lot of jobs available. Banga talked about India’s growth possibilities in a world where the economy is unclear. He stressed that creating jobs should be the main goal of economic policy as the country gets ready to hire millions of young people every year.
He said that taxes might help people in the short term, but they aren’t a long-term answer for jobs or growth. Countries that put money into skills, opportunities, and output tend to do better over time.
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Banga warned that focusing too much on taxes can make a country less competitive and less likely to spend. He said that the structure of the global economy is changing, with trade becoming more regional and supply lines moving around. In this case, policies that only look inward might close off possibilities instead of opening them up.
The real task for India, he said, is to make it a place where businesses can grow with confidence, spend money, and create steady jobs. India needs to focus on industries that can quickly hire a lot of people because the number of people of working age is growing fast.
He also said that the best way to raise wages and keep society stable is to create jobs, not trade hurdles.
As the main sources of jobs, infrastructure and agriculture
Banga said that building and maintaining infrastructure was one of the main industries that created jobs in India. When you put money into infrastructure like roads, rails, ports, power, housing, and digital systems, you can create direct jobs and help industry, transportation, and services grow.
Agribusiness was also brought up as a big chance, especially if farming is seen as a business with goals instead of a way to make a living. Farmers can be more productive and create jobs across the rural economy by getting better access to markets, stores, technology, and money.
He also said that improving agriculture could help stop people from leaving their homes in times of trouble by creating jobs in the area.
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Healthcare and tourism have a lot of untapped potential
Primary healthcare was named as an industry that could create a lot of jobs, especially in rural and smaller places. The industry can hire more than just doctors. It can also hire nurses, techs, health workers, and administrative staff. It can also improve human capital generally.
Tourists were said to be missing out on a great chance. India has a lot of natural and cultural variety, but the sector hasn’t used all of its potential yet. As tourism grows, it can create jobs in areas like hotels, transportation, food service, guides, and local craftspeople.
Banga stated that tourism jobs are especially important because they are spread out geographically and can help the growth of the area.
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Value Added Manufacturing Is Better Than Low-Cost Exports
The fifth area that was found was industry with added value that was aimed at local and regional markets. Banga said that India shouldn’t just focus on low-cost production and exports. Instead, he said, the country should build strong local supply lines that turn raw materials into finished goods.
He said that this kind of method can make jobs more stable and better while also making them less vulnerable to changes in global demand. He said that the rise of industry should be linked to people getting better at their jobs and using new technology.
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The Private Sector and the Stability of Policies
Banga stressed that most jobs will be created by the private sector in the long run, but governments need to make sure that the right conditions are in place. To get long-term investment, you need stable policies, clear rules, good operations, and easy access to cash.
Besides that, he talked about how important education, skill training, and health care are for helping people get better-paying jobs. He said that developing human capital is a key part of turning growth into real salary gains.
What’s Next for India
He said that India is making progress, but that changes need to be stepped up more quickly. As the global trade model changes, countries that focus on jobs, opportunities, and output will be in a better position to keep growing.
By promoting infrastructure, agriculture, healthcare, tourism and value added industry, India can build a more inclusive economy that provides jobs across areas and income groups.
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