Blitz Bureau
NEW DELHI: Underscoring job creation as the core of global development strategy, World Bank president Ajay Banga has pointed to models like India’s cooperative sector as examples of scalable growth solutions. Speaking at the Atlantic Council ahead of the annual Spring meeting of the World Bank and International Monetary Fund, Banga said development efforts must shift focus from individual projects to broader outcomes centred on employment and economic opportunity.
“Development isn’t a charity. It’s a strategy,” he said, stressing that creating jobs is essential to sustaining growth and stability. He highlighted a looming demographic challenge, noting that 1.2 billion young people are expected to reach working age over the next 15 years, while far fewer jobs are likely to be created.
“If you don’t get these young people to have the opportunity of a job… dignity and hope come from the chance to have a job,” he said. Banga outlined a three-part framework for driving job creation, built on infrastructure development, business-friendly governance reforms, and access to catalytic finance.
The first pillar focuses on physical and human infrastructure, including roads, energy, education and healthcare. The second centres on reforms that enable businesses of all sizes to operate and expand. The third emphasises financing tools such as blended capital and insurance mechanisms to support investment. He also identified five key sectors for employment generation: infrastructure, agriculture, primary healthcare, value-added manufacturing and tourism.
Drawing from his own background, Banga referenced India’s dairy cooperative model as a successful example of how technology and organisation can transform rural livelihoods. “I grew up in India,” he said, adding that cooperative structures like those in the dairy sector helped small producers access better markets and pricing.
