New World Bank President: Ajay Banga, the former Mastercard CEO

February 24, 2023

David Malpass, the former World Bank President resigned before his term was completed due to climate-related controversies. After his resignation, US President Joe Biden recently nominated the former Master Card CEO Ajay Banga as the new World Bank President. Ajay has expertise in handling climate change-related economic issues.

About Ajay Banga

He is now serving as the Vice Chairman of General Atlantic, a private firm. His business experience with the master card is more than 30 years. He is the first Indian-born nominee to serve at the World Bank. With the recent FBI reports talking about the hate crimes against Sikhs in the country, the US’s political decision on choosing Ajay Banga as the head of the key organization is commendable.

Background

David Malpass was nominated by former US President Donald Trump. The duo was criticized for their anti-environmental policies.

Is it a brain drain for India?

Ajay did his schooling and college in India. He is an IIM, Ahmedabad alumni, one of the prestigious central government institutes. GoI puts in crores and crores of money in IITs and IIMs offering quality education at affordable prices. Though the nomination of Ajay is a prestigious moment for India, the sad part is the country failed to reap the benefits of its investments made.

GoI should take more steps to identify qualified graduates in the country and provide them with a good platform to serve the country. It is to be noted that Nambi Nayar, the former ISRO officer faced false accusations. He rejected his NASA offer and chose to join ISRO.

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