The nomination of Ajay Banga, a distinguished Indian private sector manager, by US President Joe Biden for the post of World Bank president has created only a mild stir in India. In the past, it would have been a major event to be celebrated as an important achievement of the country itself. Now no one cares very much.
Indeed, no one cares very much for the World Bank itself. Its decline as the most important source of dollar finance for projects in developing countries started nearly 30 years ago as private capital flows across borders slowly overtook official flows.
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