World Economic Forum President Borge Brende addresses the CII’s annual session on “Future Frontiers: Competitiveness, Technology, Sustainability, Internationalization”, in New Delhi on May 25, 2023. | Photo credit: ANI
India is expected to record the highest growth among major economies in the world this year and the country’s economy is experiencing the ‘famous snowball effect’ which will lead to more investment and more jobs, says Forum Chairman World Economy (WEF), Borge Brende.
“There have been reforms which have led to less bureaucracy, better investment climate and also the digital revolution is really happening in India,” Mr Brende said and stressed that he was “very optimistic and optimistic” about the country’s growth trajectory, but not so optimistic about global growth.
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India, which currently holds the G-20 Presidency, is one of the fastest growing key economies in the world and the WEF has had close collaborations with the country for many years.
“As the snowball starts rolling, it gets bigger and bigger, and that’s what’s happening with the Indian economy. Growth will lead to more investment, more jobs…it will be a exponential growth in the years to come and you will see a situation where more poverty is eradicated and more opportunities are there for young people,” Mr. Brende said. PTI being interviewed in the nation’s capital.
Mr. Brende, who was on a short visit to India, held discussions on ongoing collaborations as well as India’s G-20 Presidency with stakeholders. He met, among others, various Union ministers and business leaders.
“I think nations in the developing world have something to learn from India. India is the largest democracy in the world and it is also an open society with entrepreneurs and innovators and freedom of expression “, did he declare.
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Furthermore, Mr. Brende pointed out that India has a larger startup ecosystem than any other developing country and it is growing all the time. This is something other countries can learn from as well, he added.
The WEF, headquartered in Geneva, is an international public-private cooperation organization known for its annual Davos meeting, often described as the largest congregation of the global elite.
The Forum engages society’s top political, business, cultural and other leaders to shape global, regional and industry agendas.
This year, the WEF expects economic growth of almost 6% for India and will be the highest growth of any major economy in the world, he said.
“We at the WEF see the growth path forward for India which is also strong… Overall I am optimistic provided there are no external factors that influence negatively. We don’t have time for wars, conflicts and we don’t have time to be complacent,” he said.
Earlier this month, the United Nations in a report said India’s economy – the largest in the South Asian region – is expected to grow 5.8% in 2023 and 6.7% in 2024 (on a calendar year basis), supported by resilient domestic demand.
However, higher interest rates and weaker external demand will continue to weigh on investment and exports in 2023, he said in the mid-year update on the state and outlook of the economy. world.
On what India needs to do in the short term, Mr. Brende said the country is already seeing and capitalizing on the returns of the reforms that have taken place.
“That should be the inspiration to continue the reform agenda. Investing more in infrastructure, connecting different regions even better and India needs more investment in education, upskilling, reskilling and good skills in the years to come,” he said.
Mr Brende, also a former Norwegian Minister for Foreign Affairs, Trade and Industry, pointed out that during the coronavirus pandemic, India had done something very good.
“Some countries have spent too much on stimulus, that there is no more ammunition. India was not in debt itself, of course, it offered a stimulus but Prime Minister Narendra Modi was able to hold back while some countries are in a debt trap,” he noted. .