World Economic Forum (WEF) president and CEO Borge Brende has predicted India’s growth has potential to reach 7-8% with the help of reforms. The forum being held in Davos brings together some of the world’s biggest leaders and thinkers, India has had a huge presence every year, and one of the primary themes has been growth
World Economic Forum President Statements
“India has great potential, and it is still growing pretty well, 6 per cent this year. But there is no reason why India cannot pick up again and do 7 per cent, 8 per cent, provided that there are reforms on investments, infrastructure, investing in education and R&D [research and development],” said Mr. Brende.
“We do expect that in a few years, India will be 20 per cent of the overall global growth. That is quite incredible. And what works also for India is the enormous strength in startups. There are more than 1,20,000 startups in India. I think there are now more than 120 unicorns. So that ecosystem, I think, is the basis also for future growth,” the WEF president said.
World Economic Forum President On India 2047
On whether India’s target of becoming a developed nation by 2047 is realistic, Mr. Brende said India will be a $10 trillion economy soon, and what also works in the interest of India is that trade is now pivoting more towards digital trade and services.
“That’s growing three times faster than traditional goods. And these are areas where India is very strong,” he said.
President On Digitalisation
To a question on some of the key challenges or opportunities that come with greater digitalization of the workforce, Mr Brende said, “It’s increased productivity. Productivity is like producing more with fewer resources. And of course, this will challenge some jobs that are back offices today or other jobs. But if that can lead to people moving into areas where you produce higher up in the value chain, you can pay better, you can produce more. And that’s prosperity
“So, for India, there are of course huge opportunities when it comes to new technologies. But short term, it also creates challenges because one has to upskill and reskill people,” the WEF president said.
President On Climate Agenda
“It’s [climate] incredibly important. And I think you just came back from Los Angeles. You saw the wildfires. We have seen droughts. We know that agriculture production, production of food is being more challenged now because there are areas where you can’t just grow what you used to grow.
“So in general, I would say that the cost of inaction far exceeds the cost of action when it comes to climate change. So we need to keep up the momentum. We will need to emit less CO2 (carbon dioxide) in the years to come to even be able to stick to a 2-degree target,” Mr Brende told NDTV.
He said the 2-degree target means a lot, especially to countries that are most vulnerable, which happen to be countries that have emitted the least CO2, traditionally being African countries, but also including India that has already seen heat waves and “seen the cost of this”.
The five-day meeting at Davos beginning Monday will explore how to re-launch growth, harness new technologies, and strengthen social and economic resilience, according to the World Economic Forum. The global meeting will see participation by nearly 3,000 leaders from over 130 countries, including 350 governmental leaders.
