New Delhi - India is poised to achieve the highest growth rate among the world's major economies this year, sparking a "famous snowball effect" that will attract increased investments and generate more employment opportunities, according to the President of the World Economic Forum (WEF), Borge Brende.
Speaking during his visit to India, Brende expressed his bullish and optimistic outlook for India's economic trajectory, attributing the country's success to recent reforms that have streamlined bureaucracy and created a favorable investment climate. Furthermore, he emphasized the significant impact of the ongoing digital revolution in India.
"The growth will lead to more investments, more jobs... it will be an exponential growth in the coming years, and you will see a situation where more poverty is eradicated and more opportunities are there for young people," Brende stated in an interview with PTI in New Delhi.
India, currently holding the G20 presidency, has emerged as one of the fastest-growing economies globally, forging a strong collaboration with the World Economic Forum over the years. Brende acknowledged India as a leading democracy and an open society with a vibrant entrepreneurial spirit, innovators, and freedom of speech. He further lauded India's robust ecosystem of startups, which surpasses that of any other developing nation and continues to expand.
As an international organization promoting public-private cooperation, the Geneva-headquartered WEF plays a significant role in shaping global, regional, and industry agendas. Its annual Davos meeting, renowned as the largest gathering of global elites, underscores its influence on global affairs.
WEF anticipates India's economy to achieve nearly 6% growth this year, outpacing all major economies worldwide. Brende reaffirmed his optimism for India's growth trajectory, provided external factors do not negatively impact the nation. A recent report by the United Nations also projected India's economy to expand by 5.8% in 2023 and 6.7% in 2024, citing robust domestic demand as a key driver.
Regarding India's short-term goals, Brende commended the country's successful implementation of previous reforms and urged the government to maintain momentum by focusing on further structural changes. He emphasized the need for increased investment in infrastructure development, enhanced regional connectivity, and prioritized spending on education, upskilling, reskilling, and skill development in the years to come.
During the COVID-19 pandemic, Brende applauded India's prudent approach to stimulus measures, avoiding excessive spending and maintaining fiscal discipline. He noted that India managed to provide necessary support while avoiding excessive debt, unlike some other countries that now find themselves trapped in debt burdens.
The positive outlook for India's economy, coupled with ongoing reforms and the country's digital revolution, presents a promising future marked by sustainable growth, reduced poverty, and ample opportunities for India's youth. With India at the forefront of global economic growth, the nation's success story serves as an inspiration for other developing countries worldwide.