Borge Brende, President and CEO of the World Economic Forum (WEF), has predicted that India’s growth rate has the potential to reach 7-8% with the help of reforms.
At Davos, where the WEF brings together some of the world’s biggest leaders and thinkers, India has had a large presence every year, and one of the primary themes has been development.
“India has a lot of potential and it is still growing well, 6 per cent this year. But there is no reason why India cannot pick up the pace again and do 7 per cent, 8 per cent, provided that There should be improvement in investment in infrastructure, education and R&D (research and development),” Mr Brende told NDTV.
“We expect that in a few years, India will be 20 per cent of overall global growth. That’s quite incredible. And what works for India is the tremendous strength of startups. India has over 1,20,000 startups I think there are now over 120 unicorns, so I think this ecosystem is also the basis for future growth,” said the WEF President.
Asked whether India’s goal of becoming a developed nation by 2047 is realistic, Mr Brende said India will soon become a $10 trillion economy, and what works in India’s interest is that trade now Paying more attention towards digital business and services.
“It is growing three times faster than traditional commodities. And these are areas where India is very strong,” he said.
In response to a question from NDTV on some of the key challenges or opportunities that come with greater digitalisation of the workforce, Mr Brende said, “It is increased productivity. And productivity is like producing more with less resources. And of course , it will challenge some of the jobs they have today that are back office or other jobs, but if this can move people into areas where you produce more in the value chain, you can pay better, you can produce more And this is prosperity.”
“So, there are definitely huge opportunities for India when it comes to new technologies. But in the short term, it also creates challenges as people have to up-skill and re-skill,” the WEF president said.
climate agenda
As the world struggles to stick to or below 1.5 degrees Celsius of warming, the WEF has integrated climate as a primary driver in its processes.
“It (climate) is incredibly important. And I think you just came back from Los Angeles. You’ve seen wildfires. We’ve seen drought. We know that agricultural production, food production is now more challenging. It’s happening because there are areas where you can just not grow what you used to grow.
“So in general, I would say that the cost of inaction is much higher than the cost of action when it comes to climate change. So we need to keep the momentum going. We need to emit less CO2 (carbon dioxide) in the coming years.” will be required to even be able to stick to the 2 degree target,” Mr Brende told NDTV.
He said the 2 degree target makes a lot of sense, especially for the countries that are most vulnerable, which are the countries emitting the least CO2, traditionally African countries, but also including India which is already facing the heat. Has seen the waves and “seen the cost” of it.
The five-day meeting starting on Monday in Davos will explore how to restart growth, harness new technologies and strengthen social and economic resilience, according to the World Economic Forum. Nearly 3,000 leaders from more than 130 countries, including 350 government leaders, will participate in the global meeting.
India’s participation in Davos aims to strengthen partnerships, attract investments and position the country as a global leader in sustainable development and technological innovation. This time India is sending five Union Ministers, three Chief Ministers and ministers of several other states to WEF.
