By IETeam India is poised to contribute a remarkable 20% of global economic growth in the next few years, according to Borge Brende, President of the World Economic Forum (WEF). Speaking to NDTV during the ongoing WEF annual meeting in Davos, Brende highlighted India’s economic resilience and its pivotal role in shaping the global economic landscape.
India’s Growth Trajectory
Brende praised India’s consistent economic expansion, calling it “one of the bright spots in the global economy.” With the country projected to grow at over 6% annually, it has become a critical driver of global growth amid a slowing world economy.
“India is expected to account for 20% of global economic growth in the coming years. This is significant and shows the strength and potential of the Indian economy,” Brende said. He also credited India’s robust policy framework and reforms for creating a conducive environment for growth and innovation.
Global Challenges and India’s Role
While global economies face challenges such as inflation, geopolitical tensions, and climate change, India has managed to maintain a steady growth trajectory. Brende emphasized that India’s large and youthful population, coupled with its strides in digitalization and infrastructure development, positions the country as a key player in addressing global challenges.
“India is not just growing; it is innovating. The country’s leadership in areas like technology and renewable energy is setting an example for the rest of the world,” Brende remarked.
Focus on Digital and Green Growth
Brende particularly highlighted India’s achievements in digital transformation and sustainability. Initiatives such as Digital India and Make in India have boosted the nation’s manufacturing and technology sectors, while its commitment to renewable energy is contributing to global efforts to combat climate change.
India’s target to achieve 500 GW of renewable energy capacity by 2030 and its leadership in the International Solar Alliance (ISA) were noted as critical steps in global climate action.
“India’s growth story is intertwined with its focus on green and digital sectors. These are the pillars of future growth, and India is showing remarkable leadership,” Brende added.
WEF’s Collaboration with India
The World Economic Forum has been closely working with India on various initiatives, including skill development, sustainable practices, and fostering entrepreneurship. Brende expressed optimism about India’s ability to lead in areas such as artificial intelligence, cybersecurity, and sustainable development.
The WEF meeting in Davos has witnessed strong participation from Indian leaders, including policymakers, business leaders, and startups, showcasing the country’s commitment to collaborating on global challenges and opportunities.
India’s Position in the Global Economy
India is currently the fifth-largest economy in the world and is on track to become the third-largest by 2030. Its demographic dividend, with a working-age population of over 900 million, is expected to fuel domestic demand and economic output.
Additionally, India’s export capabilities, particularly in services and technology, have solidified its position as a global economic powerhouse. The nation’s emphasis on infrastructure development, including the construction of smart cities and enhanced connectivity, further strengthens its economic foundation.
Challenges and the Way Forward
While India’s economic outlook remains robust, challenges such as income inequality, skill development, and urbanization need to be addressed to ensure inclusive growth. Experts at Davos emphasized the importance of policy interventions to bridge gaps in education, healthcare, and employment opportunities.
Brende also stressed the need for global cooperation, stating, “India’s role in multilateral platforms like the G20 and the United Nations is crucial. The world needs India’s leadership to navigate complex challenges.”
Conclusion
India’s economic trajectory and its contributions to global growth reflect its emergence as a key player in the international arena. With its focus on innovation, sustainability, and inclusive development, India is well-positioned to shape the future of the global economy.
As Brende aptly summarized, “The world is looking at India not just as a participant but as a leader in driving global economic growth and innovation. The next decade belongs to India.”