India set to see exponential growth in coming years: WEF President

NEW DELHI,

INDIA is expected to clock the highest growth among the world’s big economies this year and the country’s economy is witnessing the “famous snowball effect” that will lead to more investments and more jobs, according to World Economic Forum (WEF) President Borge Brende. “There have been reforms that have led to less red tape, better climate for investments and also the digital revolution is really happening in India,” Brende said and stressed that he is “very bullish and optimistic” about the country’s growth trajectory but not so optimistic about global growth. India, which currently holds the G20 presidency, is one of the fastest growing key economies in the world and WEF has had close collaborations with the country for the past many years.

“When the snowball starts to roll, it gets bigger and bigger, and that is what is happening with the Indian economy.

“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 told PTI in an interview in the national capital.

Brende, who was on a short visit to India, had discussions about ongoing collaborations as well as India’s G20 presidency with stakeholders. He met various Union Ministers and company executives, among others. “I think that 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 free speech,” he said. Further, Brende highlighted that India has more of a broad ecosystem of startups than in any other developing country and that is growing. This is something that other countries can also be inspired by, he added. Geneva-headquartered WEF is an international organisation for public private cooperation, and is known for its annual Davos meeting, often described as the biggest congregation of the global elite. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. This year, WEF expects almost 6 per cent economic growth for India and will be the highest growth for any big economies of the world, he said.