India is expected to clock the highest growth among the world’s major economies this year, and the country’s economy is benefitting from a “snowball effect” that will lead to more investments and jobs, as stated by World Economic Forum (WEF) President Borge Brende.
India’s recent reforms have simplified bureaucratic processes and created a better climate for investments, combined with the digital revolution taking place. With these positive economic changes, Brende is “very bullish and optimistic” about the future of the Indian economy.
Holding the G20 presidency, India is one of the fastest growing major economies in the world and WEF has had a close relationship with the country for many years. As Brende puts it, when the snowball starts rolling, it will get bigger and bigger and this is exactly what is happening with India’s economy – leading to more investments, more job opportunities, and ultimately enhancing the quality of life.
Furthermore, India is the largest democracy in the world and a very open society, so much so that it has more of a broad startup ecosystem than any other developing nation. This is a great example for other countries to follow.
In line with UN projections, WEF expects an economic growth of at least 6 per cent this year in India. In order to continue this momentum, improvements in infrastructure, education, upskilling, reskilling, and right skilling are also needed.
Moreover, India handled the coronavirus pandemic following the right strategies, which kept them from getting into debt. Compared to other countries, India has plenty of room to grow.
World Economic Forum (WEF) is an international organisation based in Geneva that brings together public and private partnerships to shape global, regional, and industry agendas. Each year, the organisation attracts several of the world’s political, business, cultural, and other leaders.
Borge Brende is the current President of the WEF and previously served as Norway’s Minister of Foreign Affairs, Trade, and Industry. He recently visited India and held talks about collaborations of the country’s G20 presidency with various stakeholders.
HE upgraded his “very optimistic” expectations about the Indian economy during this visit and stressed the need for continuous reforms in order to achieve even more growth.
Considering the immense potential of its population, the booming technology sector, and growing digital influence coupled with economic reforms, India’s future indeed looks bright.
