According to Brende, when the time is right, the World Economic Forum (WEF) intends to return to the nation with the WEF India Summit in cooperation with the Government of India.
India’s economy is expected to reach USD 10 trillion in the next few years, positioning it to become the world’s third largest, according to (WEF) World Economic Forum President Borge Brende, who also characterized the nation as a beacon of hope in an increasingly divided and polarized world.
Brende added that the World Economic Forum (WEF) intends to return to the nation when the timing is right for the WEF India Summit in cooperation with the Government of India in an exclusive video interview with PTI.
Out of all the major economies in the world, India’s economy is expanding at the fastest rate. This year at Davos, there was a noticeable interest in India, and Brende predicted that this trend would only grow.
The annual meeting of the Geneva-based WEF, an international organization for public-private cooperation, is held in January each year in the Swiss ski resort town of Davos. Narendra Modi, the prime minister of India, is “always welcome to Davos,” according to Brende.
“Optimism is prevalent in India, which is not the case everywhere else in the world. Even though the world is extremely divided and polarized and we are living in a geopolitical recession, there are still places where we can work together, and it is critical to identify those places,” he stated.
In particular, Brende noted, “we are seeing 7 per cent economic growth and the world’s largest economy, the US, which is also doing very well.” Brende said it is important to emphasize that the economic growth is not too bad.
According to Brende, India’s economy is expected to reach 10 trillion dollars in the next two to three years, making it the third largest in the world.
“India is in a strong position when compared to the two biggest economies, the US and China, having undergone significant reforms. Additionally, foreign direct investments are increasing in India, and the country is now home to a large number of manufacturing activities that were previously concentrated in other emerging economies, Brende said.
In addition, he praised India’s digital competitiveness and noted that the global trade in digital goods is expanding far more quickly than that of traditional goods. He stated, “India is in a good position and it won’t be long before it overtakes the US and China as the third-largest economy in the world.”
Brende predicted that “we will see a larger and larger Indian footprint on the global diplomatic scene in the years to come” with regard to India’s involvement in managing geopolitical conflicts. Up until now, India’s top priorities have been to guarantee economic growth, end poverty, and make sure the country is thriving economically.
“I believe that India has also refrained from making snap decisions regarding geopolitical matters. It’s not an easy neighborhood in Asia, but India has handled things quite well, and there aren’t any conflicts here like there have been in the Middle East and Ukraine,” he continued. According to Brende, India is a significant player in the digitalization space, with 1.4 billion people having digital IDs, connected bank accounts, and efficient payment systems.
However, the introduction of new technologies gives rise to worries. Generative AI offers great potential, but it also carries a risk in the form of growing cyberattacks and deepfakes. Thus, having policies in place and remaining watchful are imperative,” he stated.
For instance, Børge Brende claimed that $2 trillion was stolen from the world economy by cybercrime last year.
