Davos 2025: India Will Be 20% Of Global Growth In A Few Years, Says WEF Chief Børge Brende
Sounding bullish on the India growth story, President of the World Economic Forum, Børge Brende said despite the current economic challenges, it had the potential to play a major role in the global economy in the coming years.
"We expect that in a few years, India will be 20% of the overall global growth," Brende said.
"India has great potential, and it is still growing pretty well. Maybe 5.5%-6% this year, but there is no reason why India cannot pick up and do 7%-8% provided there are reforms when it comes to investments, as well as reforms in infrastructure, investing, education and R&D." He emphasised the importance of continued reforms for India to unlock its full potential.
India's growth is driven by its vibrant startup ecosystem, Brende said. With more than 1,20,000 startups and over 120 unicorns, India's innovation sector is expected to be a key driver of this growth.
Brende expressed confidence in the idea that India will become a developed nation by 2047. "I think India will be a $10 trillion economy pretty soon," he remarked. India's focus on digital trade and services, which are growing three times faster than traditional goods, will be beneficial in accelerating this transformation, he said.
However, Brende also acknowledged the challenges posed by rapid digitisation and automation. “There are huge opportunities when it comes to new technologies, but it also creates challenges in the short term because one has to upskill and reskill people,” he explained.
Addressing the growing impact of artificial intelligence, Brende cautioned, "I think humans should be on top of the algorithms and not the algorithms on top of humans." He emphasised the need for regulation to ensure AI served humanity's best interests.
Brende also highlighted the need to confront misinformation and disinformation, particularly on social media, which has far-reaching consequences on public opinion and global stability. “It has profound impact."
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