India's trajectory toward achieving a USD 10 trillion economy in the near future and securing the third-largest global economic position is gaining momentum, according to Borge Brende, President of the World Economic Forum (WEF).
In an exclusive interview with PTI, Brende expressed admiration for India's unparalleled optimism amidst a world marked by fragmentation and polarization.
Emphasizing the WEF's interest in India, Brende hinted at the possibility of organizing the WEF India Summit in collaboration with the Indian government when circumstances permit. He underscored India's status as the fastest-growing major economy globally, noting the significant attention India garnered at the Davos summit earlier that year, with prospects for sustained interest in the country's economic potential.
"The Indian economy is the fastest growing among all large economies of the world. We saw in Davos this year that there was a huge interest in India and I think this will only continue," Brende said.
Acknowledging geopolitical challenges worldwide, Brende commended India's resilience and highlighted the necessity of identifying areas for collaboration amid global uncertainties. He lauded India's economic growth rate, particularly its resilience amidst global economic fluctuations, contrasting India's growth with that of the United States.
"When you come to India, you feel some optimism which is not the case all over the world. We are facing a geopolitical recession, a very fragmented and polarised world, but still there are areas where we can collaborate and it is important to find those areas," he said.
Regarding India's aspirations to claim the third-largest economy status within 2-3 years, Brende expressed confidence in India's progress, citing crucial reforms, burgeoning foreign direct investments, and a burgeoning manufacturing sector. He commended India's digital prowess, highlighting the exponential growth of digital trade globally and India's digital infrastructure's robustness.
"India has gone through important reforms and it is well placed vis-a-vis the two largest economies, the US and China. Also, India is seeing a good increase in foreign direct investments, a lot of manufacturing activities are now taking place in India which used to happen in other emerging economies," he said.
Addressing India's evolving role in geopolitics, Brende forecasted an expanded Indian diplomatic footprint globally, attributing India's priorities to fostering economic growth, poverty eradication, and overall prosperity. He praised India's diplomatic acumen in handling regional conflicts and emphasized India's significance in the digital realm, citing its vast digital infrastructure and the imperative of robust cybersecurity measures.
While acknowledging the transformative potential of emerging technologies, Brende cautioned against associated risks, including cyber threats and the proliferation of deepfakes. He stressed the importance of vigilance and robust policy frameworks to mitigate these risks, citing the substantial economic losses incurred globally due to cybercrime.
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