Davos/New Delhi:
Borge Brende, the president and CEO of the World Economic Forum (WEF), believes India can boost its growth to 7-8% by implementing key reforms. At the WEF event in Davos, a major hub for global leaders to discuss pressing issues, India’s role has been significant, focusing largely on growth strategies.
Brende expressed optimism about India’s current growth rate of 6% and emphasized that with necessary reforms in investment, infrastructure, education, and research and development, higher growth rates are achievable. He mentioned, “In a few years, India is expected to contribute to 20% of global growth, which is remarkable.” He highlighted the vibrant startup ecosystem in India, which boasts over 120,000 startups and more than 120 unicorns as crucial for future economic expansion.
When asked about India’s goal to become a developed nation by 2047, Brende predicted that India could soon reach a $10 trillion economy. He noted a shift toward digital trade, which is growing significantly faster than traditional goods. “India excels in this sector,” he said.
Brende also addressed the challenges and opportunities posed by the digital transformation of the workforce. He explained that increased productivity can lead to better job prospects, although it may displace some current positions. The key is to upskill workers, enabling them to move into higher-value roles that offer better pay and increased productivity.
On Climate Change
Climate change is a pressing issue, and during the meeting, Brende highlighted its importance. “The cost of inaction far outweighs the cost of action,” he said, urging a strong commitment to reducing carbon emissions. He referred to recent environmental disasters, such as wildfires and droughts, which have negatively impacted agriculture and food production.
Brende pointed out that vulnerable countries, which have contributed the least to carbon emissions, are suffering the most from climate-related effects, including heat waves experienced in India. He stressed the importance of pursuing lower CO2 emissions to aim for a 2-degree Celsius climate target.
The five-day WEF meeting in Davos will delve into strategies for revitalizing growth, leveraging new technologies, and enhancing social and economic resilience. Nearly 3,000 leaders from over 130 countries will participate, including 350 government officials.
India’s delegation to Davos is focused on strengthening global partnerships, attracting investments, and positioning itself as a leader in sustainable development and technological innovation, sending five Union ministers and three chief ministers to represent its interests.
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