India on track to become $10 trillion economy in coming years: WEF President
World Economic Forum (WEF) President Borge Brende has said that India is on track to become a $10 trillion economy in coming years and grab the third-largest slot soon. He described the country as a place with optimism not seen elsewhere in a very fragmented and polarised world.
Brende said ‘it is necessary to underline that the economic growth is not so bad, especially in the case of India where we are seeing 7 per cent economic growth and the world's largest economy, the US, which is also doing very well’. He said 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 also lauded India's digital competitiveness and said digital trade is growing much faster than traditional goods in the world today.
Talking on India's role in handling geopolitical conflicts, he said ‘we will see a larger and larger Indian footprint on the global diplomatic scene in the years to come.’ He added that India's major priority so far has been to secure economic growth, eradicate poverty, and ensure that India is flourishing when it comes to prosperity.
