Davos:
Borge Brende, President and CEO of the World Economic Forum (WEF) has predicted that India’s growth rate has the potential to reach 7-8% with the help of reforms. The annual event of the World Economic Forum is being organized in Davos, Switzerland. “India has huge potential. At 6 percent this year, it’s still growing quite well. But there’s no reason why India can’t pick up again and grow at 7 percent, 8 percent,” Brende told NDTV. India cannot grow at the rate of Rs. 1.5 per cent per year unless there is improvement in investment in investment, infrastructure, education and research and development.”
The WEF President said, “We expect India’s share in total global growth to be 20 percent in a few years. This is quite incredible. And another thing that works for India is the immense strength of startups here. 1, There are over 20,000 startups now, so I think this ecosystem is the basis for future growth.”
India will soon become a $10 trillion economy
When asked whether India’s goal of becoming a developed nation by 2047 is possible, Brende said that India will soon become a 10 trillion dollar economy, and it is also in India’s interest that business now focuses on digital trade and services. And increasing more. “It is growing three times faster than traditional commodities. And these are areas where India is very strong,” he said.
talk on digitalization
In response to a question by NDTV about some of the key challenges or opportunities arising from greater digitization of the workforce, Brende said, “It leads to increased productivity. And productivity equates to producing more with fewer resources.” And of course, that will challenge some of the jobs that are in the back office or other jobs, but if it moves people into areas where you produce higher in the value chain, you will be better paid. Can produce more.”
Therefore, for India, there are definitely a lot of opportunities in terms of new technologies, the WEF President said. But in the short term it also creates challenges. Because people have to upskill and reskill.”
Climate change is incredibly important
Speaking on climate change, Brende told NDTV, “This climate thing is incredibly important and you just came back from Los Angeles. You’ve seen the wildfires. We’ve also seen the drought. We know that agricultural production , Food production is becoming more challenging now. There are areas where you can’t grow what you used to. So in general, I would say the cost of inaction is greater than the cost of action. So we need to keep the momentum going. “We will need to emit less CO2 (carbon dioxide) in the coming years, so that we can stick to the 2 degree target.”
He said the 2 degree target makes a lot of sense, especially for the countries that are most vulnerable, which are the countries that have emitted the least CO2, traditionally African countries. But this also includes India which has already faced heat waves and ‘seen the cost’.
According to the World Economic Forum, the five-day meeting starting on January 20 will consider ways to restart growth, use new technology and strengthen social and economic resilience. About 3,000 leaders from more than 130 countries will participate in the global meeting.
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