WEF President Borge Brende Foresees India as a $10 Trillion Economy
Image Source: Business Today
World Economic Forum (WEF) President Borge Brende expressed optimism about India’s economic trajectory, foreseeing the nation evolving into a $10 trillion economy. Brende projected this growth over the coming decade, with expectations extending to the next two decades.
Against a backdrop of a global economic slowdown, geopolitical tensions, and a sluggish investment cycle, Brende emphasised the successful trajectory of India’s growth story. He anticipates an impressive 8% growth for the nation in the current year.
During a comprehensive interview, Brende underscored the challenges faced in international trade, noting that trade growth had diminished to 0.8 percent last year from 3.4 percent. Despite these challenges, he expressed hope that global trade would “pick up a bit” this year, particularly amidst the ongoing Red Sea crisis.
“But it does not take much to also have a negative impact on this if we close the Red Sea. The fact that even closing the Suez Canal for weeks will also have a very negative impact on the global supply chain. So, a lot is at stake. We also know that this has an impact on oil prices and for big oil–importing countries like, for example, India, where a $10–20 increase in oil prices will have a negative effect on the economy,” he said.
“So, I hope that this will not escalate further and that shipping can reconvene as usual in the Red Sea in a few days,” he added. Praising India for its growth story, the WEF chief said the country was growing in the digital economy twice as fast as the rest of the economy.
“India has been at the forefront due to the digital economy and the export of services. This is a very sweet spot for India. But, of course, reforms should continue in India. Reforms related to tackling unnecessary red tape should continue. I feel there is an understanding of all these things in New Delhi,” Brende said.
He also acknowledged the rising global stature of India. Brende cited an instance where there was a “long waiting list” of Indian officials waiting to meet him in a room that could fit only “100 people.”
“We have a lot of Indian companies here. India is growing very fast. There is a lot of interest in India. There is like a country strategy meeting on India where the three ministers that are here will conduct, and the Reserve Bank of India (RBI) Governor is here too. I was told by my team that it was oversubscribed after half an hour. So, there is like a long waiting list,” he said.
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