NEW DELHI: Among the world's big economies, India is expected to register the highest growth this year and the "famous snowball effect" in being witnessed in the country's economy, which will lead to more investments and more jobs, World Economic Forum (WEF) President Borge Brende said here.
The WEF chief was on a short visit to India, during which he met with ministers and stakeholders, to hold discussions.
Brende said that "There have been reforms that have led to less red tape, better climate for investments and also the digital revolution is really happening in India." He also maintained that he is "very bullish and optimistic" about the country's growth curve but not similarly hopeful about global growth.
India currently holds the G20 presidency and is one of the world’s fastest growing key economies and WEF has been associated with the country for many years in the past.
"When the snowball starts to roll, it gets bigger and bigger, and that is what is happening with the Indian economy,” said Brende.
According to the WEF chief, the growth in India’s economy will lead to more investments and more jobs. “It will be an exponential growth in the coming years and you will see a situation where more poverty is eradicated and more opportunities are there for young people," Brende said during an interview in the national capital.
During his short visit to India, Brende had discussions on current collaborations and India's G20 presidency with stakeholders. Among others, he met several Union ministers and company executives.
Brende further added, "I think that nations in the developing world have something to learn from India. India is the largest democracy in the world and it is also an open society with entrepreneurs and innovators and free speech.”
Brende also went on to highlight the fact that India has a broader ecosystem of startups than in any other developing country. He said India is growing and that other countries should be inspired by this.
Headquartered in Geneva, WEF is an international organisation working for public private cooperation. It is known for its Davos meeting held annually, which is often described as the biggest gathering of the global elite.
The foremost political, business, cultural and other leaders of society are engaged by the forum to shape global, regional and industry agendas.
WEF predicts the Indian economic growth will touch 6 per cent this year, the highest growth for any of the big economies of the world.
Earlier in the month, the United Nations stated in a report that India's economy, supported by robust domestic demand, is expected to grow by 5.8 per cent in 2023 and 6.7 per cent in 2024, on a calendar year basis.
In its World Economic Situation and Prospects Mid-Year Update, it said that higher interest rates and weaker external demand is, however, expected to continue weighing on investment and exports in 2023.
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