WEF said- India will become a 10 trillion dollar economy in the coming years, GDP is growing rapidly.
WEF: On India's aim to become the third largest GDP in the next two to three years, Brende said, India has gone through important reforms. It is in a good position compared to the world's two largest economies, America and China. The country is on its way to becoming a 10 trillion dollar economy in the coming years.
Of all the world's major economies, India's economy is expanding at the fastest rate. The nation will soon have the third-largest GDP in the world and is headed towards becoming a $10 trillion economy shortly. The World Economic Forum (WEF) President, Borge Brende, stated that it's critical to emphasise that economic growth is not inherently negative. particularly in India, where growth is currently at 7%.
Brende stated that India has undergone significant reforms and that the country aims to have the third-largest GDP in the next two to three years. When compared to the two biggest economies in the world, China and the United States, it is doing well. The country is on its way to becoming a 10 trillion dollar economy in the coming years. Furthermore, India is witnessing good growth in foreign direct investment (FDI). A lot of manufacturing activity is now happening in India, which used to happen in other emerging economies.
The World Economic Forum hopes to return to the country with the WEF India Summit in collaboration with the Government of India in due course. We saw in Davos this year that there is a lot of interest in the world about India and I think this will continue in the future also. Indian Prime Minister Narendra Modi is always very welcome in Davos. -Borge Brende, President, World Economic Forum
The last ten years have seen the implementation of significant reforms by the government of Prime Minister Narendra Modi, laying the groundwork for steady economic growth in the decades to come. Large international investors won't be able to overlook India. In a report, Jefferies Equity Research predicted that India's GDP would grow to $5 trillion over the next four years. After Germany and Japan, the nation's economy will rise to the third rank by 2027. The GDP will grow to ten trillion dollars by 2030. The GST system has made taxation simpler. The corporate and banking sectors' balance sheets and overall performance saw significant improvements as a result of changes to the bankruptcy laws. In 2023, $20 billion worth of investments will be made in Indian stock markets. However, this is not as high as in previous years as a percentage of market cap.
When you come to India, you feel full of hope, Brende said in an interview on Thursday. It doesn't feel like this everywhere. We are facing a geopolitical recession, a fragmented and polarized world. But, there are still areas where we can cooperate. On India's role in dealing with geopolitical conflicts, he said, we will see a bigger footprint of India at the global diplomatic level in the coming years.
Praising India's digital competitiveness, the WEF President said, today digital business in the world is growing much faster than traditional business. India is a leading country when it comes to digitalisation, with 1.4 billion people having digital IDs, linked bank accounts and effective payment systems.
