Stage Set for India to Become $5 Trillion Economy: World Economic Forum Prez. Borge Brende

World Economic President Borge Brende said that the stage is set for India to realise its vision of becoming a $5 trillion economy in the next five years and $10 trillion economy in the next decade-and-a-half.

Brende, also a member of the forum’s Managing Board, said that India now has a significantly enlarged global profile, courtesy a decisive leadership.

He said that with the increasingly strong probability of global growth falling short by at least one percentage point from projections, the magnitude of the decline is comparable to the agonising global recession of the early 2000s.

On the contrary, the economic outlook for South Asia continues to be robust. Developing economies have significantly enhanced their contribution to global output from the earlier 15 percent to well above 50 percent in the past half century, he said.

In an opinion piece for Prime Minister Narendra Modi’s website narendramodi.in, Borge said, “India’s has been a dramatic rise, deserving of the global attention that it has commanded. The stage is set for India to realise its vision of becoming a $5-trillion economy in the next half-decade and $10-trillion economy in the next decade-and-a-half and to assist in appeasing the woes besetting the world economy,”.

Steered by a “decisive leadership”, Brende said, India is “rising to the occasion” on the back of a significantly enlarged global profile.

“India’s commitment to renewable energy through voluntary and ambitious renewable power capacity targets, a lead role in the Paris Climate Agreement negotiations and the International Solar Alliance shows its aspiration of becoming a leader in environment security and climate change mitigation,” he wrote.

The WEF chief pointed out that India has expanded its global stature in space exploration as well, with recent breakthroughs such as the latest lunar mission and its distinction of becoming the fourth country worldwide to shoot down a low-orbit satellite with a missile.

Brende said India’s involvement in global humanitarian efforts and development initiatives has also increased, citing examples such as the infrastructure development in Afghanistan, the International North-South Transport Corridor, the Ashgabat Agreement, the Chabahar port and the India-Myanmar-Thailand highway.

Prime Minister Modi has also articulated his strong vision for an India-Africa cooperative interest and India’s deepened participation in coalitions highlight its rising global influence and increasing appetite for enhanced visibility on a range of global initiatives and multilateral fora, he said.

With half of its population of working age, India has a unique demographic advantage. Climbing to 52nd spot in this year’s Global Innovation Index, India is one of the few countries to have consecutively improved its rank for nine years, the WEF president said.

“Its distinctive demographic advantage, technical prowess and knack for innovation, fused with the leap-frogging opportunities of Fourth Industrial Revolution technologies, can consolidate its position as a dominant force in global economic, political and strategic affairs,” he said.

Simultaneously aware that the quest for becoming a great power must begin at home, India has undertaken groundbreaking structural reforms mirroring its growth ambitions and development priorities.

Initiatives aimed at revamping India’s restrictive business regulations have already borne fruit. India’s 65-place leap in the World Bank’s Ease of Doing Business rankings demonstrates an improved business climate and expounded investor confidence, Brende said.

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Source: MC

Image Courtesy: Live Look

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