WEF President Borge Brende Predicts India’s Growth Potential At Davos

Borge Brende, president and CEO of the World Economic Forum (WEF), has stated that India’s growth could reach 7-8% with ongoing reforms.

At Davos, which gathers global leaders and experts, India has consistently been a key presence, with growth being a central topic.

In an interview with NDTV, Brende stated, “India has a great potential, and it is still growing pretty well, 6 percent this year. But there is no reason why India cannot pick up again and do 7 percent, 8 percent. This is provided that there are reforms on investments, infrastructure, and investing in education and R&D [research and development].

“We do expect that in a few years, India will be 20 percent of the overall global growth. That is quite incredible. And what works also for India is the enormous strength in startups. There are more than 1,20,000 startups in India. I think there are now more than 120 unicorns. So that ecosystem, I think, is the basis also for future growth,” added the WEF president.

Brende expressed optimism about India’s ambition to become a developed nation by 2047. He predicted that India would soon become a $10 trillion economy.

He said, “That’s growing three times faster than traditional goods. And these are areas where India is very strong.”

In response to an NDTV question about the challenges and opportunities of increased digitalization in the workforce, the WEF president asserted, “It’s increased productivity. And productivity is like producing more with less resources. And of course, this will challenge some jobs that are back offices today or other jobs. But if that can lead to people moving into areas where you produce higher up in the value chain, you can pay better, you can produce more. And that’s prosperity.”

“So, for India, there are of course huge opportunities when it comes to the new technologies. But short term, it also creates challenges because one has to upskill and reskill people,” he added.

As the world struggles to stay within the 1.5 degree Celsius limit, the WEF has made climate action a key focus in its initiatives.

The WEF president noted, “It’s [climate] incredibly important. And I think you just came back from Los Angeles. You saw the wildfires. We have seen droughts. We know that agriculture production, production of food is being more challenged now because there are areas where you can’t just grow what you used to grow.”

“So in general, I would say that the cost of inaction far exceeds the cost of action when it comes to climate change. So we need to keep up the momentum. We will need to emit less CO2 (carbon dioxide) in the years to come to even be able to stick to a 2 degree target,” he added.

He highlighted that the 2-degree target is particularly crucial for vulnerable countries. These include nations that have contributed the least to CO2 emissions, such as many African countries. India is also included, as it has already experienced the impacts of heat waves and “the cost of this.”

The five-day Davos meeting, starting Monday, will focus on revitalizing growth, leveraging new technologies, and enhancing social and economic resilience.

Nearly 3,000 leaders from over 130 countries, including 350 government officials, will participate.

India’s participation at Davos focuses on strengthening partnerships. It also aims to attract investment and establish the country as a global leader in sustainable development and innovation.

India will be represented by five Union ministers, three chief ministers, and ministers from other states.

Also Read: CII Survey Highlights Optimism In Indian Economy, Private Investments, & Employment Growth