India witnessing 'snowball effect'; set to see exponential growth in coming years: WEF President Borge Brende

India is expected to clock the highest growth among the worlds big economies this year and the countrys economy is witnessing the famous snowball effect that will lead to more investments and more jobs according to World Economic Forum WEF President Borge BrendeThere have been reforms that have led to less red tape better climate for investments and also the digital revolution is really happening in India Brende said and stressed that he is very bullish and optimistic about the countrys growth trajectory but not so optimistic about global growthIndia which currently holds the G20 presidency is one of the fastest growing key economies in the world and WEF has had close collaborations with the country for the past many yearsWhen the snowball starts to roll it gets bigger and bigger and that is what is happening with the Indian economyThe growth will lead to more investments 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 told PTI in an interview in the national capitalBrende who was on a short visit to India had discussions about ongoing collaborations as well as Indias G20 presidency with stakeholders He met various Union ministers and company executives among othersI 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 he saidFurther Brende highlighted that India has more of a broad ecosystem of startups than in any other developing country and that is growing This is something that other countries can also be inspired by he addedGenevaheadquartered WEF is an international organisation for public private cooperation and is known for its annual Davos meeting often described as the biggest congregation of the global eliteThe Forum engages the foremost political business cultural and other leaders of society to shape global regional and industry agendasThis year WEF expects almost 6 per cent economic growth for India and will be the highest growth for any big economies of the world he saidWe at WEF see the growth path forward for India that is also strong Overall I am optimistic provided there are no external factors that will influence negatively We have no time for wars conflicts and we have no time to be complacent he saidEarlier this month the United Nations in a report said that Indias economy the largest in the South Asia region is expected to expand by 58 per cent in 2023 and 67 per cent in 2024 calendar year basis supported by resilient domestic demandHowever higher interest rates and weaker external demand will continue to weigh on investment and exports in 2023 it had said in the World Economic Situation and Prospects MidYear UpdateOn what India needs to do in the shortterm Brende said the country is already seeing and capitalising on the yield from the reforms that have taken placeThat should be the inspiration to continue with the reform agenda Investing more in infrastructure connecting different regions even better and India needs more investment in education upskilling reskilling and right skilling in the years to come he saidBrende also a former Norwegian Minister of Foreign Affairs Trade and Industry highlighted that during the coronavirus pandemic India did something very rightSome countries overspent on stimulus that there is no ammunition left India was not in debt itself of course it came up with stimulus but Prime Minister Narendra Modi was able to hold back whereas some countries are in debt trap he notedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever