India on Track to Become $10 Trillion Economy, Set for 3rd Largest Slot: WEF President – News18

India is on observe to develop into a USD 10 trillion financial system in coming years and seize the third-largest slot quickly, World Economic Forum President Borge Brende mentioned on Thursday as he described the nation as a spot with optimism not seen elsewhere in a really fragmented and polarised world. In an unique video interview with PTI, Brende additionally mentioned that the World Economic Forum (WEF) hopes to come again to the nation with the WEF India Summit in collaboration with Government of India when the time is ripe.

“The Indian economy is the fastest growing among all large economies of the world. We saw in Davos this year that there was a huge interest in India and I think this will only continue,” Brende mentioned. Geneva-based WEF, which describes itself as a world organisation for public-non-public cooperation, holds its annual assembly within the Swiss ski resort city Davos yearly in January.

Brende mentioned Indian Prime Minister Narendra Modi is “always very, very welcome to Davos”. “When you come to India, you feel some optimism which is not the case all over the world. We are facing a geopolitical recession, a very fragmented and polarised world, but still there are areas where we can collaborate and it is important to find those areas,” he mentioned.

Brende mentioned it’s vital to underline that the financial progress is just not so unhealthy, particularly within the case of India the place “we are seeing 7 per cent economic growth and the world’s largest economy, the US, which is also doing very well.” On India concentrating on to develop into the third largest financial system within the subsequent 2-3 years, Brende mentioned India is on observe to develop into a USD 10 trillion financial system within the coming years. “India has gone through important reforms and it is well placed vis-a-vis the two largest economies, the US and China. Also, India is seeing a good increase in foreign direct investments, a lot of manufacturing activities are now taking place in India which used to happen in other emerging economies,” he mentioned.

He additionally lauded India’s digital competitiveness and mentioned digital commerce is rising a lot sooner than conventional items on the earth right now. “India is well placed and it is just a question of time before India becomes the third largest economy in the world after the US and China,” he mentioned.

On India’s function in dealing with geopolitical conflicts, Brende mentioned, “We will see a larger and larger Indian footprint on the global diplomatic scene in the years to come.” India’s main precedence to this point has been to safe financial progress, eradicate poverty, and make sure that India is flourishing when it comes to prosperity. “I think India has also stayed away from any knee-jerk reactions on geopolitical issues. It’s not an easy neighbourhood in Asia but India has dealt with situations very well and we do not see any conflicts in this region as we have seen in places like Ukraine and the Middle East,” he added.

Brende mentioned India is a crucial nation when it comes to digitalisation with 1.4 billion individuals with digital IDs, linked financial institution accounts and efficient cost programs. “At the same time, the advent of new technologies raises concerns. While there are big opportunities presented by generative AI, there are also threats in the form of deepfakes and increased cyber attacks. So, it is very necessary to be vigilant and also have policies for that,” he mentioned.

For instance, cybercrime final 12 months stole USD 2 trillion from the worldwide financial system, he mentioned.

(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)