New Delhi, Aug 25: World Economic Forum (WEF) president Borge Brende voiced optimism that India will be the third largest economy in the world in a few years and it is important for the country to continue reforms, build better infrastructure and invest in education.
Speaking at the B20 Summit in the national capital on Friday, Brende also highlighted that countries should be allowed to be competitive and buy what is most relevant for their business.
Brende was delivering his address at a session on “Inclusive GVCs (global value chains) for Resilient Global Trade and Investment” at the B20 Summit India 2023 organised by the industry body CII.
“There is a lot of optimism in India, which is also the basis of India’s Presidency of G20. India has been the fastest-growing economy for three years in a row, in the middle of sluggish global growth. India will be the third largest economy in the world in a few years, a 10 trillion Dollar economy in a decade and larger than Germany and Japan in a few years. It is important for India to continue reforms, build better infrastructure, and invest in education”, said Brende, President, of the World Economic Forum, in Switzerland.
Indian economy is currently ranked fifth and is behind the US, China, Japan, and Germany. In 2014 when Narendra Modi was sworn in as the Prime Minister, India was the 10th largest economy. In 2022, India became the fifth-largest economy overtaking the UK.
“Future prosperity and poverty eradication will be based on open trade and strong Global Value Chains. Global Value Chains are at the core of future growth, which have to be inclusive and adjusted for climate change,” he said.
The theme of B20 Summit India is ‘R.A.I.S.E - Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses’.
The Business 20 or B20 was formed in 2010 and is the official G20 dialogue forum with the global business community. B20 aims to deliver concrete actionable policy recommendations on the priorities of each rotating presidency to spur economic growth and development.