New Delhi: India will have the highest growth rate among the big countries. This development will increase investment and create tremendous employment opportunities in India. World Economic Forum President Borge Brende believes this will make India’s economy grow and witness a snowball effect. At the same time, President Brende has also claimed that even if the global economy suffers from recession, it will not affect the Indian economy much.
Moreover, the President of the World Economic Forum, who is visiting India, expressed great confidence in the performance of the Indian economy. A program of economic reforms is being implemented in India, and the rule of red tape is now over. This will attract more international investment to India. At the same time, that will also create many jobs in India, giving a new impetus to the economy. Thus, the Indian economy will not continue to advance at a tremendous speed in the coming years. This will eradicate poverty in India. Borge Brende concluded that this would open up new opportunities for the Indian youth.
Furthermore, the World Economic Forum has been cooperating with India for the past few years, Brende said. He also pointed out that other developing countries have much to learn from India. India is the largest democracy in the world. Indian society is open and free, and entrepreneurship, research and freedom of expression are India’s strengths. Due to this, India has a ‘startup ecosystem’ unavailable in other developing countries, i.e. a complementary environment for industries that come up with new concepts, Borge Brende pointed out. Due to all these reasons, Brende further said that there is no doubt in his mind that India will progress tremendously in the future. No one can stop India’s development if no external factor has an adverse effect. Brende added that war, conflict and laxity cannot be tolerated here on. So, while India is developing, it should avoid war-conflict and not remain heedless, as the President of the World Economic Forum is conveying.
Besides, it was announced that India would grow at a rate of 6 per cent this fiscal year. It is said to be the highest growth rate among large countries. The United Nations, International Monetary Fund and the World Bank claimed that India would have the highest growth rate among major economies. At the same time, while it is coming to light that other countries worldwide will be affected by the recession, it is unlikely to have a special effect on the Indian economy, the IMF and the World Bank have claimed.
International financial institutions say that India’s internal demand and market are large, so the upheavals in the global economy will not affect India that much. Even so, India must be aware of the misconception that the developments at the international level will not affect it at all. India should also prepare to face economic crises. Union Finance Minister Nirmala Sitharaman had warned weeks ago that it is the responsibility of the Indian institutions to develop a system that provides early warning of the financial crisis.
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