Indian Economy: India has become a major power of the world on the economic front and the way forward is even more bright. There is no such forum in the international community, which has not presented a golden picture regarding the future of the Indian economy.
Taking this trend forward, the World Economic Forum ie World Economic Forum (WEF) has also said that India is a shining star in the world system. The growing economic status of India in the world is the real reason behind the statement made by the Forum. Apart from this, in view of the immense possibilities in the future, every international forum and the biggest economists are also busy in creating odes about India and the Indian economy.
India a ‘bright spot’ in the global economy
Before understanding how big an economic power India has become or to what height our economy is going to reach in the coming times, let us know what has been said about India by the World Economic Forum. The annual meeting of the World Economic Forum (WEF) was held this year in Davos, Switzerland, from 16 to 20 January. In the closing speech, WEF founder and executive chairman Klaus Schwab described India as a bright spot in the midst of global geo-economics and geo-political crisis. He said this while praising India’s decisive action on renewable energy, contribution to the global healthcare ecosystem, focus on economic models for women-led development and India’s leadership on digital public infrastructure. p>
Capable of leading the world
Strength to face every crisis
The statement of the World Economic Forum’s Bright Spot has some meaning. This means that there is so much strength in India’s economy that any crisis or storm coming in the global economy will not affect its development. Even if there will be an effect, it will be temporary. The latest example of this is that the biggest economy of the world is not able to recover from the hit of Corona epidemic. At the same time India’s economy has gained momentum.
The future of the Indian economy is bright
Expectations about India are not increasing like this. There is a possibility of a global recession in 2023, yet India’s economy is going to perform better than any major economy this year. World Bank has estimated 6.6% growth rate for India. On the other hand, this estimate for America is only 0.5%. The World Bank believes that India will go ahead of China in this matter. There is a possibility of 4.3% growth rate in China this year. Due to Corona’s attack, the Indian economy was showing a declining trend in 2020-21, but in 2021-22 it again picked up pace. Where big countries were facing economic crisis, India’s GDP increased by 8.7% in 2021-22. This made India the fastest growing major economy in the world.
Indian economy is getting bigger
8 years ago from today i.e. in 2014 we were the 10th largest economy in the world with 2 trillion dollars. At that time the United Kingdom was at number 5 with three trillion dollars, France at number six, Brazil at number 7, Italy at number 8 and Russia at number 9. In these eight years, the Indian economy left all these countries behind. At present, we are the fifth largest economy in the world with about $3.5 trillion. As projected, if the pace of growth remains the same, we will overtake Germany to become the fourth largest economy in 2026. By 2026, India’s economy is expected to cross $ 5 trillion. Not only this, according to Britain’s Consultancy Center for Economics and Business Research (CEBR), we will be in a position to leave Japan behind in terms of economic power by 2032 and by 2035 the Indian economy will be worth 10 trillion dollars i.e. 10 lakh crore dollars. Will happen In terms of big economy, only America and China will be ahead of us. After America and China, India will become the third country in the world with a GDP of 10 trillion dollars. This consultancy believes that India’s growth is unstoppable.
China loses its sheen in front of India
This year in Davos, China lost its sheen in front of India. Investors have also started showing more confidence in India. In front of the world’s big companies in Davos, India presented itself as a better investment option than China. Geeta Gopinath, deputy managing director of the International Monetary Fund (IMF), also said in Davos that India’s economy is doing better than other major economies of the world. He said that many big companies of the world are looking at India as a better investor country than China.
Human resource is great strength
Investors from all over the world are taking more interest in the Indian economy because India has a lot of skilled human resources. In terms of population too, India will leave behind China this year. India currently has a working age population of over 900 million people. In the next decade, the number of working people in India will exceed one billion. A large number of these are entrepreneurs. The number of English speakers is very high. A large population is digitally literate. In order to make the Indian economy more powerful in the coming times, this country has a huge and important asset. This is also an important factor due to which today every economic organization or platform is calling India a shining star.
The pace of development will not stop
India’s economy is flexible. It is also expected that despite the global economic slowdown, the Indian economy will continue to grow at 6 to 8% with moderate inflation for the next decade. The global economy, which is already facing the brunt of Corona, is standing on the verge of recession due to high interest rates and rising inflation as well as the Russia-Ukraine war. Despite this, it does not seem to have much effect on the economy of India. The World Bank also believes that due to the large domestic market, external factors are not going to have any significant impact on the Indian economy.
Strong presence at the World Economic Forum
Like every year from this forum, this year also India assured global investors that India will remain a resilient economy with strong leadership delivering stable policy. India had made 10 lounges. In these, India showed its strength through 3 meeting rooms of the Department for Promotion of Industry and Internal Trade (DPIIT), business lounges of HCL, Wipro, Infosys and TCS as well as lounges of Maharashtra, Tamil Nadu and Telangana. Union ministers Smriti Irani, Mansukh Mandaviya and RK Singh presented a strong picture of the Indian economy during separate sessions. Maharashtra, Tamil Nadu and Telangana have succeeded in garnering huge amount of investment in the annual meeting which lasted for five days. Investors signed MoU involving investment of Rs 1.37 lakh crore in Maharashtra. On the other hand, Telangana has managed to attract investment of about Rs 21,000 crore in different sectors.
World Economic Forum and India
This year the theme of the World Economic Forum was World Cooperation in a Fragmented World. India has a strong relationship with the World Economic Forum. In 2018, Prime Minister Narendra Modi went to Davos to attend the annual meeting of the World Economic Forum. After two decades, an Indian Prime Minister had participated in the annual meeting of the World Economic Forum. Before that in 1997, the then Prime Minister HD Deve Gowda attended its meeting. Prime Minister on January 17 in 2022 Narendra Modi delivered the ‘State of the World’ Had a special address on the topic. In this he had said that a strong democracy like India has given a beautiful gift to the whole world, a bouquet of hope. At that time itself, PM Modi had told the world that India does not think only for itself in times of crisis, but is a country that works in the interest of the entire humanity.
Journey to the World Economic Forum
The story of the formation of the World Economic Forum begins in 1971. Professor Claus M. Schwab, who was working at the University of Geneva at that time, laid its foundation. Its headquarter is in Geneva, Switzerland. Its annual meeting is held every year in Davos. Earlier the name of this forum used to be European Management Forum. Initially only business leaders used to participate in its meetings. In 1973, when many countries of the world started moving away from the dollar exchange rate under the Bretton Woods system and due to the outbreak of the Arab-Israeli war, the attention of this forum turned to economic and social issues. After this, for the first time in January 1974, politicians were invited to Davos. The European Management Forum was renamed the World Economic Forum in 1987. In 2015 the Forum was formally recognized as an international organization. It now serves as a global platform for public-private cooperation. It is a non-profit international organization that provides a platform for business, government and civil society leaders from around the world to come together. The most important thing is that this forum has no interest of its own. It provides a common platform for political, business, social and academic leaders to shape global, regional and industrial agendas. This encourages public-private cooperation.