Country ready for new deer pace: WEF President

Currently 'snowball effect' in Indian economy

Very firm and optimistic about India's growth path but not so optimistic about global growth

AHMEDABAD: Due to the corrective measures taken for the Indian economy and the necessary policy changes, the economy is standing strong even in tough times like Brexit or Corona epidemic and the current inflationary pressure and the situation is improving rapidly. Expressing optimism about India's economic growth, World Economic Forum President Borg Brenden said that India will witness the fastest growth among the world's major economies this year and that the country's economy is currently going through the famous 'snowball effect'. This process will ultimately lead to more investment and more jobs in the country. The snowball gets bigger and bigger when it starts rolling and re-inflates and that is what is happening with the Indian economy.

Brand emphasized, 'I am very bullish and optimistic about India's growth path but not so optimistic about global growth. India's growth will generate more investments, more jobs and will continue to grow by leaps and bounds in the coming years. India's economic picture looks very bright at the end of the snowball where poverty will be eradicated and more opportunities will be created for the youth.'

In an interview after meeting top government ministers and officials on a short visit to India, Brand said that in my opinion, the developing countries of the world have a lot to learn from India. India is the world's largest democracy and is also an open society with entrepreneurs and innovators and freedom of speech. India has a wider ecosystem of startups than any other developing country.

The World Economic Forum expects economic growth of around 6 percent for India this year, which would be the highest of any major economy in the world. However, it added that high interest rates and weak external demand will put pressure on investment and exports in 2023.

In response to a question about what India should do to achieve a better position in the future, Brend said that India has sown the seeds of many small and large reforms so far and now a great yield can be seen in the future. However, India should continue with further corrective measures instead of stopping here.

More investment in the country's infrastructure, better connectivity of different regions and more investment in education, upskilling, reskilling is needed.

What is Snowball Effect?

Snowball effect means that a single event can lead to many larger events. In general terms, when a snowball rolls, it gets bigger and bigger. This is what is happening with the Indian economy. The World Economic Forum's Brand said reforms in India have reduced leakages and corruption. A better environment for investment has been provided and the digital revolution is also accelerating.