World Economic Forum (WEF) president and CEO Borge Brende has predicted India's growth has potential to reach 7-8% with the help of reforms.
At Davos, where the WEF brings together some of the world's biggest leaders and thinkers, India has had a huge presence every year, and one of the primary themes has been growth.
"India has a great potential, and it is still growing pretty well, 6 per cent this year. But there is no reason why India cannot pick up again and do 7 per cent, 8 per cent, provided that there are reforms on investments, infrastructure, investing in education and R&D [research and development]," NDTV stated as Mr Brende.
"We do expect that in a few years, India will be 20 per cent of the overall global growth. That is quite incredible. And what works also for India is the enormous strength in startups. There are more than 1,20,000 startups in India. I think there are now more than 120 unicorns. So that ecosystem, I think, is the basis also for future growth," the WEF president said.
On whether India's target of becoming a developed nation by 2047 is realistic, Mr Brende said India will be a $10 trillion economy soon, and what also works in the interest of India is that trade is now pivoting more towards digital trade and services.
"That's growing three times faster than traditional goods. And these are areas where India is very strong," he said. (NDTV)
