Snowballing to success: World Economic Forum bets on India’s growth story

Even as the world grapples with an economic slowdown, India, the fastest-growing G20 economy, is set to achieve unparalleled success this year,Borge Brende, President of the World Economic Forum, has said.

India's economy is witnessing an extraordinary phenomenon known as the famous 'snowball effect', propelling it to the forefront of global growth, Brende said during his brief visit to New Delhi.

ApplaudingIndia's growth trajectory and reform-oriented administration, Brende has predicted exponential growth, increased job opportunities, and the eradication of poverty in India."India's growth will lead to more investments, more jobs...When the snowball starts to roll, it gets bigger and bigger, and that is what is happening with the Indian economy." Brende told Press Trust of India in an interview.

'Snowball effect' refers to any action or occurrence that grows from being unimportant to something bigger and more significant.It occurs when a single action or event sparks a chain reaction of many comparable or even more significant ones.

Brende, a former Norwegian minister, commended India's entrepreneurial spirit, free speech, and status as the world's largest democracy.He highlighted that India has more of a broad ecosystem of startups than in any other developing country and that is growing.

The World Economic Forum has projectedIndia's economic growth to reach nearly 6 percent this year, surpassing other major economies worldwide. The United Nations has also released a report predicting robust economic expansion for India, with 5.8 percent growth in 2023 and 6.7 percent in 2024. These predictions have been fueled by the resilient domestic demand.

Sustaining the current rate of economic growth must be India's priority, he said. "Investing more in infrastructure, connecting different regions even better and India needs more investment in education, upskilling, reskilling and right skilling in the years to come," he said.

He added that India's prudent handling of the COVID-19 pandemic, with a well-balanced approach to stimulus measures and fiscal discipline, has setit apart from other nations that are grappling with debt.

(With inputs from agencies)