WEF president says he is bullish on India, forecasts 7-8% GDP growth in this fiscal

In an exclusive interview to India Today, World Economic Forum President Borge Brende said India’s GDP is likely to grow by 7-8 per cent in the current fiscal, higher than the global average.

Borge Brende, President of the World Economic Forum (WEF), said India’s gross domestic product (GDP) is set to grow at 7-8 per cent in the current fiscal, much higher than the global rate of 3 per cent. His upbeat outlook for the Indian economy, however, has a caveat.

“Indian economy will probably grow by 7-8 per cent this year. But India is also dependent on global market for demand of its products. So, if there is a (global) recession then that will also hit India significantly down the road,” Brende said in an exclusive conversation with India Today on the sidelines of the WEF’s annual meet in Davos, Switzerland.

Despite the debilitating effect of the Covid-19 pandemic and the Russia-Ukraine conflict on the world economy, Brende said he is very bullish on India as it has the potential to emerge as a hub of innovation and boost global recovery.

“India has unique skills and a very young population that works in its favour. Now India also needs to build further skills and has to start competing more with the US and China on the new technologies like artificial intelligence, data and on digital currency. So, India has to use this unique opportunity to modernise its economy. I am very bullish on India both in the long term and medium term,” he detailed.

Rahul Kanwal, News Director, India Today and Aajtak, India Today Group in an exclusive conversation with Borge Brende, President, World Economic Forum. | @RahulKanwal #WorldEconomicForum #WEF #BTAtWEF #BTDavos #DavosWithBT https://t.co/AU0b4jQjly