India's Next Trillion-Dollar Milestone Achievable in 2 Years, Says WEF Chief

In a recent address at a CII session in New Delhi, Borge Brende, President of the World Economic Forum, expressed optimism about India's economic growth, stating that the country may achieve the next trillion-dollar milestone within the next two years. This impressive feat is largely attributed to India's remarkable digitization journey, which serves as a global success story. Borge emphasized the importance of sustained investment in digital infrastructure, noting that the digital budget has increased by 25 percent from 2022 to 2023, further propelling India's economic growth.

The advent of digitization in India has not only revolutionized the economy but also fostered a thriving startup ecosystem. Borge highlighted that India's digitization efforts have resulted in the creation of 77,000 startups, many of which have achieved the prestigious status of being global unicorns. This shift in the global startup landscape is significant, as Indian entrepreneurs now play a pivotal role in shaping the technology-driven future, previously dominated by Silicon Valley. However, Borge cautioned that continued growth depends on maintaining an environment of predictable policies and reducing bureaucratic hurdles for investments.

Amitabh Kant, G20 Sherpa, further emphasized India's remarkable progress, declaring it as the fastest-growing economy in the world. Over the past seven years, India has achieved remarkable milestones, including the construction of 40 million houses, the creation of 110 million toilets, and the establishment of 230 million pipe-to-water connections. Notably, even during the challenging period of the COVID-19 pandemic, India demonstrated its resilience and capability by producing 2.5 billion COVID vaccines. Kant aptly stated that India accomplished in seven years what would have taken half a century under normal circumstances.