New Delhi: World Economic Forum president Borge Brende has predicted that India will achieve a $10 trillion economy status in the near future. He attributed this projection to India's implementation of significant economic reforms and suggested that it's only a matter of time before the country becomes the world's third-largest economy, following the United States and China.
Brende emphasized that India showcases a unique sense of optimism amid a fragmented and polarized global landscape. He highlighted the considerable interest India has garnered worldwide, particularly evident during the recent Davos summit. Brende expects this trend to persist, noting India's rising foreign direct investment and increasing domestic manufacturing activity, positioning it favorably compared to the US and China, the world's two largest economies.
Additionally, Brende anticipated India's growing presence on the global diplomatic stage as the country prioritizes economic growth, poverty alleviation, and prosperity. Despite geopolitical tensions, such as those in Ukraine and the Middle East, Brende commended India for maintaining a composed stance, avoiding impulsive reactions in a challenging regional context.
Brende also lauded India's digital public infrastructure, highlighting achievements such as digital identification for 1.4 billion people and linkage of bank accounts, along with robust payment systems. However, he cautioned against emerging technological risks, particularly concerning generative artificial intelligence, which poses threats such as deepfakes and cyberattacks. Notably, over $2 billion was reportedly lost from the global economy due to cyberattacks last year. Brende advised vigilance in addressing these challenges.
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