Global leaders at the World Economic Forum (WEF) in Davos are expressing optimism about India’s growth trajectory amidst prevailing concerns such as geopolitical risks, inflation, and rising interest rates. Despite these challenges, India’s underlying fundamentals have been acknowledged as favorable for sustained growth.

Ling Hai, President, International Markets at Mastercard, highlighted India’s strengths, including demographics, easing inflation, spending power, and a robust service sector. PwC chairperson Bob Moritz emphasized India’s substantial digital infrastructure in areas like banking, healthcare, and education, positioning it for a significant leap forward with AI.

India’s strategic preparation for the digital revolution was underscored by Moritz, who noted the country’s readiness to harness the benefits of AI, solidifying confidence in India’s growth potential. The International Monetary Fund (IMF) projected India’s GDP to expand by 6.3% in the financial year 2024-2025, citing macroeconomic and financial stability.

Advertising guru Martin Sorrell positioned India as a key market and an alternative to China in Asia, particularly amid geopolitical tensions. He anticipates India’s prominence, along with other Asian countries, in the top five globally by 2050.

Global firms, recognizing India’s burgeoning consumer base, are making strategic moves. Ikea announced plans to lower product prices, emphasizing its commitment to the Indian market. Juvencio Maeztu, Deputy CEO and CFO of Ingka Group, which operates Ikea, highlighted achievements in local sourcing, gender equality, and a significant investment of Rs 10,500 crore.

Chip War author Chris Miller is set to discuss India’s semiconductor strategy with Union Minister Ashwini Vaishnaw at Davos. Miller advocates for India’s development of profitable semiconductor firms to ensure long-term investments in chip technology.

India, under the theme ‘Credible India,’ showcased its attractiveness as an investment destination at Davos. With dedicated spaces like the India Investment Centre, the country facilitated Government-to-Business (G2B) and Business-to-Business (B2B) networking, hosting roundtables and sessions to reinforce its appeal.

These perspectives from global leaders at Davos collectively affirm India’s resilience and potential for growth, positioning it as a bright spot amid global economic uncertainties.

By : Kruthiga V S

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