WEF Chief Forecasts India as Major Driver of Global Growth by 2025

IN
Published:

During the World Economic Forum (WEF) in Davos, Borge Brende, the WEF president and CEO, projected that India could account for 20% of global economic growth in a few years. Speaking to NDTV, Brende emphasized that India possesses great potential, with the growth rate of 6% this year and the possibility to increase to 7-8% through necessary reforms in investments, infrastructure, education, and research and development.

Brende noted that India's thriving startup ecosystem, comprising over 120,000 startups and 120 unicorns, would support its economic expansion. He expressed optimism about India's goal to become a $10 trillion economy and acknowledged the pivot towards digital trade, which is growing three times faster than traditional goods.

While addressing the challenges posed by digitalization, Brende highlighted the need for upskilling the workforce to improve productivity and navigate potential job disruptions. He underscored the urgency of climate change action, stating that the consequences of inaction are far more significant than the costs involved in implementing solutions.

The five-day WEF meeting gathers nearly 3,000 leaders from over 130 countries, including 350 governmental leaders. India's delegation includes five Union ministers and several state ministers, reflecting its aim to strengthen partnerships and position itself as a leader in sustainable development and technological innovation.

Weekly Newsletter

News summary by melangenews

Loading...

More from India

Child Labor and Forced Labor Uncovered in India's Cotton Fields

An investigation reveals alarming instances of child exploitation and forced labor among cotton pickers in India, particularly in the Madhya Pradesh region. According to the NGO Transparentem, which surveyed 90 farms over ten months, nearly half of them employ forced labor, affecting many children. Workers, often indebted to their employers, earn approximately 2.4 USD per day, leading entire families, including children, to harvest cotton to repay loans. The report highlights connections between these farms and major cotton suppliers like Pratibha Syntex and Remei Group, prompting brands such as Inditex and H&M to sever ties and join the Fair Labor Association to monitor conditions. Inditex stated their commitment to improving worker conditions in the sector, highlighting ongoing collaborations with organizations like the International Labour Organization to enforce labor rights. This investigation follows longstanding concerns from the U.S. State Department regarding labor practices in India’s cotton industry, emphasizing that modern slavery persists despite international efforts.
IN

Innovative Watch Saves Over 100,000 Newborns from Hypothermia

An innovative temperature-tracking watch, developed by Ratul Narain, has reportedly saved over 100,000 premature newborns from the threat of hypothermia, a leading cause of neonatal mortality. According to data, India had the highest number of preterm births in 2020, highlighting the urgent need for effective neonatal care. The device, known as Bempu, signals caregivers when a baby's body temperature falls to dangerous levels, helping prevent serious complications. Narain, who was raised in the U.S., dedicated himself to this cause after witnessing the challenges faced by premature infants. His work has gained recognition, being named one of TIME Magazine’s 25 Best Inventions. In interviews, Narain explained that the watch has not only transformed individual cases of neonatal care but has also set a precedent for future healthcare innovations in India. The Bempu watch's impact extends beyond national borders, as its implementation is being explored in various countries to enhance the survival rates of vulnerable newborns.
IN

Scientists Discover 'Dark Oxygen' in Pacific Ocean, Challenging Long-Standing Theories

Researchers have identified a unique phenomenon known as "dark oxygen" produced by certain rocks in the Pacific Ocean, challenging the conventional belief that oxygen generation is solely dependent on photosynthesis. According to the study, these polymetallic nodules, resembling coal piles at ocean depths, can generate oxygen through electrochemical reactions without sunlight. Traditionally, oxygen in the ocean has been understood to arise from marine plankton, algae, and bacteria that require sunlight for photosynthetic processes. This discovery indicates that oxygen can also be produced in environments where sunlight is absent, potentially supporting aerobic life in deep, oxygen-poor regions. The oxygen production occurs through interactions between the rare metal deposits on the ocean floor and saltwater, facilitating the splitting of water molecules (H2O) into hydrogen and oxygen. Researchers believe that this revelation expands our understanding of oxygen generation, potentially reshaping scientific theories regarding deep-sea ecosystems. The findings present a significant breakthrough in marine science, illustrating the complex interactions of geological and biological processes that govern life in the ocean's dark depths.
IN
All India News ->