Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

Stage Set for India to Realise $5-trillion Economy Vision: World Economic Forum Chief

Steered by a 'decisive leadership', Brende said, India is 'rising to the occasion' through a significantly enlarged global profile.

PTI

Updated:October 3, 2019, 4:10 PM IST
facebookTwitterskypewhatsapp
Stage Set for India to Realise $5-trillion Economy Vision: World Economic Forum Chief
A mountain reflected in a car window with the sign of the WEF, ahead of the annual meeting of the World Economic Forum, in Davos, on Saturday. (AP)

New Delhi: Steered by a decisive leadership, India now has a significantly enlarged global profile and the stage is set for the country to realise its vision of becoming a USD 5-trillion economy in the next five years and USD 10-trillion economy in the next decade-and-a-half, according to the president of World Economic Forum.

Borge Brende, also a member of the forum's Managing Board, said that with the increasingly strong probability of global growth falling short by at least one percentage point from projections, the magnitude of the decline is comparable to the agonising global recession of the early 2000s.

By contrast, the economic outlook for South Asia continues to be strong. In the past half-century, emerging and developing economies have significantly enhanced their contribution to global output from around 15 per cent to well above 50 per cent, he said.

"India's has been a dramatic rise, deserving of the global attention that it has commanded. The stage is set for India to realise its vision of becoming a USD 5-trillion economy in the next half-decade and USD 1o-trillion economy in the next decade-and-a-half and to assist in appeasing the woes besetting the world economy," he said in an opinion piece for Prime Minister Narendra Modi's website narendramodi.in.

Steered by a "decisive leadership", Brende said, India is "rising to the occasion" through a significantly enlarged global profile.

"India's commitment to renewable energy through voluntary and ambitious renewable power capacity targets, a lead role in the Paris Climate Agreement negotiations and the International Solar Alliance shows its aspiration of becoming a leader in environment security and climate change mitigation," he wrote.

India has also expanded its global stature in space exploration through widely celebrated breakthroughs such as its recent lunar mission and its distinction of becoming the fourth country worldwide to shoot down a low-orbit satellite with a missile, he pointed out.

Brende said India is also more involved in global humanitarian efforts and development initiatives, including infrastructure development in Afghanistan, the International North-South Transport Corridor, the Ashgabat Agreement, the Chabahar port and the India-Myanmar-Thailand highway.

Prime Minister Modi has articulated his strong vision for an India-Africa cooperative interest and India's deepened participation in coalitions demonstrate its growing global influence and appetite for enhanced visibility on a range of global initiatives and multilateral fora, he said.

With half of its population of working age, India has a unique demographic advantage. Climbing to 52nd spot in this year's Global Innovation Index, India is one of the few countries to have consecutively improved its rank for nine years, the WEF president pointed out.

"Its distinctive demographic advantage, technical prowess and knack for innovation, fused with the leap-frogging opportunities of Fourth Industrial Revolution technologies, can consolidate its position as a dominant force in global economic, political and strategic affairs," he said.

Simultaneously aware that the quest for becoming a great power must begin at home, India has undertaken groundbreaking structural reforms mirroring its growth ambitions and development priorities.

Initiatives aimed at revamping India's restrictive business regulations have already borne fruit. India's 65-place leap in the World Bank's Ease of Doing Business rankings demonstrates an improved business climate and expounded investor confidence, Brende said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
ICICI Lombard 1,207.25 -4.63
Reliance 1,372.35 0.60
BPCL 512.40 4.51
Bajaj Finance 4,016.40 3.53
Indiabulls Hsg 173.05 -8.49
Company Price Change %Gain
ICICI Lombard 1,206.75 -4.77
Indiabulls Hsg 172.90 -8.54
Larsen 1,424.80 -0.58
HDFC 2,050.05 1.83
Yes Bank 41.15 1.35
Top Gainers
Company Price Change %Gain
BPCL 512.40 4.51
Grasim 730.85 3.86
Zee Entertain 259.65 3.57
Bajaj Finance 4,016.40 3.53
ONGC 141.65 2.16
Company Price Change %Gain
Bajaj Finance 4,018.75 3.57
ONGC 141.60 2.05
HDFC 2,050.05 1.83
Coal India 194.65 1.75
HCL Tech 1,100.85 1.55
Top Losers
Company Price Change %Gain
Hero Motocorp 2,602.35 -2.74
Hindalco 187.95 -2.39
Vedanta 149.90 -2.35
Asian Paints 1,765.70 -2.07
NTPC 117.40 -1.68
Company Price Change %Gain
Hero Motocorp 2,603.00 -2.73
Vedanta 149.70 -2.44
Asian Paints 1,765.70 -2.04
NTPC 117.50 -1.63
ITC 243.70 -1.54

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results