The success of India’s economic policies echoed on the World Economic Forum

The 43rd annual meeting of the World Economic Forum was organized from 16 January to 20 January 2023 at a place called Davos, Switzerland. The World Economic Forum is a non-profit international independent organization that works with the aim of establishing cooperation between private and government institutions. In the annual meeting of the World Economic Forum, all the world’s biggest politicians, chief executive officers of multinational companies, distinguished persons working in the field of culture and society participate. In this meeting, topics related to economic, social, educational, cultural, environmental, political, industrial, etc. are discussed in detail at global and regional level and efforts are made to solve these problems. The World Economic Forum is funded by approximately 1000 member companies, especially multinational companies with a turnover of more than $ 5 billion at the international level, for various events. The main topic for discussion in the year 2023 meeting held in Davos was “Awakening the Spirit of Cooperation in a Divided World”.

From the Indian side, some ministers of the central government and some chief executive officers of private sector companies also attended the meeting. It is a matter of pleasure that the economic policies implemented in India were praised a lot on this global platform. At the global level, the kind of economic problems that many countries are still facing, especially after the Corona epidemic and after the Russia-Ukraine war, even in such an environment, among some of the world’s largest economies, only the Indian economy is on the global stage. Shining like a bright star. Not only has India been successful in dealing with the Corona pandemic in a very systematic and smooth manner, but it has also been successful in getting its economy back on track soon after.

In his special address to the World Economic Forum, United Nations Secretary General Mr. Guterres told that the world seems to be divided into some pieces at this time and in a way the whole world is facing economic problems today, in such a time the world Cooperation between different countries is most needed. The sound of recession is being heard in many countries and the possibility of slowing down the rate of economic growth at the global level has increased a lot in the coming times. The cost of living for every citizen is increasing continuously and for crores of citizens it has reached an unbearable level. Globally, supply chain troubles have increased a lot, especially since the corona pandemic. Similarly, energy crisis, inflation, recessionary sound, rising interest rates are some of the problems which need to be solved immediately. The environmental crisis is also on the left, the expansion of greenhouse gases is still going on at a rapid pace and the long-term development goals (Sustainable Development Goals) and the commitment of all countries to allow only 1.5 degree rise in global temperature. And yet especially developed countries are not paying attention. If all the countries do not pay attention to this very serious problem in time, then it is very possible that we will not be able to solve this problem and according to an estimate, there will be an increase of 2.8 degree in the global temperature, the world will tolerate it. Will not be able to do it. Similarly, mutual conflicts between some countries are taking the form of war, it is a matter of great concern. The ongoing war between Russia and Ukraine has adversely affected the availability of food grains, fertilizers and energy in many countries.

In another program in Davos itself, the global advisory body Ernst & Young (EY) has released a special report titled “India at 100: Realizing the Potential of 26 Trillion Dollar Economy” stating that the Corona epidemic, Russia and Ukraine Even in the midst of war and global economic crisis, during India’s Amrit Kaal, by the year 2047, the size of the Indian economy will be 26 trillion US dollars. Soon, the size of the Indian economy will be US$ 5 trillion in 2028 and US$ 10 trillion in 2036. According to the said report, in the year 2047, the average annual per capita income of every Indian will reach US$ 15,000, which is more than 7 times of today’s level. By the year 2030, the Indian economy will overtake the economies of Germany and Japan to become the third largest economic superpower in the world. In fact, India has enormous potential and in the times to come, India’s economic progress is going to influence the entire global economic platform.

Even in the field of improving the environment, only India is seen making some serious efforts in the whole world. Due to the increase in emissions, drastic changes in climate are being felt all over the world. Developed countries have over-exploited natural resources in order to accelerate economic growth, which is causing a significant increase in emissions. Several measures are being attempted globally with the aim of controlling the emission growth. But, the developed countries which should pay maximum attention towards this are taking less interest. On the other hand, India is seen doing incredible work in this field.

India had set itself several targets long back (on 2 October 2015) with the aim of reducing the emission growth. These include reducing the emissions intensity of its GDP by 30 to 35 percent from 2005 levels by 2030 (India has now raised its target to 45 percent), switching to non-fossil-based energy, Reaching the level of production to 40 percent (India has now raised this target for itself to 50 percent) and reducing carbon output in the atmosphere by creating additional forest and tree cover, etc. After looking at the work done so far by many other countries in these contexts, it has been found that India is the only country among the G-20 countries which seems to be achieving the goals set under the Paris Agreement. The G-20 are the countries that spread 70 to 80 percent of the emissions in the atmosphere all over the world. Whereas today India has come a long way in this field and has come in a position to lead the whole world in this context. India has set itself a target of producing 550 GW of solar power by the year 2030. India has also set a target for itself to make 26 million hectares of barren land fertile again by the year 2030. Also, with this view, India has formed a group of 88 countries by making a solar treaty at the international level so that technology can be easily exchanged between these countries.

Digitization of financial transactions by the public in the banking sector, India in the field of non-fossil based energy (especially solar energy) generation, among other areas which have been discussed at various World Economic Forum meetings. Rapid growth of India, Internet including telecommunication facilities in remote rural areas of the country, India being a young country due to which the demand for products has increased, Indian economy is rapidly moving towards formalization, Comparative form in India Availability of labor at very cheap rates, etc.

– Prahlad Sabnani

retired deputy general manager

state Bank of India