WORLD Economic Forum (WEF) President Borge Brende has predicted that India’s economy will reach the US$10-trillion mark by the end of this decade, and has expressed confidence in the country’s growth trajectory, emphasising its potential to join the ranks of the world’s largest economies.

Brende made the comments to
Business Today Executive Director Rahul Kanwal on the sidelines of the 54th annual World Economic Forum (WEF) meeting in Davos from January 15-19.

“We think in the coming decade we can be speaking about a US$10-trillion economy — at least in the coming two decades,” Brende said as he highlighted India’s robust economic performance amidst a global slowdown and geopolitical tensions.

He acknowledged India’s rapid growth in the digital economy, which is expanding twice as fast as the rest of the economy, positioning the nation favourably on the global stage.

Brende’s projection of eight per cent growth for the current year comes despite global trade growth slowing to 0.8 per cent last year, from 3.4 per cent. His confidence in the Indian economy is further supported by its resilience in the face of rising oil prices and the ongoing Israel-Hamas conflict, which pose threats to global supply chains and have implications for oil-importing nations like India.

In an interview with Indian television channel
NDTV, Brende elaborated on India’s potential for exponential economic growth, likening it to a “snowball effect”. He said that continued reforms, geopolitical peace, and investments in research and development and infrastructure are key to realising the US$10-trillion projection.

Brende’s remarks came at a time when India, currently the world’s fifth-largest economy with a gross domestic product of approximately US$3.7 trillion, is prepared to grow even faster due to its service-oriented economy and the global boom in the digital services trade.

Brende also touched on the global economic scenario, noting that despite slowdowns and geopolitical conflicts dragging down the growth outlook worldwide, there are signs of recovery. He said he expects the United States to avoid a recession, and China to regain momentum in the latter part of the year.

The WEF president also discussed the impact of artificial intelligence (AI) on employment, suggesting that while AI may replace some jobs in the short term, it ultimately leads to higher productivity and welfare, which can help in eradicating poverty — particularly in economies like India.

He stressed the importance of global collaboration and trust-building, especially in a world facing significant geopolitical competition and challenges like pandemics, climate change, and cyber attacks.

On Thursday, French President Emmanuel Macron was given a red carpet reception in India with a welcome parade of elephants, as France eyes lucrative deals with India which today celebrates Republic Day which marks the adoption of the country’s post-independence constitution.

Prime Minister Narendra Modi hosted Macron for a banquet in a 19th-century maharaja’s palace, and on Friday the French leader will be the chief guest at a colourful military parade with massed ranks of tanks, camel cavalry and a fighter jet fly-past.

India’s foreign ministry says New Delhi and Paris are “strategic partners”, while the French presidency says the trip will “consolidate and deepen diplomatic and economic relations”.

Western democracies have concerns about human rights in India, their differences over the war in Ukraine and New Delhi’s close ties with Moscow — its key military supplier.

But the United States and its European allies are courting India as a military and economic counterweight to China.

France hopes to build on its military contracts after the Indian defence ministry purchased French-made Rafale fighter jets and Scorpene-class submarines in multibillion-dollar deals.