Emerging as a sweet spot at the World Economic Forum (WEF) Annual meet in Davos, India along with neighbouring country China are set to accelerate world economic growth. India was also commended as a major driving force along with China for world growth with leaders and economists stressing the need for increased regional cooperation.
As questions raised about the future of globalisation at the WEF meet, leaders shifted their narration of Asia to boost the global growth amid darkening prospects for trade worldwide. Interestingly, Indian leaders listed out demonetisation as a measure owed to people in the fight against black money. Against the backdrop of rising uncertainties, business leaders and economists felt that India and China have a great role to play in taking forward the Asian growth story by engaging in regional cooperation and eventually boost the global trade.
Veteran banker and New Development Bank President K V Kamath has said that ‘new normal’ is emerging where many countries would prioritise an ‘inward look’ at their national policies even as India remains in a comfortable position. He also said that at present India and China contribute a big chunk to the global growth and added that India is in a ‘sweet spot’ as the country absorbs investments in infrastructure, manufacturing and areas driving the consumer sector. Reflecting the hopefulness over the two leading economies, Malaysia's Minister for International Trade and Industry Mustapa Mohamed has said that India and China are very important in taking forward the Asian growth story.
Meanwhile, a delegation of more than 100 individuals, including ministers, government officials and business leaders, are in attendance at the WEF annual meet which has gathered under the theme of Responsive and Responsible Leadership. During a panel discussion on the theme of India's turn to transform, discussions touched upon the fight against corruption and black money, including demonetisation. WEF, government think-tank NITI Aayog, the World Intellectual Property Organisation and the Cornell University have joined hands to develop an India Innovation Index to measure the performance of Indian states.