India shows remarkable resilience amid global slowdown

Borge Brende. (Twitter/@borgebrende)

India, a young economy with a lot of potentials, has demonstrated remarkable strength and resilience amid a global slowdown, a top official of World Economic Forum (WEF) said on Wednesday.

Besides, the country can play a crucial role in the development of South Asia and sustainability of global economic growth, WEF President Borge Brende told PTI here.

The WEF, which organises the India Economic Summit in partnership with the Confederation of Indian Industry (CII), engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.

"India is one of the fastest-growing large economies in the world. The country is also a young economy with a lot of potentials and has shown a lot of strength and resilience amid an economic slowdown globally," Brende said.

The rise of advanced technologies has the potential to create economic and social value and it can boost the country's goal of maintaining its growth momentum while attaining greater social inclusion and regional cooperation, he added.

He further said that India is very advanced from many developed economies when it comes to the information technology sector, but there is a lot of scope for development in terms of infrastructure.

The Geneva-headquartered entity is organising its 33rd India Economic Summit in New Delhi on October 3-4 under the theme -- 'Innovating for India: Strengthening South Asia, Impacting the World'.

More than 800 leaders from 40 countries comprising senior public figures and leading representatives from civil society, arts and culture, science, business and academia will participant in the event.

Artificial intelligence and drones, start-up unicorns, infrastructure, environmental reforms, gender parity, education and South Asia's economic outlook will be on top of the agenda.

The programme will also underline South Asia's relationship with the Association of Southeast Asian Nations (ASEAN) and highlight how the two regions, defined by their demographic and digital dividends, will shape the world's collective future.

The summit will be co-chaired by Sheikh Hasina; Shobana Kamineni, executive vice-chairperson of Apollo Hospitals Enterprise; Heng Swee Keat, Deputy Prime Minister and Minister for Finance of Singapore; Shailendra Singh, managing director of Sequoia Capital India; tennis star Sania Mirza, who is also UN Women Goodwill Ambassador for South Asia; and Gillian Tans, chairwoman of Booking.com.

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