Narendra Modi is the first Prime Minister in two decades to attend the World Economic Forum in Davos, and during his keynote speech the prime minister is expected to announce his vision for India to take on a much bigger role in global affairs, reports indicate.
Modi is also believed to announce India's decision to welcome more foreign investments, which will aid in India's growth to become one of the strongest economies in the world.
This comes just days after the Centre for Economics and Business Research, a London-based consultancy, revealed that India was on the path to become the fifth largest economy in 2018.
India is set to move up to the third spot by 2032, overtaking United Kingdom and France, the report said. Digital revolution will be one of the factors that will aid India's economic growth.
Interestingly, British brokerage HSBC feels it will take India only 10 years to reach the third spot, provided it was consistent in reforms, and focused more on the social sector.
“In over the next ten years, India will likely surpass Germany and Japan to become the world’s third largest economy in nominal USD and the transition will happen even more quickly on a PPP [purchasing power parity] basis,” HSBC's economists said.
India as a Leader
Union Minister Piyush Goyal on Tuesday told news agency PTI on the sidelines of the World Economic Forum that it saw India's role at international platform transforming into a world leader that will be called upon to solve problems of a "fractured world."
"Going forward, India's role in the world economy, in the social tensions and in the fight against terrorism and climate change is only going to grow," Goyal said, adding that Modi's personal popularity has resulted in him emerging as a leader whom everyone looks up to fore leadership.
Damian Talbot