All systems and events around the world are in favour of India right now and the confluence of several factors means the economy is in a very sweet spot of growth, according to Dr Surjit Bhalla, former Executive Director at the International Monetary Forum (IMF).
Addressing India Global Forum’s IGF Studio session on Day 3 of IGF London on the topic of ‘India’s Resilience Amidst Global Turmoil’, the eminent economist expressed confidence that India will continue on its successful growth trajectory into the next decade and beyond.
“We are ideally positioned not only politically but economically and internationally. The confluence of these three factors have never before operated in India. We are in a very sweet spot and I'm very confident that the government will take full advantage with policies that continue the sweet spot for at least the next decade or so,” said Dr Bhalla.
The theme broadly chimed with the views of his fellow panellists, including Chris Rogers – Head of Supply Chain Research at S&P Global Market Intelligence, and Dr Vijay Chauthaiwale – in-charge of the Foreign Affairs Department of the Bharatiya Janata Party, both of whom pointed to the recently concluded elections in India as a key factor behind the country’s promising growth trajectory amid “continuity and stability”.
“We have political uncertainties in a number of the major democracies in the world, so delighted to see the elections in India go as smoothly as they did because that opens up opportunities for companies to be forward looking in their supply chains and build competitive advantage as well,” said Rogers.
On India’s Mission 2047, member of Prime Minister Narendra Modi’s Economic Advisory Council – Sanjeev Sanyal – highlighted that a continued government focus on supply side reforms will ensure progress towards becoming a developed economy.
“Why I'm very positive is because finally the economy has reached a critical mass, where a compounding process is now going to flick in our favour in a massive way,” said Sanyal.
Some of the other key topics covered during the course of a power-packed day included the impact of technology on tackling climate change and how artificial intelligence (AI) will influence future workspaces.
“I don't think it's all doom and gloom but in any workforce, we need to be able to prepare for change and to expect it in our careers,” said Aisling Conboy, Senior Programme Director, Wilton Park – an executive agency of the UK’s Foreign, Commonwealth and Development Office (FCDO).
Part of IGF London 2024, IGF Studio – a popular broadcast studio-styled discussion filmed live in front of an audience – puts the hottest topics, latest trends and ongoing debates from tech to climate, macroeconomics to geopolitics, healthcare to cultural narratives under the scanner with sectoral experts and eminent analysts.
*Info: India Global Forum; Catch up
