World Economic Forum lauds Modi’s leadership but says here’s what India can do better

By: |
Updated: January 10, 2018 3:10:41 PM

With a slew of reforms, like the implementation of the Goods and Service Tax (GST), and the country establishing its position as a world leader, the WEF said that the time is right for India to amplify its global influence and accelerate the development of robust and resilient economic, social and political foundations.

Prime Minister Narendra Modi will be hard-selling India as an investment destination at the World Economic Forum 2018. (Image: World Economic Forum)

As the five-day World Economic Forum (WEF) is set to begin on January 22 in Davos, Prime Minister Narendra Modi will be hard-selling India as an investment destination. He will address the inaugural plenary session at the WEF on January 23. With a slew of reforms, like the implementation of the Goods and Service Tax (GST), and the country establishing its position as a world leader, the WEF said that the time is right for India to amplify its global influence and accelerate the development of robust and resilient economic, social and political foundations.

“The remarkable pace of bold and structural reforms have boosted the macroeconomic fundamentals and enhanced India’s long-term economic outlook,” the WEF said, adding that India is expanding its leadership in a wide range of global initiatives.

“Its leading role in the Paris climate agreement and International Solar Alliance, and efforts to become a permanent member of the UN Security Council and the Nuclear Suppliers Group demonstrate a quest for a more pivotal role in global geopolitics,” it added.

However, it also said that for India to reap the benefits of its reforms process, it needs to some critical challenges at home. “In spite of significant economic and social progress, spatial, income- and gender-based inequalities persist, and access to core public services is disproportionate between rural and urban areas. There are concerns over high levels of air pollution and scope for improved infrastructure,” the WEF said.

The WEF also said that there is no doubt that India is in transition and will soon become a force to be reckoned with, and the government is already scoping targeted initiatives to deal with the challenges. The annual meeting will be attended by 350 political leaders including over 60 heads of states. The participants will also include chief executives of the world’s most important companies and over 1,000 leaders from different walks of lives.

Earlier, in 1997, the then Prime Minister H D Deve Gowda had attended the WEF conference. During his stay at Davos, Modi will meet top global business leaders. Briefing reporters, Commerce and Industry Minister Suresh Prabhu said the Prime Minister will interact with global leaders and “inform them as to how India is progressing”.

Do you know What is Wholesale Price Index (WPI), Public Debt, Finance Commission Grants & Other Transfers, Economic Survey, State Finance Commission? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.