India is clocking an impressive growth and will be able to maintain it as long as it keeps churning out reforms, said Borge Brende, president of the World Economic Forum President. Brende, a former foreign minister of Norway, spoke to WION on a host of issues ranging from global economic growth to opportunities that India can cash on in the Fourth Industrial Revolution. Edited excerpts:
What brings you here?
We are formally marking the opening of the Centre for the Fourth Industrial Revolution. It's a cooperation between WEF and important businesses. It's a follow-up of PM [Narendra] Modi's speech in Davos that India will leapfrog and be on top of 4th Industrial Revolution.
How do you see India's reform process?
Indian economy is doing well, but one can't be complacent. India is the 6th largest economy and witnessing the fastest growth among any of the leading economies. Eight per cent growth is expected this year and that is an achievement. To keep that kind of growth in a difficult environment where we are seeing a lot of risk factors, overheating, inflationary pressure, India needs to keep its reforms going.
And the ease of doing business has improved in the country...
That is positive and I hope this will continue. One thing is ease of doing business, investment in education and infrastructure. Moving forward, make sure India is leading in new technologies like blockchain, artificial intelligence and drones.
What are the basic pillars of 4th Industrial Revolution?
Fourth Industrial Revolution is the introduction of technologies that are changing things at an unprecedented pace. Artificial intelligence is one of them. We have 3D printing, blockchain, precision medicine, autonomous vehicles. If you are not top of it, you are going to lose out at an international competition. For India, which has a young population, these are great opportunities provided you have necessary skills in mathematics as well as in computer science.
Your views on initiatives like Digital India and payment platform BHIM
These reforms are critical. They are not sufficient because, in the 4th Industrial Revolution, we will need skills and world-class education. It is very important to make sure that the young population has access to quality education. Based on that, you can make sure you have the right abilities to capitalise on opportunities. India's 1.3 billion people can ensure positive outcomes of these technologies.
A trade war has broken out. There is political protectionism. How will it impact global growth?
The world economy is looking strong with a projected growth of 3.8 per cent this year and next year. But you are right, there are risk factors that need to be addressed. Trade is one of them. So, trade barriers and tariffs can also hurt existing industries in countries that are introducing these barriers. In a globalised world, all are in the same boat and we have to act accordingly. There were big challenges on NAFTA [between US, Mexico and Canada]. They have agreed on a new trade deal, hope this spirit will reach other trade negotiations.
What is your take on MeToo movement? It is gathering pace here
Gender and rights of women are very important. What we have seen at WEF and also via reports that companies that take gender and sustainable issues very seriously, are also more profitable. These companies move from capitalism to talentism.
