"India will be fastest growing of big economies over next 10-20 years", says expert

"It underlines a view of how quite a long time but obviously I have followed India for a long time since the 70s and it underlines what I think is a very important point is that over the next 10-20 years, it is overwhelmingly certain that India will be the fastest growing of the big economies and its very big," Martin Wolf said at one of the sessions at the World Economic Forum in Davos.

In his statement, Martin Wolf said that people who have not thought about India's growth in terms of business and other sectors will miss the point about where the world is at this point of time.

"So, I think anybody who hasn't in business and in other areas, thought very very seriously about what India will mean is really missing the point about where we are in the world. I think by now most people have got that but I think we have brought this out very very clearly in this payment platform which I know about is an extraordinary thing," Martin Wolf said at the World Economic Forum.

Earlier in December, the World Bank revised India's 2022-23 GDP growth forecast upward to 6.9 per cent from the earlier estimate of 6.5 per cent, due to robust economic activities, according to Dhruv Sharma, Senior Economist at the World Bank.

India's real GDP growth is expected to be at 6.9 per cent in FY22-23 in comparison to 8.7 per cent in FY21-22, according to World Bank's latest India Development Update.

"India is more resilient now than it was 10 years ago. All steps taken over the past 10 years are helping India navigate the global headwinds," Dhruv Sharma, senior economist at the World Bank said.

Dhruv Sharma added that India's economy has rebounded fairly robustly following the contraction that occurred during the pandemic year. Sharma said, "This story of the rebound has been driven largely by robust domestic demand." (ANI)