Summary:

Mr. Auguste Tano Kouame, World Bank Country Director, believes that India can produce technology at a lower cost than China. India’s vast workforce provides a competitive advantage in global markets. If India efficiently masters technology, it can create and sell at reduced costs, attracting global buyers. Green technology holds significant promise for meeting local needs while positioning India as a global supplier with strong trade linkages.

Despite its potential, India faces significant challenges, particularly in terms of job creation. Ensuring adequate employment opportunities for its growing workforce is crucial for economic growth and social inclusion. It is also difficult to sustain rapid growth amid global uncertainties and trade restrictions. However, India’s economy has grown at a rate of more than 7% per year in recent years, and with strategic reforms, it has the potential to compete with China and become a developed nation by 2047.

Source: IBEF

Disclaimer:The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.