India is experiencing a “snowball effect” and will see exponential development in the upcoming years: President of WEF


India is witnessing a “snowball effect” which will lead to an exponential growth in the coming years, said Klaus Schwab, World Economic Forum (WEF) President and Founder, on Saturday. Addressing the virtual India Economic Summit jointly organised by WEF and CII, Schwab said India has been a role model in terms of navigating the COVID-19 crisis.

“We believe that India has the potential to create a huge impact on the global agenda through boosting economic growth, enabling digital transformation, creating jobs and applying the power of collective action for responsible globalisation. India is now witnessing a snowball effect which will lead to exponential growth in the coming years,” he said

He added that the government must promote trust, open dialogues and harness collective intelligence to build an equitable recovery for the whole population.

“We must act together to create a new social contract for developing countries and developing an inclusive development model for the world. India has a role to play in demonstrating how countries can emerge stronger from the crisis and providing creating and preserving global public goods,” he said.