Everything you need to know about the 2019 India Economic Summit

Oct 1, 2019

Workers watch the final concrete slab of the first phase of construction being placed of at the construction site of the Bandra-Worli sea link in Mumbai, April 28, 2009. The first phase of construction of Bandra-Worli sea link, an eight-lane, cable-stayed bridge above the Arbian sea was completed on Tuesday and it will be opened to commuters on later next month. The 4.7 km bridge which links Worli and Bandra areas of the city is expected to ease out traffic in the congested Mumbai. REUTERS/Arko Datta (INDIA BUSINESS TRANSPORT) - GM1E54T0I4C01

Building India's future. Image: REUTERS/Arko Datta

This article is part of: India Economic Summit

India is the world’s fastest-expanding major economy. With annual growth expected to be more than 7% in the coming years.

India’s annual growth is expected to be more than 7% a year.

Image: Statista

But alongside that opportunity comes a range of challenges: India is still home to 176 million poor people, and digital growth is hampered by inequality, with many women in rural areas lacking access to, or awareness of, the internet.

India lags behind other growing economies when it comes to women in the workforce.

Image: IMF

Inclusion and technology are topping the agenda at the World Economic Forum’s 33rd India Economic Summit in New Delhi on 3-4 October 2019. This year’s theme is Innovating for India: Strengthening South Asia, Impacting the World.

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More than 800 leaders from 40 countries will take part in the event, with co-chairs including Sheikh Hasina, Prime Minister of Bangladesh, and Heng Swee Keat, Deputy Prime Minister and Minister for Finance of Singapore.

The summit also brings together leading cultural figures, technology pioneers and scientists to help accelerate the adoption of Fourth Industrial Revolution (4IR) technologies, such as artificial intelligence and drones, and boost the growth potential of the South Asian region. There will be particular focus on education and skills; gender parity; and India’s environmental reforms.

From India to the world

According to the World Bank, India’s ability to achieve rapid sustainable development is inextricably linked to global progress towards the United Nations Sustainable Development Goals.

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What is the World Economic Forum's India Economic Summit 2019?

This year’s Summit will discuss deeper collaboration between South Asia and the Association of Southeast Asian Nations (ASEAN) – a group that includes Thailand, Singapore, and Indonesia, countries well advanced on the path to digitalization.

There will also be sessions on the changing geopolitical landscape and climate change.

According to a Moody’s report on the economic implications of global warming, India’s climate and demographics make it particularly susceptible to climate change. The country is also engaged in a geopolitical shift; building new relationships with both China and the United States.

Since 2016, the World Economic Forum has been supporting India’s move towards smart cities, recommending both business environment and administrative reforms to help city authorities navigate a path to a more integrated digital future.

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The views expressed in this article are those of the author alone and not the World Economic Forum.