Davos, Jan 22 (IANS) India is fast emerging as a strong global power hub, driven by its large and young population, expanding economy and growing innovation ecosystem, global industry leaders said on Thursday.

Speaking to IANS on the sidelines of the World Economic Forum here, business leaders highlighted India’s rising importance in global economic development and its ability to attract long-term international investment.

Sharing a global perspective, Tu Chang, Founder of the Forum for Business, Taiwan, said India’s demographic advantage makes it one of the most important economic forces in the world today.

“India is emerging as a strong global power hub. With its large and young population, India offers immense potential for growth and innovation,” Chang stated.

Tu Chang said India is already being seen as one of the key powerhouses of global economic growth and will continue to play this role in the coming years.

He added that the World Economic Forum is addressing a wide range of issues this year, including sustainable development, capital flows, investments and political challenges, all of which are closely linked to economic progress.

“The country’s demographic advantage and expanding economy are key factors that will attract more global investment,” he explained.

He also praised Prime Minister Narendra Modi’s leadership, saying that the Indian government is making strong efforts to improve economic performance.

“India’s young workforce is a major strength and under Prime Minister Modi’s leadership, the country is well-positioned to perform even better in the years ahead,” Tu Chang said.

Milind Pimprikar, Founder of Caneus International, said discussions at the World Economic Forum this year are focused on scaling up technologies in a responsible manner.

He said Caneus is working with the Government of Maharashtra and the Government of India to create a new framework that helps startups and deep-tech innovations move from development to large-scale commercialization.

“Today at the World Economic Forum, the theme is how to scale up technologies responsibly,” he said.

“Through our partnership with the Government of Maharashtra and India, we are proposing to create a so-called mid-technology readiness level to scale up these technologies and startups to the next level,” Pimprikar told IANS.

Pimprikar said the partnership aims to introduce a “mid-technology readiness level” that will help promising technologies and startups reach the next stage of growth.

He added that an agreement was signed with the Maharashtra Chief Minister to establish an institute dedicated to the commercialization of deep technologies, which will support innovation-led growth in India.

“India’s strong economic momentum, expanding infrastructure, and mature business ecosystem make it an attractive destination for global investors,” Frank Meehan, co founder, frontier one, Australia said.

–IANS

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