Former ECB President Trichet Praises India's Economic Growth Potential
Former European Central Bank President Jean-Claude Trichet expressed confidence in India's economic growth potential at the Kautilya Economic Conclave held in New Delhi on 29th July 2021. He highlighted the importance of a rule-based trade system for global economic stability and praised India's economic reforms.
Trichet's remarks underscored optimism about India's economic trajectory. He noted that India's growth is powered by strong domestic demand and transformative policy reforms. India is projected to become the world's third-largest economy by 2030 with a USD 7.3 trillion GDP. Trichet also mentioned the need for global cooperation, stating that there is a large consensus on the necessity to maintain a rule-based system for global trade.
Looking ahead, real GDP growth in India is expected to rise to 7.8 per cent in Q1 FY 2025-26, up from 6.5 per cent a year earlier. This growth is expected to be driven by private consumption, which is a key indicator of domestic demand.
Trichet's visit to India reflects the growing global interest in the country's economic prospects. While he praised India's achievements, he also noted that all countries, including India, need improvements in various areas to maintain economic growth and stability. As India continues to grow, it will be crucial for the country to work with other nations to maintain a rule-based global trade system.
