- #LIC crosses listing price of Rs 867 for the first time
- #Ikea wants to 'produce in India for the world'
Find out what's happening in trade so far with Smriti Chaudhary on 'Market IQ'. #NDTVProfitLive
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- #Ikea wants to 'produce in India for the world'
Find out what's happening in trade so far with Smriti Chaudhary on 'Market IQ'. #NDTVProfitLive
_______________________________________________________
For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia
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17:55 Welcome back.
17:56 You're watching Market IQ on NDTV Profit.
17:59 It's day two at Davos, and NDTV Network continues to get you the top corporate and political voices from the World Economic Forum.
18:06 NDTV's Vishnu Som spoke to the WEF president, Borge Brend.
18:12 He's going to give you a slice of that conversation.
18:14 We had 80 national security advisors here in Davos yesterday, including the Indian one, looking at other ways of ending the war in Ukraine, but then based on the UN Charter.
18:30 It's not going to happen next week.
18:33 Right.
18:35 It's incredibly important that we don't see further escalations of the wars that are ongoing.
18:41 Ukraine, Gaza, I know we have a very difficult situation also in the Red Sea, as you know, with the Houthis' attack on all the ships that is passing through one of the most important shipping routes in the world, also bringing oil and goods to India.
19:00 Yes, absolutely.
19:02 Could you tell us a little bit about that? One of the things that the WEF has done is you keep coming up with your own economic outlook.
19:08 If the Red Sea becomes even more tense, if international trade flows continue to suffer, what sort of macroeconomic scenario are we looking at?
19:18 That would, of course, have a negative impact, even on the forecast we made for this year.
19:26 We think that the global economy will grow with 2.9% this year. This is the third year we have to reduce the forecast. We're more optimistic on 2025.
19:36 But our overall worry is that any of these geopolitical conflicts can escalate and spread.
19:42 And if we see major wars, we see trading routes being interrupted, if we see the oil price going dramatically up, that will also have a very negative impact on economic growth.
19:55 Even a very strong growing economy as India, where we do think is going to grow with even more than 7% this year, if the oil prices spike and go up, of course, that's not good news.
20:07 That's why we have to handle all these conflicts and also make sure that we revive global growth back to the level it used to be.
20:18 So, this 2.9% figure, we'll talk about India in a moment, but it is a cause of major concern because we are out of the pandemic now, but the economic consequences of the pandemic remain.
20:27 What are some of the key concerns economically that you see which are preventing a larger scale economic growth?
20:34 So far, it has been the sluggish growth in trade.
20:40 So, trade used to grow much faster than the global economy. Even when the global economy was growing around 3.8%, trade was growing faster.
20:48 Last year, we had 3% global growth and 0.8% trade growth.
20:54 This year, we are expecting that trade will pick up maybe even more than the global growth, maybe trade 3%, the global growth around 2.9%.
21:05 So, that's a very positive thing. We also have to say that we were very worried about the recession in the US, the largest economy in the world, 25% of the global GDP.
21:13 But it seems like the US is going into a kind of soft landing that will have very positive implications.
21:20 India is the fastest growing of the large economies and also, it seems like China in the fourth quarter picked up a bit.
21:31 I think that the Chinese economy will grow maybe 5% this year. That will also, because of the size, it's 20% of the global economy.
21:39 It will also have positive impact on the other economies. So, that's a win-win thinking.
21:44 Let's talk a little bit about India, Mr. Bender. It is a global outlier in a sense.
21:50 And the numbers, whether it's the World Bank, whether it's you or the IMF, continue to be very positive.
21:55 Where do you see the India growth story?
21:59 So, as I think I mentioned to you last time we met, I see it as a snowball. A snowball effect.
22:06 So, if you look at one of the mountains behind you, you can start with a very small one and if you then push it down and it starts to roll, it goes faster and it gets bigger and bigger.
22:16 So, I think what India is seeing now is like exponential growth.
22:23 India's economy is around 3 trillion US dollars today. We do expect if things continue with reforms, that there is also peace and no conflicts.
22:33 There is transparency, there is a fight against red tape, investments in R&D and infrastructure.
22:41 We think the Indian economy can end up like a 10 trillion US dollar economy, maybe in a decade.
22:48 That was the chairman of WEF talking about how India's growth may have a snowball effect on the world.
22:55 He also talks about how China is expected to grow at 5% this year.
23:00 But moving on to IKEA's deputy chief, who we also speak to at the Davos World Economic Forum.
23:08 He says that the company is looking at India as an exports hub. Listen into what he had to say.
23:15 I really believe in the unique opportunity that India has and we all have in order to grow production and sourcing.
23:24 But in order to do that, we need to have these two things that are prerequisites for us.
23:30 We need more IKEA stores, so we need to have more support, more partnership with the regional government, with the states,
23:39 in order to have a good approval process, in order to have good clearance to the projects.
23:45 It's a big investment and the closer we are to the metro connection, the better.
23:49 So we want to keep going with the land acquisition and opening more stores in India.
23:57 So we need the partnership with the state governments.
24:00 And the second thing we need is this harmonization of the standard, which is extremely important.
24:08 It's perfect because India's direction from the government is to increase the quality standard, which is fantastic.
24:14 And now we want to secure the harmonization with international standards.
24:19 So it's not producing India for India, it's producing India for both India and for the entire world.
24:24 While IKEA expects India to produce for the world, India is also expected to get capital not because of China plus one,
24:34 but because India anyway is attractive. That's what Rishi Kapoor, co-CEO of Invest Corp, said in a conversation with my colleague Neeraj Shah at Davos.
24:43 He explains why India can afford to command and demand higher capital flows.
24:48 We are a three and a half trillion dollar economy. Our market cap is actually slightly higher than 100% of GDP.
24:59 And we are at that inflection point in terms of GDP per capita where the level of affluence ought to grow.
25:04 On an absolute basis, therefore, India should get its fair share and more off the capital flows.
25:13 It is not about reallocating. It is about an absolute level of capital flows.
25:19 Because it demands it, there is a need, and it commands it because the fundamentals are in place.
25:26 You have a young demographic. You have a digitally native population.
25:31 You have growing levels of affluence. You have a growing middle class.
25:35 You have two major secular trends shaping the global economy, both of which are supportive tailwinds for India.
25:42 The energy transition and the embrace of digitalization and artificial intelligence.
25:48 India has been called, I think perhaps wrongly so, the back office of the world because everyone wanted to call somebody else back office.
25:55 Somebody else the factory of the world, right? But what does back office actually mean?
25:59 We have the knowledge workers. But what do you think is going to be the sector that is most beneficially impacted
26:05 in terms of boosting productivity levels as a consequence of artificial intelligence?
26:11 Knowledge. The knowledge services sector is going to be probably the biggest beneficiary in terms of improved productivity.
26:19 And the energy transition, we are the biggest consumer of that energy transition as a country, right?
26:25 So I think in an absolute sense, India sits at the crossroads of a moment in time, I guess.
26:32 Maybe we'll look back at today's discussion 20 years hence and we say, well, that was on the 15th of January, 2024.
26:39 But you get my drift, right? I think there is a point in time today for India where it can afford to demand and command
26:47 absolute levels of capital allocation based on fundamental value and merit.
26:53 Well, that's all that we have on this edition of Market IQ for now.
26:58 But lots more coming up on NDTV Profits. Stay tuned.
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