New Delhi [India], October 3 : India has enormous economic opportunities in the present global circumstances and is on a firm growth path, said Larry Kramer, President and Vice-Chancellor of the London School of Economics and Political Science (LSE).
In a conversation withon the sidelines of the 4th Kautilya Economic Conclave in Delhi on Friday, Kramer highlighted that India's growth story is strong and resilient, with vast scope for further expansion if the right steps continue to be taken.
"India has enormous economic opportunities in current economic circumstances in the world. India has been on a growth path for a while. I think the goal is to kick it up another degree and the opportunities are there, mostly by not letting the turbulence of the world get too much in the way of the obvious story of continuing to invest in the domestic economy," Kramer said.
He emphasized that India must persist with its focus on strengthening fundamentals such as educating children, inviting more women into the workforce, and investing in infrastructure.
"It's the standard story for economic growth and with the size of the economy, I think India is on its growth," he added.
Speaking on global tariff developments, Kramer said it was too soon to gauge the full impact but noted that he was surprised the effects had not been greater so far.
"Right now the big driver is uncertainty because they keep changing what the tariffs are. At the end, the world is sort of addicted to the US economy and if tariffs force a little bit of Cold Turkey that's not necessarily a bad thing," he said.
He further observed that in the long run, tariffs would likely drive trade away from the US and foster more trade agreements between other countries.
"It will foster trade agreements among and between other countries excluding the US and relying on US a lot less," Kramer noted.
Highlighting India's unique position in the global economy, Kramer said the country has a lot of opportunities that are less dependent on global developments because of its strong internal foundations.
He pointed out that over the next 30 years, India's chief goal should be to boost investments. While more foreign investment is important, he stressed that domestic investment remains the need of the hour.
Kramer also flagged key sectors such as electronics and technology as areas where India can carve a strong role. He added that the country requires greater investments in infrastructure, transportation, and in meeting its climate goals.
According to him, many forms of energy are cheaper now, but India must keep an eye on both the medium- and long-term outlook.
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