India's growth ambition backed by strong human capital: Former European Central Bank chief

New Delhi [India] October 3 : Jean-Claude Trichet, Governor of the Bank of France and former President of the European Central Bank on Friday expressed confidence in India's economic growth potential and underlined the importance of rule-based trade.

On the sidelines of Kautilya Economic Conclave at New Delhi, Trichet toldabout the impoprtance of India as an investment destination, "What I noted ofcourse is that the quality and the volume of investment is of extreme importance for India and for all countries that are developing as rapidly as possible, all emerging countries."

Comparing India's growth with other nations, Trichet said, "Well, the growth of India is very important. The ambition of India is to go even higher. And we will see the ambition is there. The quality of the people is there."

When there is both the volume of investment, the ambition, and the human resources of such a great quality. "I think you can be confident in the fact that the goals will be attained," he said

Currently the world's fourth-largest economy, India is on track to become the third-largest by 2030 with a projected USD 7.3 trillion GDP. This momentum is powered by decisive governance, visionary reforms, and active global engagement. Notably, growth is accelerating, with real GDP expected to rise by 7.8 per cent in Q1 FY 2025-26, up from 6.5 per cent a year earlier, according to the government data.

The ascent is powered by strong domestic demand and transformative policy reforms, making India a prime destination for global capital. With easing inflation, higher employment, and buoyant consumer sentiment, private consumption is expected to further drive GDP growth in the coming months.

Talking about the areas of improvement, Trichet said that the reforms are universal. "All of us need improvement. Lot of improvement is necessary for all of us, without exception. India, my own country, Europe and the US," he stated.

Speaking about the Kautilya Economic Conclave, he said, "I think it is a very, very important colloquium and I am very impressed by the quality of the speakers and the quality of the audience, so it's quite remarkable."

Highlighting the global trade challenges discussed at the event, he noted, "Of course, all issues that are important for the global economy, for India, for the global economy are discussed here." Trade is, of course, a very important issue discussed in the event, Trichet said

"And we all discussed on the difficulty that we have now. We would all, if I'm not, I would say transgressing the sentiment of all participants, it seems to me that they would all prefer the maintenance of a rule-based trade concept in order to avoid shocks that would be devastating, could be devastating," he added

He said that there is a very large consensus amongst the speakers and the audience on the necessity to have a rule-based system. Trichet's remarks underscored optimism about India's trajectory while reinforcing the need for global cooperation in sustaining economic growth and stability.

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