At the World Economic Forum 2026 in Davos, Union IT Minister Ashwini Vaishnaw projected that India will maintain a steady growth rate of 6% to 8% in real terms and 10% to 13% in nominal terms over the next five years.

Speaking at a session organized by the CII and EY, the Minister credited this momentum to strong domestic growth, moderate inflation, and a radical shift in the ease of doing business.

As a prime example of efficiency, he noted that the time required for telecom tower permissions has plummeted from 270 days to just seven, with 89% of approvals now processed instantly.

The Minister also used the global platform to challenge the International Monetary Fund's (IMF) classification of India as a "second-tier" AI economy.

Rebutting IMF Managing Director Kristalina Georgieva, Vaishnaw asserted that India firmly belongs in the first group. Citing Stanford data, he highlighted that India ranks third globally in AI talent and penetration.

He detailed India's comprehensive five-layer strategy—spanning applications, models, chips, infrastructure, and energy—designed to ensure technological independence and a unique growth path distinct from the US or China.

Supporting this vision, CII President Rajiv Memani called for a fivefold increase in India’s per capita income by 2047, emphasizing the importance of diversified trade pacts and domestic reforms like GST and labor laws.

CII Director General Chandrajit Banerjee added that amidst global uncertainty, India remains a rare market of scale and stability. Vaishnaw concluded by advocating for the standardization of data localization norms between the US and Europe to further bridge the gap between policy intent and industry functioning.

Source: ANI