Klaus Schwab, Founder and Executive Chairman, World Economic Forum (WEF), said even though India has moved up the ease of doing business index, its image is still that of a “closed economy” which may not work in its favour. 

According to the World Bank report on ‘Doing Business 2019’, India jumped 23 spots to rank 77 on Ease of Doing Business. According to World Economic Forum’s ‘Global Competitiveness report’, India is now at position 58 and it has jumped to 5 places higher from last year.

 If you take the World Bank report, India is still a “middle class” in ease of doing business, Schwab said at a media round table in Mumbai. However, according to Schwab, who has been a keen watcher of the Indian economy for the past 40 years, “India has made a strong progress in easing the entry and functioning of foreign companies. I do see India as an investment destination. If I were an investor I would make India a priority for my future strategy.”

On job creation, he said that the jobs of the future will not be created by the top companies but by young entrepreneurs who have the courage to make enterprises.

Speaking about the Indian education system, Schwab said, “Indian education system is still traditional. India needs a new fundamental thinking of how to educate, skill and re-skill the youth.” 

Infrastructure investment

According to Schwab, India lacks in world class infrastructure. He pointed out that in the next 10 years, India will need $800 billion to build infrastructure. Another concern, he said, was the fast pace at which technology is moving globally.

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