February 28, 2024

India ranked 35th for leveraging future possibilities; UK on top

India has been ranked 35th on a global index of countries best placed for leveraging future possibilities while the UK topped the list released here on Monday.

The Future Possibilities Index (FPI), a flagship global future trends study released by Newsweek Vantage and Horizon Group on sidelines of the World Economic Forum Annual Meeting, has Denmark, the US, the Netherlands and Germany in the top five after the UK.

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Among large emerging markets, China is placed highest at 19th this year, followed by Brazil at 30th, India (35th) and South Africa (50th).

The study compared the factors that will help governments, investors and other private sector stakeholders leverage six global, transformational trends for growth and wellbeing across 70 countries.

These six global transformational trends are Exabyte Economy (advanced digital technologies), Wellbeing Economy (health prevention and wellness), Net Zero Economy (reduction of carbon emissions), Circular Economy (recycling and reuse), BioGrowth Economy (food and agriculture innovations), and Experience Economy (consumption of experiences instead of physical goods).

The combined business opportunity of all six trends is estimated at more than USD 44 trillion by 2030, more than 40 per cent of global GDP in 2023, the study said.

The study used data from recognised international organizations as well as a survey of 5,000 business executives conducted for the project by Phronesis Partners.

These opportunities are likely to benefit the Global North more than the Global South in terms of economic growth and broader societal wellbeing and a strong industry base is needed to benefit, the report found.

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The international development community must help developing countries take full advantage of these opportunities by strengthening related industries, it added.