Global investor and author, Ruchir Sharma, believes that the past decade was a washout decade for emerging economies. However, he expects the digital revolution to be the antidote and key for growth in these markets.

Sharma said, "Previous decade was the worst decade for emerging markets. The growth rates of emerging markets over the last decade kept on declining. In the glory days of growth back in 2010 emerging markets were growing at rate of around 6 percent a year on average but that growth rate kept declining and at the low point even before the pandemic, the average growth rate in emerging markets had halved to nearly 3 percent."

"The same thing happened in India as well. India's economic growth rate from a peak of close to 10 percent in 2010 we saw a massive decline in India's growth rate for the entire decade. However, there is a twist in the tale here, and for the better, I think, is that we are in an era of unprecedented digitisation. The entire global economy is getting much more digitised and the stage of the cycle we are currently in, is particularly beneficial for emerging markets such as India."

Also Read: Siemens AG CEO says digitisation, automation & sustainability to be the growth engines of future

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(Edited by : Aditi Gautam)

First Published:Sept 23, 2021 10:36 PM IST