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Information Technology
Title: Global Risks Are Set to Persist: Finance Secretary Ajay Seth Calls for Purpose-Driven Growth Amid Uncertainties
Content:
As the global landscape faces an intensifying array of risks, Finance Secretary Ajay Seth of India emphasizes the need for a more purpose-oriented approach to economic growth that balances speed with inclusiveness. Speaking at the Skoch Development Foundation event in New Delhi, Seth highlighted that global uncertainties are unlikely to abate in the medium term, mandating countries like India to adopt innovative, inclusive, and focused strategies to achieve long-term development goals, especially the vision of becoming a developed nation by 2047[2].
The outlook for global risks in 2025 remains challenging. The World Economic Forum’s Global Risks Report 2025, which collates insights from over 900 experts worldwide, reveals a landscape fractured by geopolitical tensions, climate change, societal polarization, technological disruptions, and economic instability[1][3]. Among the most pressing threats are:
The report underscores that these risks are interconnected, compounding complexity and uncertainty for policymakers and businesses. Declining optimism has been noted as risks grow sharper over both immediate and longer-term horizons[1][3].
In this context, Ajay Seth’s address stresses that merely aiming for high economic growth rates is insufficient; growth must be inclusive and purpose-driven. He emphasized that “without growth, inclusiveness is meaningless,” but likewise, growth alone will not lead to optimal development outcomes without inclusivity in distribution[2].
Seth outlined four pillars critical to sustaining elevated growth in the face of global headwinds:
These priorities reflect a comprehensive approach to economic development aimed at mitigating the effects of a volatile global environment[2].
Economic imperatives are increasingly driving the geopolitical stance of nations, shifting global cooperation to greater competition and rivalry. This "geopolitical recession" is a major driver of current global risks, with national security concerns dominating agendas worldwide[1][2].
U.S. market strategists have also flagged risks related to persistent inflation, political uncertainty, and supply chain disruptions due to geopolitical conflicts such as those in the Middle East and Ukraine. These factors threaten to renew supply shocks, complicating economic recovery efforts worldwide. Stock markets have seen elevated valuations, but the persistent risks suggest cautious investor sentiment going into 2025[4].
The complex interplay of conflicts, climate change, technological disruptions, and societal divides is unlikely to ease soon. The WEF report notes that risks categorized under economic, environmental, geopolitical, societal, and technological domains have darkened in perception, requiring urgent attention at policy and strategic levels[1].
The persistent and multifaceted global risks of 2025 reaffirm the necessity for countries, particularly emerging economies like India, to rethink growth strategies fundamentally. Finance Secretary Ajay Seth’s call for a more purpose-oriented, inclusive growth framework reflects a timely response to these growing challenges. By focusing on key sectors and investing in people alongside infrastructure, India aims not only to navigate turbulent global currents but also to emerge stronger and more equitable by its centenary year in 2047. Globally, harmonized efforts are essential to address the shared threats of conflict, climate change, and technological disruption shaping our uncertain future[1][2][3][4].
Keywords: global risks 2025, Ajay Seth India growth, inclusive growth, purpose-oriented development, geopolitical risks, climate change impact, economic uncertainties, manufacturing growth India, agriculture growth 2047, global economic outlook, technological risks, global instability, supply chain disruptions, global cooperation, sustainable development goals.
