Europe missed AI bus, but India has potential to catch up: Former WEF Director
Frank-Jurgen Richter, former Director of the World Economic Forum and President of Horasis | Photo Credit: GANESAN V
As the world grapples with the challenges of a perfect storm – war, energy crisis and the looming AI crisis – India is emerging as a bright spot in the otherwise bleak global landscape. Frank-Jurgen Richter, former Director of the World Economic Forum and President of Horasis, believes that India has the momentum to become a global leader in AI and manufacturing.
In an exclusive interview with MOMENTRichter said Europe had missed the bus in terms of building its own AI capabilities and sovereign AI. “Europe is collapsing, there is unemployment in Europe; it may have missed the bus in terms of building its own AI capabilities and its own independent AI,” he said. In contrast, India is rapidly moving in the right direction by focusing on AI, IT, manufacturing and agriculture. Richter highlighted Prime Minister Modi’s bold statement at India’s AI Impact Summit in Delhi in February, where he declared that India should be the AI Superpower of the future.
Richter said, “We currently have two superpowers, the United States and China. The Chinese are making their own artificial intelligence, independent of the United States… India is also moving in the same direction and trying to apply artificial intelligence in production.” he said.
India’s efforts to become an Industry 4.0 Superpower is gaining momentum with the government making significant progress in reducing red tape and corruption. “Many things have changed since this government came to power. Bureaucratic corruption is reduced to a minimum. I think this is a very positive change in terms of starting a business,” Richter said. he said.
Richter emphasized that to sustain this growth, India must continue to welcome Foreign Direct Investment (FDI) and avoid protectionism. “I think India should continue like this, welcome FDI and not be protectionist,” he added. While the world sees India as the new engine of globalization, Richter added that he is optimistic about the future of the country. “I am very confident in India, but I am quite pessimistic in the overall context,” he said, highlighting the challenges currently facing the global economy.
Released April 12, 2026
