India Surpasses the UK’s Economic Growth: Liz Truss Highlights in HTLS 2024 Speech

Speaking at the Hindustan Times Leadership Summit (HTLS) 2024, former UK Prime Minister Rt. Hon. Elizabeth Truss recognized India’s economic advancements. She said, “the British economy has been overtaken by India, and great economic policies and reforms have taken place there,” emphasizing India's revolutionary achievements in the international economic arena.

India and the UK: Potential for Collaboration

Truss emphasized the mutual benefits India and the UK could reap through greater ties. “India and the United Kingdom have much to gain from each other in areas such as technology and agriculture,” she noted.

She also highlighted India's achievements over the previous century, calling its leadership role in the future “very exciting.”

Changes in Geopolitics and India’s Role

“India, now the world's largest population and a long-standing democracy, has a huge leadership role to play in the future, which is very exciting. India is part of the Quad, which is particularly important given the rising threat from China,” Truss added upon geopolitics.

Reviving the British Economy: Challenges

Truss painted a bleak picture of the UK’s economic prospects, expressing doubt about recovery. “I don't think the British economy will be revived,” she remarked. “I do not think that national direction will be restored until the very powerful bureaucracy is dealt with,” she added, criticizing the growing dominance of bureaucracy.

She further commented on the Conservative Party’s governance, saying, “After 14 years of Conservative rule, people did not feel better off. They rolled the dice and elected a Labour government, which is pursuing an even more extreme version of policies, bringing more taxes and more regulations.”

Reflections on Tony Blair’s Legacy

Invoking Tony Blair, Truss blamed his administration's reforms for Britain's stagnation. “Blair outsourced a lot of power from Parliament to unelected bureaucrats and did not do enough, which led to Britain’s stagnation. This was one of the main reasons people voted against them,” she stated.

Election Victory of Donald Trump

Truss said he was in favor of Donald Trump winning the US election. “I’m delighted that Donald Trump has won the US Election. Under Democrats, the US had too many regulations and high taxes,” she said.

“Harris focused more on her identity as a Black woman rather than the political issues that would benefit the American people,” she said, criticizing Kamala Harris.

This thought-provoking address highlighted critical global issues, such as the necessity for adaptive governance and the evolution of economic power.