Davos World Economic Forum HIGHLIGHTS : India Emerges As ‘Bright Spot’ At The End Of 5 Day Summit
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The World Economic Forum Annual Meeting 2023 in Davos ended on Friday after five days of intense conversations and debates. The end of the summit saw India emerging as a key pillar in the world order with WEF Founder and Executive Chairman Klaus Schwab describing the country as a bright spot in a fragile world.
Global leaders had gathered in Davos, including around a hundred participants from India, to discuss 'cooperation in a fragmented world'. It included discussion on climate, war, and economic issues with a call by global leaders for a far more collaborative world.
In the closing remarks, WEF President Borge Brende said it has been a remarkable week with significant progress made on climate action and equitable growth targets.
Brenda also said the world may be fragmented today but hopes have emerged here that it may not be so tomorrow.
In the closing session, IMF Managing Director Kristalina Georgieva said her message to world leaders is to be pragmatic and collaborate.
She also warned that fragmentation can cost the global economy up to 7 per cent.
Young Climate activist Greta Thunberg and about 30 other activists on Friday held a demonstration for climate justice at the World Economic Forum (WEF) in Davos.
The protesters chanted “What do we want? Climate justice. When do we want it? Now” and “Fossil fuels have got to go”, while Thunberg held up a sign saying “Keep it in the ground,” according to a Reuters Report.
On Thursday, Thunberg participated in WEF 2023 with International Energy Agency (IEA) head Fatih Birol. She said that the global energy industry would go as far as it could without public pressure and the sector would continue to invest in fossil fuels and "throw people under the bus for their gain".
Batting for India's huge potential in the global semiconductor market, Union Communications Minister Ashwini Vaishnaw has said that the country has set in motion an ambitious plan to become a key supplier globally, with the government itself putting in $10 billion, the media has reported. Vaishnaw was speaking at a session on "Learning from semiconductor supply shocks" at the World Economic Forum (WEF) Annual Meeting 2023 in Davos.
"Our university system that produces a large number of talent is also helping a lot as we have tied up with many universities to prepare the right talent," Vaishnaw was quoted as saying by news agency PTI.
According to Vaishnaw, India has a huge potential in terms of infrastructure, talent pool and technology. The Union minister mentioned that educational institutions have partnered with the government and changed the course curriculum for generating semiconductor talent in India.
India’s ministerial delegation met with World Economic Forum Founder and Executive Chairman Klaus Schwab India’s G20 presidency on Friday. World Economic Forum (WF) in a release said that WEF values its nearly 40-year collaborative history with India and looks forward to continued cooperation.
Indian delegates informed WEF that as a part of its G20 presidency, India aims to promote just and equitable growth while also making significant progress on the most pressing domestic challenges.
The programme simultaneously addresses immediate crises and long-term future challenges and helps set the scene for India’s G20 presidency.
Carbon pricing is essential to unlocking trillions of dollars in private capital needed to reach emission reduction targets, experts and business leaders said on Thursday. Speaking at the World Economic Forum (WEF) Annual Meeting 2023 Davos, they urged development banks to take greater risks and coordinate their green investing to accelerate decarbonisation.
Despite the urgent need for climate finance, numerous barriers have impeded the flow of private capital to decarbonisation projects around the world and especially in the Global South, they noted.
Financial experts agreed that a major hurdle is a need for carbon pricing.
"We're still resisting the necessity that carbon has to be priced, and the price has to climb up," said Kristalina Georgieva, Managing Director of the International Monetary Fund.
Former RBI Governor Raghuram Rajan says that the old pension scheme (OPS) may build liabilities for the future as several state governments have shown their intention of shifting to the OPS.
In an interview with an online portal on the sidelines of the World Economic Forum (WEF), Rajan said that the reason why the new pension scheme was adopted was that in the old scheme, huge liabilities had built up, reported IANS. He said that defined benefit schemes are easier for governments to adopt as liabilities are not being recognised. Rajan further added that though it is for each state government to decide, these schemes should be aimed effectively toward the weaker sections of society, so as to benefit them.
Several state governments like Rajasthan, Chhattisgarh, and Punjab have indicated that they will shift to the old pension scheme.
Watch: Session on Renaissance of South Asia with spiritual leader Sri Sri Ravi Shankar and Pakistan's Minister of State for Foreign Affairs Hina Rabbani Khar in the panel.
Indian economy will reach a GDP size of $26 trillion (in market exchange terms) by 2047, the 100th year of the country’s independence, according to a forecast by EY.
The leading accounting firm also said that India will witness a six-fold increase in its per capita GDP that would cross $15,000 by 2047, putting the country among the ranks of developed economies.
The report, India@100: Realizing the potential of a $26 trillion economy, was launched by Union railway minister Ashwini Vaishnaw on the sidelines of the World Economic Forum at Davos, Switzerland.
“In line with Prime Minister Narendra Modi’s vision, India has commenced its journey into 'Amrit Kaal', a uniquely auspicious period, representing India’s opportunity to herald a new world era. There is an unparalleled impetus on developing world-class infrastructure supported by growth and investment-oriented policies and reforms to establish India as a manufacturing and technology hub," Vaishnaw said.
Former Reserve Bank of India (RBI) Governor Raghuram Rajan says that the crypto meltdown over the past year will allow investors to focus on the “true value” of the overall digital assets sector.
On the sidelines of the World Economic Forum summit in Davos, Switzerland, Rajan said during an interview with Reuters Global Markets Forum, “The idea that somehow cryptos are going to maintain value, while the fiat currencies collapse. That’s nonsense.”
Rajan added, “Fiat currencies have won out in terms of which is more credible.”
The former RBI chief’s comments falls in line with those of the banking regulator’s current head, Shaktikanta Das, who warned that if private cryptocurrencies are allowed to grow, they could be the next major financial crisis.
Microsoft CEO Satya Nadella on Thursday said that the golden age of AI is “underway” and that it would redefine work and businesses as we know them, as reported by ANI. Nadella was speaking at a session of World Economic Forum summit in Davos, Switzerland, when he said that AI will help create more and more ways to bring people together.
“Microsoft is opening up access to new AI tools like ChatGPT,” Nadella said. “I see these technologies acting as a co-pilot, helping people do more with less.”
Developed by US-based research lab OpenAI, ChatGPT is a chatbot built on the firm’s GPT-3 large language model family, which delivers surprisingly human-like responses to queries, which can range from anything between “How can I write an HTML code?” to “Write a letter of absence for me.”
The West will strive to provide heavier and more modern weaponry to Ukraine at an upcoming military meeting in Germany, NATO chief Jens Stoltenberg said Wednesday at the World Economic Forum.
India is poised to take on the global arena and move from high-volume to high-value products in the pharma and med-tech sectors, Union Health Minister Mansukh Mandaviya said on Wednesday.
Addressing a roundtable discussion on opportunities in R&D and innovation in life sciences at the World Economic Forum here, the minister said the Government of India is committed to promoting Indian life sciences as a globally competitive sector to ensure the availability, accessibility and affordability of drugs and medical devices in domestic and global markets.
"India is taking concerted and coordinated efforts on R&D and innovation in the pharma-medtech sector to indigenously develop cutting-edge products and technologies," he added.
UN Secretary-General Antonio Guterres called on business leaders at the World Economic Forum in Davos to follow the principles outlined by an expert group to make “credible”, accountable net-zero pledges, reported Reuters.
He urged the participants to “put forward credible and transparent transition plans on how to achieve net-zero – and submit those plans before the end of this year.”
UN Chief said that while companies are increasingly pledging to cut greenhouse gas emissions to as close as possible to zero, the benchmarks and criteria they use “are often dubious or murky. ” He said, “It leaves the door wide open to greenwashing,”
“The transition to net-zero must be grounded in real emissions cuts – and not rely on carbon credits and shadow markets,” he said.
"We learned last week that certain fossil fuel producers were fully aware in the 1970s that their core product was baking our planet," Guterres said. He added, "just like the tobacco industry, they rode rough-shod over their own science and like the tobacco industry, those responsible must be held to account."
Watch: Microsoft CEO Satya Nadella speaking at the World Economic Forum in Davos
IMF Deputy Managing Director Gita Gopinath has cautioned that India needs to work on its labour markets and land, even as she hailed the country for doing better than many global economies.
In an interview on the sidelines of the ongoing World Economic Forum (WEF) meeting at Davos on Wednesday, Gopinath cautioned against growing fragmentation globally, saying it hurt the global growth rate, reported IANS.
The Covid-19 pandemic and the Russia-Ukraine war have made countries much more concerned about national security and economic security, which is causing them to undertake policies that could lead to greater fragmentation.
She said, India has been receiving lots of positive sentiments but at the same time added that greater reforms are needed for foreign direct investment in the manufacturing sector. A lot of businesses and companies are looking towards India as an investment destination as they try to diversify away from countries including China.
She also added that in the current fiscal, India's growth rate is 6.8 per cent, which would be 6.1 per cent for the next financial year.
Union Minister Smriti Irani said India is open for business round the clock and so is the Indian government, as she invited global businesses to tap the huge potential available in the country, reported PTI
Addressing a breakfast session organised by industry chamber CII and consultancy giant Deloitte on the sidelines of the World Economic Forum Annual Meeting 2023, The news agency quoted the minister saying, "We believe in working in partnership with the industry and every other stakeholder."
The minister for women and child development also said that India runs the largest healthcare system in the world in the form of Ayushman Bharat which covers 100 million families.
It provides healthcare facilities across geographic boundaries and though it was not designed as a gendered programme, it has ended up benefitting a vast majority of women, she added.
"We also offer business opportunities to the entire world also in the form of nutraceuticals," she added.
Tata group chief N Chandrasekaran said India has gone through a major attitude transition in recent years and is now in a position to take the lead in bringing resilience back to the global economy.
Speaking at a session on 'India's road to a $10 trillion economy' at the World Economic Forum Annual Meeting 2023, he also said the country has mastered the art of leveraging technology.
"The country has gone through an attitude transition and it was at its best show during the Covid pandemic, when we saw our own vaccines getting manufactured in India. The digital transition we saw has also been phenomenal," he added.
"For me, the three most important things are growth, growth and growth. The world needs resilience and India is in a position to take the lead, including on supply chain frameworks," the Tata group chief said.
India has huge opportunity and potential to lead the world in areas like health, care economy, and tourism, Chandrasekaran said.
He said India currently gets about 10 million tourists but it has the potential to get 100 million. For that we need to build infrastructure and a lot of work is happening on airports, surface transportation, and shipping areas, he said.
We are not yet there, but we can definitely get there and all we need is "execute, execute and execute" for that, the Tata group chairman said while asserting that all these goals are very much achievable during this 25-year Amrit Kaal period.
Union Minister Ashwini Vaishnaw said India took a very pragmatic approach in dealing with the humanitarian and economic crises triggered by the Covid-19 pandemic and that has ensured moderate inflation and high growth in the country.
Speaking here at the World Economic Forum's session on India's Road to $10 Trillion Economy on Wednesday, the minister said India's economy has been resilient and the policy framework has been for sustained growth with very moderate inflation.
"As the pandemic hit the world and triggered an economic as well as humanitarian crises, many countries began unleashing their purses with big stimulus packages but that led to a gold-plated rush resulting in huge inflationary pressures. However, India took a very pragmatic approach, while understanding that capital is very scarce, irrespective of what some experts may say," he added.
"Those decisions have shaped the destiny of our country and put us on a path of resilient and sustainable growth. We have been able to achieve high growth and moderate inflation because of the pragmatic approach we took," he added.
"Our prime minister also ensured that fiscal policy and monetary policy moved in tandem, which many other countries couldn't do. We ensured that moderate inflation was the prime target and that too for a longer 10-year period time frame and it ensured that we returned to a high growth rate quickly," he added.
Watch: World Economic Forum discussing India’s Road to a $10 Trillion Economy with Union Ministers Smriti Irani and Ashwini Vaishnaw and Tata group Chairman Natarajan Chandrasekaran
On Day 3 of the World Economic Forum over 75 sessions covering topics ranging from the future of jobs to closing the disability inclusion gap have been lined up.
Sessions to watch on Day 3
- Fiscal Expansion: A Welcome Return or Ticking Bomb?
- India’s Road to a $10 Trillion Economy
- Rewiring the Globe for Resilience
- Special Address by Aziz Akhannouch, Head of Government of Morocco
- Special Address by António Guterres, Secretary-General, United Nations
- A Conversation with Satya Nadella, CEO of Microsoft
- A Conversation with the First Lady of Ukraine
- A New Reality: Building the Metaverse
- Leadership for Latin America
- Special Address by Olaf Scholz, Federal Chancellor of Germany
- Special Address by Volodymyr Zelenskyy, President of Ukraine
- Restoring Security and Peace
- A Conversation with Ferdinand Marcos Jr, President of the Philippines
All the developments from World Economic Forum annual meeting can be live-streamed from the official YouTube page of the World Economic Forum.
The latest from the Davos World Economic Forum 2023 Summit can also be tracked from their official Twitter handle.
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Maharashtra Signed MoU worth Rs 1 lakh 37 thousand crores at the World Economic Forum in Davos. Maharastra Chief Minister Eknath Shinde informed about the investments saying, "Maharashtra preferred for investment by various industries in World Economic Forum."
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As the global leader, corporate executives and economists gather in Davos for the annual World Economic Forum, talks of a likely Recession in 2023 have been at the forefront of the conversation. Two-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023.
Additionally, a survey by PricewaterhouseCoopers LLP done between October and November last year, says that 73 per cent of participants predicted global growth to decline over the coming 12 months, reported Bloomberg. The survey was conducted among 4,410 business leaders. The report says that two out of five surveyed have expressed concern that their companies may not last a decade.
Union Health Minister Mansukh Mandaviya invited all stakeholders to look the country as a land of opportunities and take advantage of these by partnering with it on Tuesday. He said that this endeavor would lead toward making India and the world a healthier place.
"We are working towards augmenting health infrastructure and have initiated multiple schemes to strengthen health systems and improve health service delivery with focus on quality, accessibility and affordability of healthcare services," he said reported PTI. He was participating in Health and Healthcare Community Dinner organized by World Economic Forum (WEF).
"Be it launch of the world's biggest government-funded health assurance scheme, PM Jan Aarogya Yojana covering approximately 500 million people or establishment of 150,000 Health & Wellness Centres, we have put the vision of 'Antyodaya', that is, 'Rise of the last person' into action in healthcare and a key facet of ensuring Universal Health Coverage," he said.
Lauding India's contribution to the pharmaceutical sector, the Health Minister said, "India has highest number of USFDA manufacturing plants outside US, besides being a world leader in generic medicines. It has emerged as a hub for R&D activities and is one of the leading destinations for high-end diagnostic services. To create an enabling framework for providing health services to world at large, the government is institutionalising medical tourism through a soon to be launched Heal in India initiative."
Bipartisan US lawmakers met with about 50 of the top CEOs privately at the World Economic Forum (WEF) in Davos, Switzerland.
Among the attendees were Republican Brian Kemp, governor of Georgia, and Democrats Joe Manchin, Chris Coons, and Krysten Sinema. The Democrats from West Virginia, Delaware, Arizona, and Georgia met with dozens of prominent corporate personalities, reported IANS.
According to the report, Coons, Manchin, Sinema, and Kemp are among the US-based officials scheduled to participate in panel sessions at this year's conference. These private events on the sidelines of the World Economic Forum often serve as meet-and-greets between CEOs, billionaires, and government officials.
Coons's discussions focused on U.S. aid being given to Ukraine following Russia's invasion while Manchin, who is the chairman of the Senate Energy and Natural Resources Committee, called for American energy independence, the report said.
Adoption of connected devices during the pandemic has led to a dramatic increase in cyberattacks and if left unchecked, the cost of cyberattacks will continue to rise, threatening a fragile global economy, WEF said on Tuesday.
In a new report prepared in collaboration with the Council on the Connected World, titled 'The State of the Connected World 2023 edition', the World Economic Forum (WEF) said the immediate threats can be mitigated through robust security protocols and governance through public-private cooperation.
The report surveyed 270 experts around the world to understand the state of play and establish clear priorities for technology governance.
"At a time when the global economy is fragile, we have the necessary tools to reduce at least one of the major threats to the global economy - cyberattacks," said Jeff Merritt, Head of Urban Transformation, World Economic Forum.
The report called for action for protecting against cybercrimes, which would also improve individual security and protect small and medium-sized businesses, transit systems, and utilities -- everything that relies on connected devices.
Union Health Minister Mansukh Mandaviya on Tuesday said that the Global Plan developed by Stop TB Partnership, requires $250 billion over the next 8 years.
Speaking at the World Economic Forum at Davos He said, "Tuberculosis has caused 1.6 million deaths globally in 2021, making it the world’s leading cause of death from infectious disease, before COVID-19 surpassed it."
"Full implementation of the Global Plan developed by Stop TB Partnership, requires $250 billion over next 8 years, the equivalent of just $4 per person, per year worldwide. And this would deliver an economic return of $40 dollars for every dollar invested. World at large needs to ensure that sufficient funds are made available for the initiative, since if we do not invest to End TB now, we end up paying a much higher price later, " said Mandaviya.
Mandaviya added that under the leadership of PM Narendra Modi, India has been at the forefront of fighting Tuberculosis globally. Our commitment is reiterated by the fact that we have advanced the SDG goals related to TB by five years, that is, by 2025.
Being the Chair of the Stop TB Partnership Board, I also have additional responsibility toward TB management efforts globally. TB affects millions of lives, and its management is specifically close to my heart. We have taken several initiatives to intensify case finding, ensure medicine supply including teleconsultation services to every TB patient, said Mandaviya.
He said that India recently launched a very unique campaign of community engagement, “Pradhan Mantri TB Mukt Baharat Abhiyan”, which aims to provide TB patients with increased nutritional diagnostic and vocational support delivered through the community.
Just as vaccines were a game-changer in the battle against COVID, Global Plan calls for approving a new TB vaccine by 2025 and making it available to adults and adolescents in TB-affected nations, said Mandaviya.
India is fully prepared and in an advanced stage for taking this forward. It is important to ensure that we collaborate globally and ensure that innovations in surveillance - supported by technology tools, novel diagnostics and drugs become accessible to every county in its fight against TB, added the health minister.
Watch: Minister of Health Mansukh Mandaviya addresses the WEF on Tuberculosis.
Watch: IMF's First Deputy Managing Director Gita Gopinath Speaking on cost of living Criss
The World Economic Forum announced the Giving to Amplify Earth Action (GAEA) initiative on Tuesday to assist unlock the $3 trillion in funding required each year to achieve net-zero, reverse nature loss, and restore biodiversity by 2050, reported PTI
The global initiative to fund and grow new and existing public, private, and philanthropic partnerships (PPPPs) is supported by more than 45 partners, including HCL Technologies through its chairperson Roshni Nadar Malhotra.
WEF said that with the energy and cost of living crises, the ambition of steering the planet towards a 1.5-degree Celsius warming pathway hangs in the balance.
The recent UN Biodiversity Conference (CBD COP15) agreement in Montreal to conserve 30 per cent of all land and sea appears audacious but unstable in the face of a growing biodiversity crisis.
"Current funding is slow and inadequate, and a new approach is needed to get capital flowing. Philanthropic giving can address this, with unique qualities not found in other financing: it is nimble, more tolerant of risks and is driven by values and long-term outcomes rather than quarterly returns," the WEF said.
“We are at a tipping point in our efforts to put the planet back on track to meet our climate ambitions. To reach the speed and scale required to heal the Earth's systems, we need to unlock not only private capital and government funds, but also the philanthropy sector as a truly catalytic force to achieve the necessary acceleration,” WEF Founder and Executive Chairman Klaus Schwab said.
GAEA's growing body of philanthropic partners includes Active Philanthropy, the African Climate Foundation, Andre Hoffmann Family Office, the Arab Foundations Forum, Bezos Earth Fund, BMW Foundation and Children's Investment Fund Foundation.
It also includes the Clean Air Fund, Climate Leadership Initiative, ClimateWorks Foundation, Eleven Eleven Foundation, the Gordon and Betty Moore Foundation, Growald Climate Fund, IKEA Foundation, Laudes Foundation, Noa's Ark Foundation, United Nations Foundation, the Wellcome Trust, WINGS and Workday Foundation.
Individuals, academic institutions, companies and public sector organizations supporting the initiative include Cambridge Institute for Sustainability Leadership and HCLTech through their chairperson Roshni Nadar Malhotra.
Adoption of connected devices during the pandemic has led to a dramatic increase in cyberattacks and if left unchecked, the cost of cyberattacks will continue to rise, threatening a fragile global economy, WEF said on Tuesday according to a PTI report.
The World Economic Forum (WEF) in a new report prepared in collaboration with the Council on the Connected World, titled 'The State of the Connected World 2023 edition said that immediate threats can be mitigated through robust security protocols and governance through public-private cooperation. The research polled 270 experts from around the world to better understand the current state of affairs and define clear priorities for technology governance.
"At a time when the global economy is fragile, we have the necessary tools to reduce at least one of the major threats to the global economy - cyberattacks," said Jeff Merritt, Head of Urban Transformation, World Economic Forum.
"Our increasingly connected existence brings with it vulnerabilities that can be exploited by malicious actors,” said Akshay Joshi, Head of Industry and Partnerships, Centre for Cybersecurity, World Economic Forum.
"Despite calls for embedding cybersecurity by design, the low level of confidence in the security of connected devices expressed by experts in this report is a testament to the fact that we still have a long way to go in terms of realizing trust in the technology we use," Joshi added.
The report calls for increased consumer education through digital literacy campaigns, standardisation practices of cybersecurity measures, prioritising security by design and default (as opposed to reacting after the fact), and developing more agile policies to better address the quick-changing landscape of cybersecurity.
Former RBI governor Raghuram Rajan on Tuesday said it is too premature to think that India will replace China when it comes to influencing global economic growth. However, the situation may change going forward as India is already the world's fifth-largest economy, it is growing and has the potential to keep expanding.
At a World Economic Forum (WEF) press briefing on the recently released Chief Economists Outlook that saw a majority of them expecting a global recession in 2023, Rajan said any recovery in the Chinese economy would definitely boost the global growth prospects.
He said policymakers at this point in time are looking at the labour market and also at the housing market.
Referring to the US, he said housing sales are not happening there, but prices are not falling.
"Is it all gloom and doom? Not probably...If Mr Putin decides to end the war, there would be certainly an upside," Rajan noted as quoted by PTI.
He said there are still 12 months to go and if China improves, that could be good.
"China is working its way through pandemic and there would be a Chinese recovery this year, probably as early as March or April. Some of that would be in domestic services which may not have any impact outside. But any improvement in manufacturing may have some impact by way of softening prices outside," he said.
Asked about India, Rajan said, "The argument that India will replace China is very premature as India is much smaller economy as of now." "But over a period of time, that may change as India is already the fifth largest economy and it can keep growing," he added.
The World Economic Forum unveiled a working prototype of its Global Collaboration Village, a purpose-driven metaverse where organisations can convene to learn about, create solutions for, and take action on the world's most pressing challenges on Tuesday, reported PTI.
It has been launched in partnership with Accenture and Microsoft.
"With the Global Collaboration Village, we are creating the first public purpose-oriented application of the metaverse technology, building a true global village in the virtual space," WEF Founder and Executive Chairman Klaus Schwab said.
"Supported by a unique range of partners from the public and private sectors, the village will use the frontier capabilities of the metaverse to find solutions for addressing the big issues of our time in a more open, inclusive and sustained way," he added.
Julie Sweet, Chair and Chief Executive Officer of Accenture, said, "the metaverse will profoundly change every part of every business, bridging our physical and digital worlds, and over time will enable companies to create innovative new consumer products and services, transform their manufacturing and operations, and re-imagine the way we collaborate and work".
Brad Smith, Vice-Chair and President of Microsoft Corporation, said, "we believe the metaverse has the potential to fundamentally change the way we communicate and collaborate, overcoming limitations of the physical world to deliver enhanced connections for everyone." The Global Collaboration Village, powered by Microsoft Mesh, is a prime example of how metaverse technology can be used to bring people and communities together in new ways, he added.
The village has got a town hall, and a virtual Congress Centre for future sessions or meetings, such as plenaries, workshops, and bilaterals.
Watch: Former RBI governor Raghuram Rajan Speaking at the Davos World Economic Forum on the survey done by the WEF of the likely global recession in 2023.
WEF survey done with economists around the globe has said, "almost two-thirds of respondents consider a global recession to be likely in 2023, including 18 per cent who consider it extremely likely.
Former RBI governor Raghuram Rajan at WEF said that the argument that India will replace China is a very premature argument. He said that as far as India goes, India is trying to push growth in the Indian economy. But the argument that India will be a substitute for China is a very premature argument. India is a much smaller economy than China.
Ahead of the World Economic Forum in Davos Union Minister Smriti Irani met with representatives from Indian Industries
"Team India comprising of reps from Government of India, State Governments, Industry Captains and members of civil society got together ahead of @Davos engagements to discuss and deliberate on positioning as a global investment hub. #wef23 #IndiaAtDavos2023," Smriti Irani said in a tweet.
First Lady of Ukraine Olena Zelenska took the stage at Davos World Economic Forum and said that the global cooperation is needed against as Russia’s aggression in Europe is creating a major crisis. She said that delegates at WEF have significant influence.
She said, “not all of you are using this influence, or you use it in a way that divides even more."
We face the collapse of the world as we know it. What happens to inflation when state borders start to collapse, Zelenska said.
First Lady of Ukraine insisted that the crisis will worsen unless Russia loses the Ukraine war.
Watch First Lady of Ukraine Olena Zelenska speaking at the World Economic Forum:
Watch: Union Minister for Women & Child Development Smriti Irani speaking at the Davos World Economic Forum in the panel of Gender Parity for Economic Recovery.
We are a billion-plus society, of which 1.35 billion is the population, of which 1.3 billion Indians now have a digital identity, men and women equally so. We have 700 million literate people, of which 600 million are in the workforce, men and women included. Some in the organised sector some in unorganised sector, said Smriti Irani.
Maharashtra Signed MoUs worth 45 Thousand Crore on the first day of the World Economic Conference in Davos.
CMO Maharastra said in a Tweet, "On the first day of the World Economic Conference here, MoUs worth 45 thousand crores have been signed, these agreements have proved that the investors have deep faith in the state, the Chief Minister"
Having signed MoUs worth Rs 1.36 lakh crore with global investors in just two days here, Maharashtra Chief Minister Eknath Shinde on Tuesday said the 'magnets' that have worked in favour of his state include the promise of subsidies, faster clearances and impressive road infrastructure.
Here for the World Economic Forum Annual Meeting, Shinde told PTI in an interview that he has met a host of potential investors in just two days of visit and they have shown keen interest in investing in the state and plan to immediately visit Mumbai to put their plans into action.
Asked what Maharashtra can offer better than other Indian states to foreign investors, Shinde said the state is committing to offer a lot more than others, including by way of subsidies, better infrastructure, and faster clearances.
"Whatever they want, we are ready to offer and the state government is fully committed to fulfilling all their genuine demands. Road connectivity is one of our biggest assets and industry is also getting attracted to our state because of our access control roads," Shinde told PTI.
According to experts, an access control roadways system ensures seamless and fast movement of heavy and fast-moving vehicles and also prevents stray animals from coming onto main highways.
Asked about the new areas of growth as Maharashtra has been an industrialised state for a long time with a significant presence of automobiles, defence, and various other sectors, he said there is still a huge potential including in various new areas. "These include data centers, logistics, pharmaceuticals and renewable energy." This year's WEF Annual Meeting has got several states including Maharashtra, Telangana, and Tamil Nadu presenting their own investment destination profiles and has got their own pavilions, in addition to three separate pavilions set up by the central government.
Talking about what has brought him to Davos, Shinde said, "The World Economic Forum is a very prestigious organisation and this event is attended by people from across the world. They present their views here and demonstrate new technologies." "Discussions happen here on varied topics such as environmental issues, skill development-related matters, and employment generation. People also get to know about the global economic trends here," he added.
The World Economic Forum (WEF) Centre for the fourth Industrial Revolution will be established in Hyderabad. Bharat Rashtra Samithi informed in a Tweet, "Fourth Industrial Revolution Center (Centre for Fourth Industrial Revolution - C4IR) of the World Economic Forum to be established in Hyderabad. MoU signed in Davos in presence of Minister @KTRTRS."
The World Economic Forum (WEF) Centre for the fourth Industrial Revolution will be established in Hyderabad. This will be the only centre in India thematically focused on healthcare and life sciences.
The Telangana government and the World Economic Forum signed a collaboration agreement during the forum's annual meeting in Davos on Monday for the Centre, which will be an autonomous, non-profit organisation, leading on policy and governance for healthcare and life sciences.
The collaboration agreement was signed by WEF Managing Director Jeremy Jurgens, and Telangana Life Sciences Foundation Chief Executive Officer Shakthi Nagappan in the presence of Telangana Industries and Commerce Minister KT Rama Rao and WEF President Borge Brende.
The minister said the Centre is a testament to the strong life sciences prowess of Telangana and is yet another step by the government to elevate the life sciences ecosystem in Telangana and globally.
"Life sciences is one of the priority sectors in Telangana and I firmly believe that this partnership can leverage on the current ecosystem to further accelerate value and impact created by Telangana's life sciences sector globally," he said.
On Day 2 of the World Economic Forum (WEF) Annual Meeting in Davos, plenty of action to unpack. Here are some of the important sessions as per the WEF lineup on Day 2.
- Mastering New Energy Economics
- Philanthropy: A Catalyst for Protecting Our Planet
- In Defence of Europe
- Welcoming Remarks and Special Address
- Special Message from Olena Zelenska, First Lady of Ukraine
- Special Address by Ursula von der Leyen, President of the European Commission
- Special Address by Liu He, Vice-Premier of the People's Republic of China
- Relaunching Trade, Growth and Investment
- A Conversation with Sanna Marin, Prime Minister of Finland
- Special Address by Pedro Sánchez, Prime Minister of Spain
India figures among the few countries that have been able to evolve their food systems for a broader set of outcomes by unlocking the potential of small and medium-sized enterprises, a new WEF report said on Monday.
The World Economic Forum report, released here on the first day of its Annual Meeting 2023, said the countries that tackle the food crisis can boost jobs, health and nature and also meet net-zero goals better.
It listed India, Ghana and Vietnam as among the countries that have been able to evolve their food systems by unlocking the potential of SMEs, particularly those that are farmer-allied and operating in local food chains.
Food systems, when transformed, can help solve some of the world's toughest problems, from climate change to resilient livelihoods, the report said.
"Transforming food systems provide healthy and nutritious diets and dignified jobs for farmers and producers. This report shows how economic development with environment protection supports communities in climate adaption and mitigation efforts," Gim Huay Neo, Managing Director of the WEF's Centre for Nature and Climate, said.
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Telangana IT & Industries Minister Kalvakuntla Taraka Rama Rao inaugurated the Telangana pavilion on Monday.
Climate activists on Monday blocked a part of the jet airport used by the participants at the WEF, demanding an 'anti-capitalist' world. They shouted slogans like "There is no future on a dead planet".
The Davos World Economic Forum has begun with the Crystal Award ceremony.
On the opening day, January 16, ahead of the opening of Davos Summit 2023, a white paper written by the World Economic Forum in collaboration with McKinsey & Company has been published. The white paper highlights the importance of long-term planning and international collaboration in achieving sustainable and inclusive growth.
Read WEF 2023 White Paper: 'Seizing the Momentum to Build Resilience for a Future of Sustainable Inclusive Growth'
Four Union ministers -- Mansukh Mandaviya, Ashwini Vaishnaw, Smriti Irani and R K Singh -- along with a number of officials and business leaders would be present from India at Davos, World Economic Forum Annual Meeting.
Maharashtra Chief Minister Eknath Shinde will be present during the five-day event at Davos. Uttar Pradesh Chief Minister Yogi Adityanath and Karnataka's B S Bommai were also earlier listed but they are unlikely to attend the summit.
AAP leader Raghav Chaddha and Telangana minister K T Rama Rao and Tamil Nadu minister Thangam Thennarasu.
Among business leaders, Gautam Adani, Sanjiv Bajaj, Kumar Mangalam Birla, N Chandrasekaran, Nadir Godrej, Ajit Gulabchand, Sajjan Jindal, Sunil Mittal, Roshni Nadar Malhotra, Nandan Nilekani, Adar Poonawalla, Rishad Premji and Sumant Sinha are likely to be present at WEF 2023.
Seeking to present Maharashtra as a key investment destination, state chief minister Eknath Shinde plans to sign MoUs worth Rs 1.4 lakh crore (USD 17 billion) here on the sidelines of the World Economic Forum Annual Meeting.
As many as 21 Memorandums of Understanding (MoUs) are being lined up to be signed with leading foreign investors and global companies during Shinde's two-day visit beginning Monday, officials said.
The investments are estimated to create more than 66,500 jobs over the next few years and are aimed at jumpstarting Maharashtra on its ambitious USD 1-trillion economy goal journey, they added.
Of these, the majority are greenfield projects in data centres, pharmaceuticals, logistics, chemicals, automobiles, electric vehicles, renewable energy and ESDM (Electronics System Design & Manufacturing), which will foster inclusive growth, job creation and sustainable development.
Telangana IT and Industries Minister KT Rama Rao, who is on a visit to Davos, Switzerland, to attend the World Economic Forum meet scheduled from January 16 to 20, was accorded a grand welcome by the NRIs at Zurich airport. An official release on Sunday said NRIs not just from Switzerland but also from other European countries welcomed the Minister. Those welcomed include BRS Switzerland unit president Sridhar Gande and representatives of Telugu communities.
Later in the evening, KTR participated and spoke at the 'Meet and Greet' programme organised by the Indian diaspora in Zurich, a separate release said.
Speaking at the "Meet and Greet" programme, the Minister elaborated about the "astounding progress" achieved by the Telangana government since the formation of the State in 2014, holistic development model and other topics.
As a fresh round of snowfall made this Alpine resort town of Davos whiter, the fragrance of Indian delicacies could be felt all over the main Promenade street of Europe's highest habitat. Dotting the street, a number of Indian pavilions readied themselves with a wide range of foods and drinks for the five days of the World Economic Forum Annual Meeting beginning Monday.
Topping the charts, the famous India Lounge was seen buzzing with visitors even as the main activities there would begin only on Tuesday, according to PTI.
Similar was the case with pavilions of Telangana, Maharashtra and Tamil Nadu, as also those of several Indian companies including TCS, HCL Tech and Wipro.
More than Indians, who were also seen enjoying their pizza and fondue, foreigners appeared keener on samosas, kachoris, tikkas and biryanis, as also various Indian flavours of tea and coffee.
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On Day 1 of the Davos World Economic Forum 2023 Summit, there are three sessions planned out. The overall World Economic Forum (WEF) Annual Meeting event will kickstart with the Crytal Award Ceremony 2023 followed by 'I Sea You' and then simultaneously the 'Open Forum: In Harmony With Nature' session will be held.
World Economic Forum Annual Meeting 2023 will start by honouring the 28th Annual Crystal Award winners. This year’s awardees are four exceptional cultural leaders who are being honoured for their work to promote environmental conservation, food security, climate change, mental health and education.
The 2023 Crystal Award winners are the architect, activist and artist Maya Lin, soprano Renee Fleming and actors and humanitarians, Idris and Sabrina Elba.
Hilde Schwab, Idris Elba, Sabrina Dhowre Elba, Maya Lin and Renee Fleming will be the speakers for the event.
Background
World Economic Forum Summit Live Updates: Hello and welcome to the ABP Live blog to catch all the updates from World Economic Forum (WEF) being held at Davos from January 16 to 20. Global leaders are coming together, including around a hundred participants from India, to discuss 'cooperation in a fragmented world'.
The WEF Annual Meeting began on Monday started off with the crystal awards ceremony and the awards celebrate the achievements of leading artists who are bridge-builders and role models for all leaders of society. Artist Maya Lin, acclaimed soprano Renee Fleming and actors Idris Elba and Sabrina Dhowre Elba have been presented with the awards.
The awards ceremony was followed by the 'I Sea You' musical concert, which was presented as a powerful cultural message of unity and collaboration. It also made a call to action to world leaders and policymakers to implement the appropriate and required agreements to protect and preserve the coral reefs of the Northern Red Sea.
Four Union ministers -- Mansukh Mandaviya, Ashwini Vaishnaw, Smriti Irani and R K Singh -- Maharashtra Chief Minister Eknath Shinde, along with a number of officials and business leaders, are taking part in the global summit from India.
AAP leader Raghav Chaddha and Telangana minister K T Rama Rao and Tamil Nadu minister Thangam Thennarasu are also attending the Davos summit 2023.
Among business leaders, Gautam Adani, Sanjiv Bajaj, Kumar Mangalam Birla, N Chandrasekaran, Nadir Godrej, Ajit Gulabchand, Sajjan Jindal, Sunil Mittal, Roshni Nadar Malhotra, Nandan Nilekani, Adar Poonawalla, Rishad Premji and Sumant Sinha are likely to be present.
The meeting will call on leaders from across the globe to address immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world.
The theme of the 53rd Annual Meeting would be 'Cooperation in a Fragmented World' and it will convene more than 2,700 leaders from 130 countries, including 52 heads of state/government.
The WEF said the annual meeting comes as multiple crises deepen divisions and fragment the geopolitical landscape and leaders must address people's immediate, critical needs while also laying the groundwork for a more sustainable, resilient world by the end of the decade.
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