India at WEF Davos Summit 2023: Here are 10 key highlights

Zaheer Hussain
February 17, 2023
1,816

The World Economic Forum Annual Meeting has long brought together the world’s top politicians, business, academic, youth, and civil society leaders to discuss the most pressing global, regional, and industry issues. DPIIT has strengthened India’s presence at this year’s WEF in Davos for all global investors looking to make a home in India, one of the world’s most liberal investment destinations, in honor of ‘Azadi ka Amrit Mahotsav,’ 75 years of independence, and the assumption of our G20 Presidency. The goal is to demonstrate a consolidated India presence with the Centre and States while projecting India as a strong, resilient economy that can solve problems on a global scale.

India at WEF Davos Summit 2023

Why In The News?

The Annual Meeting Of The World Economic Forum In Davos Concluded On 20^th January. The Five-Day Session Was Held Offline For The First Time In Three Years. This Year, Thousands Of Public And Private Sector Leaders Attended The Meeting In The Swiss Town.

World Economic Forum:

Founded In 1971 The World Economic Forum, Is A Non-governmental Lobbying Organisation Founded By Economist Klaus Schwab. The Forum Strives In All Its Efforts To Demonstrate Entrepreneurship In The Global Public Interest While Upholding The Highest Standards Of Governance.
The WEF Is Largely Funded By Its Partnering Corporations. These Are Generally Global Enterprises With Annual Turnover Greater Than $ 5 Billion. ItProvides A Platform “To Shape The Future, Accessing Networks And Experts To Ensure Strategic Decision-making On The Most Pressing World Issues.”

Annual Davos Summit

Davos Brings Together Some 3,000 Paying Members And Selected Participants Among Whom Are Investors, Business Leaders, Political Leaders, Economists, Celebrities, And Journalists For Up To Five Days To Discuss Global Issues Across 500 Sessions.
However, Its Salience Goes Far Beyond Discussions On Economic Issues. In The Past, It Has Been Used As A Location For Pivotal International Diplomacy As Leaders Are Able To Break Tensions In The Town. For Instance, In 1988 Greece And Turkey Avoided War, When The Two Signed The Davos Declaration.

WEF’s 2023 Davos Event:

The Theme This Year Was ‘Cooperation In A Fragmented World’. On The Economy Front, Most Business Leaders Were Upbeat About The Economy, With The US And The European Union (EU) Seemingly Beyond The Risk Of A Recession Now.
China Ending Its Zero Covid Curbs And Opening Shop Again Added To The Positive Outlook. However, Central Banks Of The Major Economies Cautioned That Concerns Still Remained And Said They Would Keep Interest Rates High To Ensure Inflation Is Under Check.
Ukraine Kept Up Its Demand For More Military Aid To Fight Its War Against Russia, And More Financial Aid To Rebuild After The War, Saying The Reconstruction Fund Commitments Should Start Coming In Now And Not After The War Ends.
On Climate Everyone Agreed Upon The Need For Green Energy And The Need For More Money To Flight Climate Change. The WEF Supported By More Than 45 Partners Launched The Giving To Amplify Earth Action (GAEA).
GAEA – A Global Initiative To Fund And Grow New And Existing Public, Private, And Philanthropic Partnerships To Help Unlock The $3 Trillion Of Financing Needed Each Year To Reach Net Zero, Reverse Nature Loss And Restore Biodiversity By 2050.

India @ Davos 2023

In Celebration Of India’s ‘Azadi Ka Amrit Mahotsav’, 75 Years Of Independence, And The Assumption Of Our G20 Presidency, DPIIT Has Strengthened India’s Presence At This Year’s WEF In Davos For All Global Investors Looking To Make A Home In India.
Making India One Of The World’s Most Liberal Investment Destinations. The Objective Is To Showcase A Consolidated India Presence With The Centre & States While Projecting India As A Strong, Resilient Economy, Acting As A Problem Solver At The Global Stage.
India Witnessed The Highest Ever Inflow Of Foreign Direct Investment Worth $84 Bn During 2021-2022. This FDI Came Into 57 Sectors, From 101 Countries And Across 30 States And UTs.
Real GDP Growth Across FY 21-22 Was An Unprecedented 8.7% And Absolute GDP Value In FY21-22 Reached $3.1 Tn And Recent Estimates Point Towards A $5 Tn Economy By 2025.
Maharashtra Has Signed MoUs Worth Rs 1.37 Lakh Crore At WEF, Davos. These Non-Binding MoUs Are Spread Across Avenues Of Electric Vehicles, Steel, And Infrastructure, Among Others.
Telangana Also Signed An Agreement With Allox Advance Materials Pvt Ltd For Setting Up A C-LFP (Lithium Iron Phosphate) Active Battery Material Production Unit. The Initial Investment Of The Project Is Rs 210 Crore.
Meanwhile, Tata Group’s Chairman N Chandrasekaran Said That It Will Invest $90 Billion In Over The Next Five Years In India. German Conglomerate Siemens Also Expressed Optimism About Investing In India.
Amit Kalyani Of Bharat Forge Said That Their Businesses Won’t Be Impacted By The Western Slowdown While GV Prasad Of Dr. Reddy’s Showed Optimism About Pharma Demand Even In A Slowing World.
Serum Institute’s Adar Poonawalla Said The Supply Of Critical Medication Was Growing, And India Will Become Nearly Self-sufficient In Active Pharma Ingredients And Some Other Inputs In Two To Three Years.

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REVIEW QUESTIONS

World Economic Forum Was Founded By
Klaus Martin Schwab
Anousheh Ansari
Cenk Aydin
Adam Smith

ANSWER: A

World Economic Forum Was Founded In
1971
1981
1991
2001

ANSWER: A

HQ Of World Economic Forum
Zurich
Davos
Cologny
Berne

ANSWER: C

Davos Declaration By Greece And Turkey Was Signed In
1966
1977
1988
1999

ANSWER: C

Capital City Of Switzerland
Zurich
Davos
Geneva
Berne

ANSWER: D

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