Why in news?
Indian PM addressed the plenary session of the 48th World Economic Forum (WEF) in Davos.
What are the highlights?
- Climate change, terrorism and growing protectionism were highlighted as three big challenges facing the world.
- Firm statements were made criticising the rising protectionism in the world, equating it with the dangers of terrorism.
- It comes at a time when US President Trump is increasingly pushing the America First agenda.
- Also, protectionism is leading to new types of tariff and non-tariff-based barriers hampering the bilateral and multilateral trade negotiations.
- He recorded that the unreadiness of the rich world in helping developing economies with new technology is slowing the carbon reduction efforts.
- He also reiterated India's willingness to keep up its agreed commitments on cutting carbon emissions.
- Reforms and policies that India has undertaken to make India more open were highlighted as well.
- Abolition of many archaic laws and allowing FDI in more than 90% of the sectors through the automatic route were mentioned among them.
What is the significance?
- The Indian delegation at Devos showcased India as a fast-growing economic power and a potential driver of global growth.
- The occasion also recognised India's growth as an economic and geopolitical power.
- However, India still has a lot of work to do to attract more investment.
- It calls for a relook at efforts on taming bureaucracy, tackling corruption and cleaning up pollution.
Source: Business Standard
