Recently, the World Economic Forum (WEF) convened its 54th Annual Meeting in Davos - Klosters, Switzerland.
World Economic Forum (WEF)
Established- In 1971 as a not-for-profit foundation.
Founder Chairperson- Economist Klaus Schwab.
Objective- To demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance.
Annual Meeting- Held in Davos, Switzerland.
Centre for Fourth Industrial Revolution- Established in San Francisco to develop policy frameworks and advance collaborations that accelerate the benefits of science and technology.
The Great Reset- It is based on the assessment that the world economy is in deep trouble and there is a need for ‘Great Reset’ of capitalism.
EDISON Alliance -WEF launched the Essential Digital Infrastructure and Services Network (EDISON) Alliance which will work with governments and industries to accelerate digital inclusion.
What are the key takeaways of World Economic Forum (WEF) summit 2024?
Theme- “Rebuilding trust” emphasising the need for global cooperation and shared solutions in a world undergoing critical challenges like climate change, geopolitical issue etc.,
Focus of the summit- Promoting peacebuilding, fostering global cooperation, tackling social and economic inequalities, strengthening global health systems, and building resilient food systems to address the challenges of war and growing economic disparities.
Geopolitical issue- The fragile and volatile situation in the Middle East and Europe was acknowledged, but no concrete solutions or plans were offered by the leaders.
Global economy- An uncertain economic outlook called for a new model of growth that balances productivity with equity and sustainability.
Artificial Intelligence (AI) - The summit discussed ways to integrate AI with other transformative technologies, like 5G, 6G, quantum computing, biotechnology, etc. to make it beneficial for all.
Employment generation - The summit explored ways to harness technology for good, create inclusive growth, and ensure a just transition for all.
Climate action-The urgency and importance of tackling climate change and adopting sustainable practices was emphasized, with a call for global cooperation and resource allocation.
Carbon neutrality- The summit focused onachieving the objectives of a carbon-neutral and nature-positive world by 2050 while providing affordable, secure, and inclusive access to energy, food, and water.
China’s economy- China tried to attract more investment from the West, despite its slowing growth and trade tensions with the US.
Rise of India- India showcased its economic potential, technological talent and commitment to gender equity and equality.
What is the role of India in WEF 2024 summit?
Impactful platform- India hosted a multitude of events and panels to foster public engagement through roundtables, fireside chats, and interactive sessions.
Global leader-Guided by the mantra ‘Engage, Experience, Invest,’ India solidified its global leadership reflecting its commitment to global cooperation and progress.
Cashless catalyst- The summit focused on the India's dynamic fintech landscape, uncovering its transformative influence and impact on the nation's financial sector.
Manufacturing destination- The summit focused on the advantages offered by India, including incentives and end-to-end value chains for manufacturing.
Investment opportunities- Karnataka, Maharashtra, Tamil Nadu, Telangana, and Uttar Pradesh garnered global attention, showcasing enormous investment opportunities in their respective states - adding to India’s presence as a global trusted partner.
Sustainable jobs- The summit discussed vast opportunities in India for employment generation in agriculture and renewable energy sectors to ensure a more inclusive and sustainable future.
Roadmap to green future- It highlighted India’s commitment and initiatives towards the Climate Action Plan and discussed goals for a greener future.
Women empowerment- Leading women entrepreneurs shared their journeys towards a sustainable and innovative future.
Deep tech saga- The session discussed about India's deep tech potential, ecosystem building, policy formulation, standards, and ways to boost India's deep tech competitiveness and sovereignty.
