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WORLD ECONOMIC FORUM 2018 – Creating a Shared Future in a Fractured World

The 48th annual meeting of WEF is historical as Narendra Modi became the first Indian PM to address the World Economic Forum annual summit after 1997. Davos, Switzerland

  • Notes : Bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east.
  • The official currency of Switzerland is the Swiss franc.
  • Davos is a small town in the Swiss Alps that each January hosts the World Economic Forum (WEF) – a gathering of presidents, prime ministers, business leaders, economists and celebrities

WORLD ECONOMIC FORUM

  • The World Economic Forum (WEF) was established as a notfor-profit
    foundation in Geneva, Switzerland, in 1971.
  • The organization aims to improve the world through publicprivate
    cooperation by engaging the foremost political,
    business and other leaders of society to shape global agendas.
  • Since the global event is held in the Alpine resort town of
    Davos, the event is colloquially called Davos.

 

  • NOTES
    • Through meetings, the WEF gives participants opportunity to
    discuss global issues.
    • This year’s WEF has all-female list of co-chairs -IMF chief Christine Lagarde, IBM CEO Ginni Rometty; Norway’s PM Erna Solberg, the International Trade Union Confederation (ITUC) general secretary (Belgium) Sharan Burrow; Fabiola Gianotti, director general of the
    European Organization for Nuclear Research (CERN) in Geneva; Isabelle Kocher, CEO of ENGIE Group; and Chetna Sinha, founder and president of Mann Deshi Mahila Bank and Mann Deshi Foundation in India.

 

THIS IS THE 48TH EDITION OF THE WEF SUMMIT.

  • When last time in 1997, an Indian Prime Minister went to Davos, Indian GDP was little more than 400 billion dollars
    • (GDP – $2.439 trillion 2018)
    •India has moved from the seventh largest economy to the fifth largest economy and the country is likely to be among top three economies in the world in the next 25 years
    MODI JI
    • Delivering the speech in chaste Hindi and invoking the oldest Upanishad, the Isha Upanishad
    • He quoted the Upanishads, saying Indians consider the world one big family
    • He set the target of $5 trillion by 2025: an ambitious goal that requires India to nearly double in eight years.
    • For the global community his message was very clear. India has removed red tape, India is welcoming, India is safe and India will do everything to make foreign investors feel at
    home. FDI
    •”In this direction, we have also undertaken bold FDI (foreign direct investment) reforms.
    More than 90 percent of the FDI approvals have been put on the automatic approval
    route. As a result of these changes, there has been a sharp rise in FDI in the past three
    years — from $36 billion in 2013-14 to $60 billion in 2016-17.” MODI JI
    • Humanity faces three big challenges: climate change; terrorism and reverse globalisation.
    •And on the globalisation front he outlined how protectionism and economic nationalism have reversed the trend of globalisation and that global trade needs to be increased instead.

 

WHY WEF IS IMPORTANT FOR INDIA?

  • According to Klaus Schwab, Founder and Executive Chairman, World Economic Forum, India’s unique demographic dividend, rising tide of entrepreneurial spirit, breakthrough innovations, and structural reforms have enhanced India’s long-term economic outlook.
    • From the Insolvency and Bankruptcy Code, demonetization to GST (Goods and Services Tax) and FDI, India has taken a series of steps to formalise the economy.
    • India has received positive feedback from international credit rating agencies like Moody’s and S&P CRYSTAL AWARD
    • 24th Crystal Award
    ___________________________________
    Shah Rukh Khan
    Elton John (English singer, pianist, and composer)
    Cate Blanchett (Australian actress)
    _____________________________________
    The Annual Crystal Awards ceremony, which opens the World
    Economic Forum summit in the Swiss ski resort, celebrates the
    achievements of outstanding artists who have shown exemplary
    commitment to improving the state of the world.

 

NOT THE FIRST TIME THOUGH

• SRK received the award for “his leadership in championing children’s andwomen’s rights in India,”

      • • The past awardees from India include Amitabh Bachchan, Mallika Sarabhai, A R

Rahman, Shabana Azmi, Ravi Shankar and Amjad Ali Khan.• Mallika Sarabhai Shah is an activist and Indian classical dancer from Ahmedabad, Gujarat, India• Daughter of space scientist Vikram Sarabhai (father of India’s space programme)

    • THE INCLUSIVE DEVELOPMENT INDEX 2018

 

      • •The Inclusive Development Index (IDI) is an annual

assessment of 103 countries’ economic performance that measures how countries perform on eleven dimensions of economic progress in addition to GDP. It has 3 pillars; growth and development; inclusion and; intergenerational equity – sustainable stewardship of natural and financial resources.

    • NOTES

 

      • •WEF ranks India at 62nd place on Inclusive

Development Index

    • •Much below China’s 26th position and Pakistan’s 47th
      • •Norway remains the world’s most inclusive advanced

economy

      • •India was ranked 60th among 79 developing economies

last year, as against China’s 15th and Pakistan’s 52nd position.

    • BRICS
      • • BRICS economies: Russia was ranked at 19th, followed

by China (26), Brazil (37), India (62) and South Africa(69). India’s neighbours: China (26th), Nepal (22), Bangladesh (34), Sri Lanka (40) and Pakistan (47th)

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