India at World Economic Forum

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