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World Economic Forum Summit 2024

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January 24, 2024

Why in news?

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.

world economic forum

  • 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.

Key reports

Key indices

  • Global Competitiveness Report
  • Global Enabling trade Report
  • Global Gender Gap Report
  • Global IT Report
  • Global Energy Transition Index
  • Global Risk Report
  • Global Travel and Tourism Report
  • Human Capital Index
  • Inclusive Development Index

 

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 on achieving 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.

 

References

  1. Indian Express- Davos meeting 5 key takeaways
  2. Invest India- India’s impact at WEF 2024  
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