India presents itself as resilient economy at WEF in Davos

New Delhi: India has reiterated its position as a resilient economy providing stable policy to the global investors at the World Economic Forum (WEF) at Davos.

India’s focus areas at WEF this year are investment opportunities, infrastructural landscape and its inclusive and sustainable growth story.

Taking forward the strategy and presence of India during WEF Annual Meeting in May 2022, the Department for Promotion of Industry and Internal Trade (DPIIT) has taken the initiative to further strengthen India’s presence through three lounges with focus on investment opportunity, sustainability and inclusive approach to compliment economic growth official sources said.

In addition, the presence of state lounges of Maharashtra, Tamil Nadu and Telangana along with business lounges of HCL, Wipro, Infosys and TCS have added strength to India’s presence on the Davos promenade.

The entire India contingent of the central government, state government, businesses and officials have put together a common front to present India as a global state.

The three lounges were inaugurated by women and child development minister Smriti Irani, power minister R.K. Singh and health minister Mansukh Mandaviya.

Meanwhile, Maharashtra Chief Minister Eknath Shinde and his team inked MoUs worth around Rs 88,500 crore for various projects at Davos with a potential to create over 56,000 jobs, officials said.

Industry Minister Uday Samant, who is part of the CM’s entourage, said that in the first two days, the state government has signed agreements with several major global conglomerates and investors.


Take urgent action, says Gutierres at WEF

Davos: UN Secretary-General Antonio Guterres has urged leaders gathered for the annual meeting of the World Economic Forum (WEF) to take urgent action.

Taking note of a range of critical threats facing the world, from the economic crisis to war and pandemic, he said: “We are looking into the eye of a Category 5 storm.”

On climate change, he called on world leaders to put forward credible and transparent transition plans to achieve net-zero emissions and to submit their plans before the end of the year.

“The transition to net zero must be grounded in real emissions cuts – and not rely essentially on carbon credits and shadow markets. That’s why we (the UN) created an Expert Group on Net-Zero Emissions Commitments.”

He urged businesses to follow the group’s guidelines for credible, accountable net-zero pledges.


India better off than many global economies: Gita Gopinath

New Delhi: IMF Deputy Managing Director Gita Gopinath has cautioned that India needs to work on labour markets and land, even as she hailed the country for doing better than many global economies.

In an interview on the sidelines of the ongoing World Economic Forum (WEF) meeting at Davos, Gopinath cautioned against growing fragmentation globally, saying it hurt the global growth rate.

The Covid-19 pandemic and the Russia-Ukraine war has made countries much more concerned about national security and economic security, which is causing them to undertake policies that could lead to greater fragmentation, she was quoted as saying in the interview.

India though, she said, has been receiving lots of positive sentiments but at the same time added that greater reforms are needed for foreign direct investment in the manufacturing sector.

Image courtesy of (The Hindu)

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