Global Leaders Pitch for Building Trust
The snowy slopes of alpine Davos have been the backdrop of several high- profile debates, discussions and decisions over the last half a century.
The annual meeting of the World Economic Forum in Davos occurred amidst ongoing wars in West Asia and Eastern Europe. The Ukraine war has been going on for two years and began even before the world could recover from Covid- 19.
As the world came together to heal fractures, Davos 2024 turned into an urgent gathering of business, political and social leaders who sought normalisation. The theme of ‘Building Trust’ resonated with leaders across the world. “We must rebuild trust – trust in our future, trust in our capacity to overcome challenges, and most importantly, trust in each other,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. “Trust is not just a feeling; trust is a commitment to action, to belief, to hope.”
“Geopolitical divides are preventing us from coming together around global solutions for global challenges,” said United Nations Secretary-General António Guterres. “It is essential that we discard prejudice, bridge differences and work as one to tackle the trust deficit,” said Li Qiang, Premier of the People’s Republic of China.
“The world is not at a single inflection point; it is at multi-inflection points,” warned Ursula von der Leyen, President of the European Commission. She urged countries to “deepen global collaboration more than ever before.”
Ajay S. Banga, President of the World Bank Group, emphasised the interconnectedness of crises. “We cannot think about eradicating poverty without caring about climate. We cannot think about eradicating poverty without thinking about healthcare. We cannot think about eradicating poverty without thinking about food insecurity and fragility,” he said.
The focus on planet and people was highlighted by many leaders. "We have a responsibility to be stewards of our beautiful, small planet's future," said Kristalina Georgieva, Managing Director of the International Monetary Fund. “There is something that leaders need to embrace,” she added, “and it is the responsibility to act, even if it’s not popular.”
Speaking on a new effort to improve women’s health outcomes, Smriti Zubin Irani, Minister of Women and Child Development of India, said, “When you look at opportunities in women’s health, it does not only subscribe itself to access to healthcare institutions; it’s also an economic opportunity for women to come up and be part of the workforce.” Irani participated in debates with domain experts on promoting women leaders in various sectors. The Union Ministry of Women and Child Development hosted the WeLead Lounge in collaboration with the Confederation of Indian Industry and Bill and Melinda Gates Foundation and held a series of debates on gender equity and women empowerment for Davos delegates.
French President Emmanuel Macron called for world leaders to “be realistic but be optimistic” about addressing the complex challenges of peace and security, jobs and decarbonisation. “I truly believe that the decisions that can change things are within our hands,” he said.
"I can't think of a time when there's been both a greater multiplicity and greater complexity of the challenges that we're dealing with," said Antony Blinken, Secretary of State of the United States. On the role of the meeting in providing a space for diplomacy and diverse viewpoints, Børge Brende, President of the World Economic Forum, said: “The Annual Meeting serves as a vital platform for inclusive dialogue, bringing together parties to identify pathways toward achieving shared priorities.”
India made its presence felt in Davos with several pavilions. These were hosted by Invest India, Confederation of Indian Industry, and state governments of Tamil Nadu, Telengana, Karnataka, Maharashtra and Uttar Pradesh. Domestic giants like Infosys, Wipro, TCS and HCL Tech hosted their pavilions too.
The continued political stability and economic policy continuity helped position India as a steady investment destination amidst rising geo-political uncertainties.
Sriram Gutta, Head, India and Deputy Head, South Asia at the World Economic Forum said that India has the opportunity to set an example of inclusive, sustainable economic growth, digital development and climate action. “India’s efforts to maintain stability and enact structural reforms have contributed to its economic resilience in the face of global challenges. Investments in upgrading infrastructure and connectivity, including projects like the Bharatmala highway programme, the Sagarmala project for port-led development and the Smart Cities Mission, are transforming the country's landscape and playing a pivotal role in the country’s economic advancement,” Gutta said.
The four key themes of India at Davos were:
India’s positioning for global investors has been taken to a new level at Davos. At the national level and regional state level, India’s capabilities in a range of sectors were displayed in an experiential format. Invest India has set up an experience centre where visitors can view demos by domain experts and entrepreneurs.
A team from the Reserve Bank of India will demonstrate the changes enabled by the UPI platform. Invest India says, “The Central Bank of India is showcasing its role in navigating the country in the global economic landscape along with its stellar role in enabling UPI that has revolutionised the fintech ecosystem in India and catalysed financial inclusion.” The Indian Space Research Organisation showcased Chandrayan Mission, a series of lunar-exploration missions. Visitors were being told about the successful mission which included lunar lander Vikram and a lunar rover Pragyan that landed on the south pole of the moon. On display was also drone manufacturing by Garuda Aerospace, a Chennai-based company and Endure Air, a startup incubated at IIT Kanpur.
The Indian government delegation at WEF was led by Smriti Irani, Union Minister of Women and Child Development along with Hardeep Singh Puri, Union Minister of Petroleum & Natural Gas, Housing & Urban Affairs, Ashwini Vaishnaw, Union Minister of Railways, Communications, Electronics and IT and R. K. Singh, Secretary, DPIIT, Ministry of Commerce & Industry.
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