World Economic Forum Annual Meeting 2023

What’s in today’s article?

• Why in news?
• What is World Economic Forum?
• What is Davos Meet?
• What are the different reports published by WEF?
• New Summary: World Economic Forum Annual Meeting 2023
• India’s participation at WEF Annual Meeting 2023
• Key highlights of the speech delivered by Union Minister Ashwini Vaishnav
• India@100: Realising the potential of a $26 trillion economy

Why in news?

• Recently, Union minister Ashwini Vaishnaw addressed a session on India’s road to a $10-trillion economy at the World Economic Forum (WEF) in Davos.
• The annual meeting of WEF is taking place in Davos from Jan. 16 until Jan. 20, 2023.
• The theme of this year’s summit is “Cooperation in a Fragmented World”.

What is World Economic Forum?

• The World Economic Forum is the international non-governmental organization for Public-Private Cooperation.
  • It was founded in January 1971 by German engineer and economist Klaus Schwab.
• The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.
  • It has no independent decision-making power.
• HQ: Cologny-Geneva, Switzerland.

What is Davos meet?

• Annually, the WEF organizes a meeting at the end of January in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland.
• The Annual Meeting, also known as the Davos Agenda, has the objective of orienting global leaders on the imperatives of the year ahead.

What are the different reports published by WEF?

• WEF also produces a series of annual reports such as –
  • Global Competitiveness Report,
  • Global Information Technology Report,
  • Global Gender Gap Report,
  • Global Risks Report,
  • Global Travel and Tourism Report,
  • Financial Development Report and
  • Global Enabling Trade Report.

New Summary: World Economic Forum Annual Meeting 2023

• The 53rd edition of the annual World Economic Forum summit is being held at the Swiss town of Davos.

India’s participation at WEF Annual Meeting 2023

• This year marks 36 years of the Forum’s collaboration with India.
• At the summit, India is represented by a high-level delegation which includes Union Ministers, Chief Ministers, Business leaders etc.
• In line with this year’s WEF theme, “Cooperation in a Fragmented World”, India has reiterated its position as a resilient economy with a strong leadership providing stable policy to the global investors at the summit.
• India’s focus areas at WEF this year are investment opportunities, infrastructural landscape and its inclusive & sustainable growth story.

Key highlights of the speech delivered by Union Minister Ashwini Vaishnav

•  India’s pragmatic approach ensured high growth, moderate inflation
  • India took a pragmatic approach in dealing with humanitarian and economic crises triggered by the pandemic and has ensured moderate inflation and high growth in the country.
  • Indian government focused on vulnerable population for financial aid, free food and free vaccines and all that was done on digital platforms.

India’s recent economic performance

• India witnessed the highest ever inflow of Foreign Direct Investment worth $84 Bn during 2021-2022.
  • This FDI came into 57 sectors, from 101 countries and across 30 states and UTs.
• Real GDP Growth across FY21-22 was an unprecedented 8.7% and absolute GDP value in FY21-22 reached $3.1 Tn.
  • Recent estimates point towards a $5 Tn economy by 2025.

India on a consistent growth path

• Despite the global turmoil, over the last few years, India is following a consistent growth path of 6-8%.
• The focus to invest in infrastructure has helped improve productivity and job generation.
• Due focus on moderating inflation and appropriate fiscal and monetary policy measures will help ensure India’s GDP momentum in the next 10 years.

India@100: Realising the potential of a $26 trillion economy

Image caption: Statement of CEO of EY on India

• The report, ‘India@100: Realising the potential of a $26 trillion economy’, was launched by the Union Minister Ashwini Vaishnaw, on the sidelines of the summit.
  • The report has been prepared by the consulting firm EY
• As per this report, India’s economy will reach $26 trillion by 2047, the 100th year of the country’s independence.
• Other highlights of this report
  • The report underscores the growth trajectory of the Indian economy, that is projected to be the highest for any large economy over the coming decades.
  • It recommends ensuring macro-economic stability and resilience, and continued thrust on reforms. 
    • This will be especially relevant against the backdrop of on-going geo-political conflict, inflationary pressures and slowing global growth.

Q1) Which city hosts the annual Summit of the World Economic Forum?

 The World Economic Forum summit is held annually at Davos, Switzerland. The town is located on the lap of the Swiss Alps.

Q2) Who are the partners of WEF?

 The WEF is largely funded by its partnering corporations. These are generally global enterprises with annual turnover greater than $ 5 billion. For these corporations, the WEF provides a platform “to shape the future, accessing networks and experts to ensure strategic decision-making on the most pressing world issues.”

Source: Ensured high growth, moderate inflation, says Union minister Ashwini Vaishnaw | PIB | Invest India | World Economic Forum