WEF highlights: India's growth momentum to stay, says RBI Guv at Davos

LIVE updates on World Economic Forum: The theme of Open Forum Davos 2024, which takes place January 15-19, is: "From Lab to Life: Science in Action". Catch all the latest news updates here

Latest updates on Davos 2024: Indian banking sector has recovered well, says Shaktikanta Das, Governor, Reserve Bank of India at Davos. "Cryptocurrency is not a currency, it has the potentional to become curreny but has risks around it that can affect the banking system. But, I must say that the blockchain technology can be put to many good uses. It has got a lot applications," Shaktikanta Das, Governor, Reserve Bank of India. "We have signed MoUs with several coutries to provide support to them in developing fast payment system like UPI. It will be a game changer because it will facilitate crossborder payment. UPI has become an internation model," he added. Das further said that core inflation in the country is moving down which shows that the monetary policy is working.

Green hydrogen, an alternative to fossil fuel, will help the world to move towards the zero carbon future and achieve energy security for countries like India, Chairman of Adani group, Gautam Adani said. Writing in a blog post on the World Economic Forum site, Adani said for India, the equitable solution is not to replace one fossil fuel with another but to leapfrog to renewables and green hydrogen. "The decrease in solar costs can be replicated with green hydrogen. This shift will help India achieve energy security and improve air quality in its cities. It will also contribute to food security by eliminating the uncertainties of imported ammonia prices, a crucial component in fertilizers. Most importantly, it will offer the world a chance to avert the adverse impacts of climate change," Adani said in the blog titled “Reducing costs: The key to leveraging green hydrogen on the road to net zero”.

Ukrainian President Volodymyr Zelenskyy emphasised the imperative of peace during his address at the WEF. Seeking international support, he urged unity against Russian President Vladimir Putin's hostility. Zelenskyy, engaging with several world leaders, addressed concerns about the war's duration and potential global implications. He questioned the feasibility of negotiation with Putin, asserting that Putin embodies war. Zelenskyy emphasised the necessity of defeating Putin for a just peace and the restoration of Ukrainian lives in his special address at the World Economic Forum Annual Meeting 2024.

The World Economic Forum on Tuesday stated  trust and cooperation are a must in a connected yet divided world. WEF stated that the most pressing issues before the world including are not limited by borders and they travel without passports, but cooperation was still possible and was happening. WEF Founder and Executive Chairman Klaus Schwab emphasised that the current moment should be employed as an opportunity to renew old bonds. He stated the world today may be more connected geographically but it is also a lot more divided and fragmented, at the first plenary of the WEF Annual Meeting 2024 "We are also seeing unprecedented risks on technology front," he said. "Let's use this meeting to rebuild trust in each of us for the future

Economic growth across the globe could fall to its lowest rate in three decades by 2030 amid the ongoing economic and geopolitical shocks, a new report said earlier. Releasing the Future of Growth Report 2024 here ahead of its annual meeting of world leaders, the World Economic Forum (WEF) said this downturn is exacerbating a range of interconnected global challenges, including the climate crisis and a weakening social contract, which are collectively reversing progress in global development.

Executives are  worried about the long term viability of their businesses, a PricewaterhouseCoopers pre-Davos survey showed, with pressures mounting from generative artificial intelligence (AI) and climate disruption.  Some 45% of more than 4,700 global CEOs surveyed do not believe their businesses will survive, barring significant changes, in the next ten years, the "Big Four" auditor said.  

Actress Michelle Yeoh, Burkinabe-German architect Diebedo Francis Kere and American musician Nile Rodgers were given the Crystal Award 2024 at the ongoing World Economic Forum at Davos, Switzerland. The winners were presented with the awards at the opening session of the WEF on Monday.

11:11 PM

Telangana CM meets industry leaders at WEF in Davos

Telangana Chief Minister A Revanth Reddy on Tuesday met with CEOs of several global companies and other dignitaries as part of his visit to the World Economic Forum (WEF) summit in Davos, Switzerland.

 

Reddy interacted with CEO of Novartis Vasant Narasimhan, CEO of Medtronic Geoff Martha, WEF chief Borge Brende, Nasscom president Debjani Ghosh and others.

10:18 PM

Core inflation has started to move down which gives the confidence that monetary policy is working: Das

"Core inflation has started to move down which gives the confidence that monetary policy is working. There is a lot of optimism for India from the rest of the world," said Shaktikanta Das, Governor, Reserve Bank of India.

10:10 PM

We want to offer INR for global trade: Das

"We are interning new markets and becoming part of international trade system. While dollar continues to be the dominant currency internationally, we want to offer Indian ruppee for use in the market," said RBI governor on 'de-dollarisation.'

10:02 PM

Stability around Indian currency, which we have now, gives greater confidence to investors: Das

India's growth momentum to be maintained, says RBI Guv at Davos.

9:54 PM

'UPI has become an international model'

"We have signed MoUs with several coutries to provide support to them in developing fast payment system like UPI. It will be a game changer because it will facilitate crossborder payment. UPI has become an internation model," says Shaktikanta Das, Governor, Reserve Bank of India at Davos.

9:51 PM

Cryptocurrency as a product has huge risk around it: Das

"Cryptocurrency is not a currency, it has the potentional to become curreny but has risks around it that can affect the banking system. But, I must say that the blockchain technology can be put to many good uses. It has got a lot applications," said Shaktikanta Das, Governor, Reserve Bank of India.

9:48 PM

Indian banking sector has recovered well, says RBI Guv at Davos

9:37 PM

Green hydrogen to lead towards zero carbon future, says Adani

Green hydrogen, an alternative to fossil fuel, will help the world to move towards the zero carbon future and achieve energy security for countries like India, Chairman of Adani group, Gautam Adani said. Writing in a blog post on the World Economic Forum site, Adani said for India, the equitable solution is not to replace one fossil fuel with another but to leapfrog to renewables and green hydrogen. "The decrease in solar costs can be replicated with green hydrogen. This shift will help India achieve energy security and improve air quality in its cities. It will also contribute to food security by eliminating the uncertainties of imported ammonia prices, a crucial component in fertilizers. Most importantly, it will offer the world a chance to avert the adverse impacts of climate change," Adani said in the blog titled “Reducing costs: The key to leveraging green hydrogen on the road to net zero”.

9:34 PM

AI will be ‘more transformational than the mobile phone,’ Publicis Groupe chairman says

8:06 PM

Peace must win, says Ukrainian Prez Zelenskyy at WEF

Ukrainian President Volodymyr Zelenskyy emphasised the imperative of peace during his address at the WEF. Seeking international support, he urged unity against Russian President Vladimir Putin's hostility. Zelenskyy, engaging with several world leaders, addressed concerns about the war's duration and potential global implications. He questioned the feasibility of negotiation with Putin, asserting that Putin embodies war. Zelenskyy emphasised the necessity of defeating Putin for a just peace and the restoration of Ukrainian lives in his special address at the World Economic Forum Annual Meeting 2024.

6:28 PM

Ukraine’s Zelenskyy meets with Jamie Dimon and other major investors

Ukrainian President Volodymyr Zelenskyy met with JPMorgan’s management and other international investors in Davos Tuesday.

 

“It is important for us to attract private capital to the reconstruction of Ukraine. We hope that JPMorgan will help attract a large number of global investors and corporations to the Ukrainian economy,” Zelenskyy said on Telegram.

 

Ukraine’s presidential office released a statement saying that the president had “met with the largest financial funds in the world” Tuesday.

5:01 PM

Davos LIVE: Global cooperation needed to curb climate crisis, save up to 14.5 mn lives by 2050, says WEF

 A new World Economic Forum analysis warned on Tuesday that disasters intensified by the climate crisis could lead to $12.5 trillion economic losses and 14.5 million deaths worldwide by 2050.