Page 2 - World Economic Forum

India on track to be $10 trn economy, set for 3rd largest slot: WEF prez

India is on track to become a USD 10 trillion economy in coming years and grab the third-largest slot soon, World Economic Forum President Borge Brende said on Thursday as he described the country as a place with optimism not seen elsewhere in a very fragmented and polarised world. In an exclusive video interview with PTI, Brende also said that the World Economic Forum (WEF) hopes to come back to the country with the WEF India Summit in collaboration with Government of India when the time is ripe. "The Indian economy is the fastest growing among all large economies of the world. We saw in Davos this year that there was a huge interest in India and I think this will only continue," Brende said. Geneva-based WEF, which describes itself as an international organisation for public-private cooperation, holds its annual meeting in the Swiss ski resort town Davos every year in January. Brende said Indian Prime Minister Narendra Modi is "always very, very welcome to Davos". "When you come

Don't count on a soft landing for the global economy

Despite the relatively buoyant consensus, recent developments suggest that the risks to global growth are still tilted to the downside

Measuring corruption

India remains a middling performer

Karnataka signs MoUs worth Rs 23,000 cr at WEF meet: Minister Patil

Karnataka government has signed eight MoUs worth Rs 23,000 crore with global companies at the recently concluded World Economic Forum meet at Davos in Switzerland, Large and Medium Industries Minister M B Patil said on Wednesday. A Karnataka delegation, which he led, engaged in over 50 meetings with global industry leaders in Davos. "Karnataka successfully signed eight MoUs worth Rs 23,000 crore with global companies. Noteworthy agreements include Web Werks' Rs 20,000 crore investment for a hyper-scale data centre and Microsoft's commitment to digital skilling interventions," Patil told reporters here. The Minister said Hitachi signed an MoU to "stimulate" economic growth in Karnataka, particularly focusing on rural areas. The partnership with emphasis on developing sectors such as healthcare, education, and Panchayat E-Governance aims to create more opportunities and employment for the people of the state, Patil said. Further, MoUs have been signed by five companies across sector

Global cos at WEF view India as attractive investment spot: DPIIT secy

India was viewed favourably by major global corporations attending the recently concluded World Economic Forum (WEF) meet at Davos (Switzerland), a top government official has said. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh, who was part of the Indian delegation to WEF, also said that he met several CEOs at Davos and discussed ways to facilitate investments in the country. "During the WEF, there was a distinct uptick in the investment sentiment regarding major corporations, with an observable trend of expansive visions for growth in India," Singh told PTI. He met Martin Lundstedt, President and Chief Executive Officer of Volvo; Gernot Doellner, Chairman and CEO, Audi; and Darrell Brown, President and CEO, Ecolab; among other high-level officials. "At WEF, India's investment landscape was being viewed favourably," he said. Singh added that some of the global companies at Davos provided feedback on the implementation of a ...

Statsguru: Inequality to disease burden, words of caution for world economy

A country-wise assessment, based on executive opinions, highlighted the major risks for individual nations over the next two years

India Inc lauds establishment of gender equity Alliance at WEF meet 2024

Indian industry on Sunday lauded the government for establishing the 'Alliance for Global Good- Gender Equity and Equality' announced on the sidelines of the World Economic Forum annual meeting 2024 here. The idea of this alliance emerged from the G20 Leaders' Declaration and India's abiding commitment to the cause of women-led development as propounded by Prime Minister Narendra Modi. As a follow up to the activities of the Engagement Group and initiatives under the G20 framework, inter alia, the Business 20, Women 20 and G20 EMPOWER, this alliance aims at taking forward the commitments of the G20 leaders for the benefit of the larger global community, the government said while announcing the alliance. Lauding the initiative, apex industry chamber CII's president R Dinesh said, "The leadership of India for women empowerment during its Presidency of G20 was well recognized and the launch of the 'Alliance for Global Good - Gender Equity and Equality' at Davos is yet another opportuni

Boundary settlement process should not stall ties with India: China

'China always believes that China-India boundary question is a historic issue and should be placed and resolved appropriately in our bilateral relations,' Chinese Foreign Ministry spokesperson said

Business leaders leave Davos to game out 2024 geopolitical scenarios

Many CEOs and executives told Reuters they foresee an upbeat U.S. economy in 2024, but are concerned about China and Europe, and the impact of unexpected global shocks on inflation

India climbs eight places to 127 in global gender index, says WEF report

India has ranked at 127 out of 146 countries in terms of gender parity -- an improvement of eight places from last year -- according to the World Economic Forum's annual Gender Gap Report, 2023. The World Economic Forum (WEF) ranked India at 135 out of 146 countries in the Global Gender Gap Index in the report's 2022 edition. India has improved by 1.4 percentage points and eight positions since the last edition, marking a partial recovery towards its 2020 parity level, the report stated. The country has attained parity in enrolment across all levels of education, it said. India has closed 64.3 per cent of the overall gender gap, the report said. However, it underlined that India has reached only 36.7 per cent parity on economic participation and opportunity. The index ranked India's neighbours Pakistan at 142, Bangladesh at 59, China at 107, Nepal at 116, Sri Lanka at 115 and Bhutan at 103. Iceland is the most gender-equal country in the world for the 14th consecutive year and th

'India seizes moment as WEF ends with call for cooperation to fight crises'

India seized its moment and presented itself as a 'trusted nation and resilient economy' here at the World Economic Forum Annual Meeting 2024 that ended on Friday, with a call for cooperation for rebuilding trust, reviving economy, ending geopolitical conflicts and fighting risks emanating from climate change, societal fragmentation and AI-generated misinformation and disinformation. The five-day-long intense discussions over a long list of global and regional issues among nearly 3,000 global leaders in this Swiss ski resort town on Alps coincided with incessant snowfall and drizzles, pushing temperature down to as low as minus 20 degree celsius, but ended on a bright sunny afternoon, adding to hopes that the global economy and trade would do better in 2024 and there would be answers to multiple crises plaguing the world. Amid all the gloom, India stood out with a strong assertion by three Union ministers as also by its business leaders and several state delegations that it was the .

Global economy, trade normalising, but still not normal: Leaders at WEF

As the World Economic Forum Annual Meeting drew to a close, global leaders on Friday said the economy and trade appeared to be moving towards normalisation but were yet expected to be far from normal. WTO Director-General Ngozi Okonjo-Iweala said the global trade was weak in 2023 before seeing an uptick in the last quarter. "We have been more optimistic about 2024, and I feel, we are moving towards normalisation, but I still don't see it returning to a normal fully," she said at a panel discussion on 'The global economic outlook' on the last day of the WEF Annual Meeting 2024 here. "There are so many uncertainties, and there also so many elections around the world, making it difficult to predict anything," she added. The WTO chief said she would still expect trade growth to be better than in 2024 unless a major war breaks out. She said there are some bright shoots on the trade front, and the trade has been the force for resilience. The WTO chief also said it is politically diffic

Govt could ease China investment curbs if border stays calm: Report

In 2020, India tightened scrutiny on investments from companies based in countries it borders, adding a layer of vetting and security clearances

India sets up int'l alliance for global good, gender equity and equality

India on Thursday announced here a new alliance for global good, gender equity and equality, on the sidelines of the World Economic Forum Annual Meeting, with the WEF Founder and Chairman Klaus Schwab offering to partner this initiative with full support. The announcement was made at an India Reception on the sidelines of the WEF Annual Meeting, hosted by apex industry chamber CII and attended by union ministers Smriti Irani and Hardeep Singh Puri as well as WEF Founder and Executive Chairman Klaus Schwab, among others. The idea of this alliance emerged from the G20 Leaders' Declaration and India's abiding commitment to the cause of women-led development as propounded by Prime Minister Narendra Modi, Women and Child Development Minister Smriti Irani said. As a follow-up to the activities of the Engagement Group and initiatives under the G20 framework, the Business 20, Women 20 and G20 EMPOWER, this alliance aims to take forward the commitments of the G20 leaders for the benefit of t

MoUs worth Rs over 3.5 lakh crore signed at Davos: Maharashtra CM

He said that there is infrastructure, connectivity and skilled manpower in Maharashtra

India could ease China investment curbs if border stays calm: Official

In 2020, India tightened scrutiny on investments from companies based in countries it borders, adding a layer of vetting and security clearances.

OpenAI coup less stressful than superintelligent AI, says CEO Altman

Altman's ouster by the board in November was "a microcosm of it, but probably not the most stressful experience we ever face," he said

Ads running on Meta saw return on spending increase by 32% with help of AI

Ads using AI also reduced the cost of acquisition by about 17%, Mendelsohn said in an interview with Bloomberg Television from the World Economic Forum in Davos on Thursday

WEF 2024: UP Govt, Hero Group sign MoU worth Rs 4,000 crore at Davos

Hero Future Energies (HFE), part of business conglomerate Hero Group, has signed a memorandum of understanding here with the Uttar Pradesh government for investing Rs 4,000 crore in a renewable energy and clean technology project. The MoU was signed by Agriculture Production Commissioner and Infrastructure & Industrial Development Commissioner of the Uttar Pradesh government Manoj Kumar Singh and Hero Future Energies Chairman and MD Rahul Munjal on the sidelines of the World Economic Forum Annual Meeting here. The company currently has a portfolio of 3 GW of grid-connected wind, solar and rooftop solar power generating assets operating in India and Europe, and another 2 GW of projects are in the pipeline across India, Vietnam, Bangladesh, and the UK. The Uttar Pradesh delegation also met senior representatives of HCL Technologies, Unilever, Nestle, Microsoft and ReNew here.

Tata Technologies to invest $1.8 bn in Telangana to set up skilling centres

The investment from the unit of Tata Motors is the second commitment to the Telangana government in two days after the Adani Group announced a $1.49 billion investment on Wednesday