Page 3 - World Economic Forum

Indian economy has transformed in last one decade: Union ministers at WEF

Asserting that the Indian economy has undergone a significant transformation in the last one decade, three union ministers on Thursday said the country's economic growth now is not only high but also inclusive. Speaking at a session on 'Can India seize its moment' at the World Economic Forum Annual Meeting 2024, union minister Hardeep Singh Puri said India has already seized the moment. "I say so because of the GDP growth we are clocking and the expectations from all quarters for a continued growth momentum," he said. Speaking in the same session, his Cabinet colleague Ashwini Vaishnaw said the last decade has seen a significant transformation in the Indian economy. "Major investments have happened in physical and digital infrastructure. That has had a huge impact on manufacturing and overall economic activity," he said. Smriti Irani, Minister for Women and Child Development, said she agrees with minister Puri that India has already seized the moment. She said India used to have

Davos 2024: Global alliance calls for inclusive access to advanced AI tech

World Economic Forum's AI Governance Alliance on Thursday said a global effort is needed to create equitable access to advanced artificial intelligence. Artificial intelligence holds the potential to address global challenges, but it also poses risks of widening existing digital divides or creating new ones, the alliance said at the WEF Annual Meeting here. It also released a series of three new reports on advanced AI focussing on generative AI governance, unlocking its value and a framework for responsible AI development and deployment. The alliance brings together governments, businesses and experts to shape responsible AI development applications and governance, and to ensure equitable distribution and enhanced access to this path-departing technology worldwide. "The AI Governance Alliance is uniquely positioned to play a crucial role in furthering greater access to AI-related resources, thereby contributing to a more equitable and responsible AI ecosystem globally," said Cathy

India among most thriving cluster of fintech hubs, says WEF study

India is among the most significant operating countries for hosting a thriving cluster or fintech headquarters, a WEF study showed on Thursday. Releasing the report during its Annual Meeting 2024 here, the World Economic Forum said fintechs are increasingly expanding operations across borders, mainly in the same region as their headquarters. "The study reveals that vibrant hubs such as Singapore, the UK, the US, and India have hosted a thriving cluster of fintech corporate headquarters. "Among the countries surveyed, the most significant operating countries for fintechs include the US, the UK, Singapore, Mexico, and India," it added. According to the report, the global fintech industry remains strong, with customer growth rates averaging above 50 per cent across industry verticals and regions. Consumer demand is the main driver of growth, and fintechs are offering tailored financial services and products to traditionally underserved segments of the population, it noted. The repor

India most-trusted; world should consider trust-shoring for doing biz: Min

Asserting that Prime Minister Narendra Modi has made India the most-trusted country for the world, senior Union minister Ashwini Vaishnaw on Thursday said global businesses should consider "trust-shoring" to reap benefits of the resilience and steady high growth of the Indian economy. In an extensive interview to PTI here at the World Economic Forum Annual Meeting 2024, Vaishnaw said India will deliver 6-8 per cent economic growth for at least 10 years, given the strong foundation laid by Prime Minister Modi and there will be opportunities for everyone across all sectors. "In my meetings with business leaders, investment bankers, tech CEOs and other leaders, one common factor that has come out very clearly is the resilience of the Indian economy and people want to know more about it. "People want to know in deep about Prime Minister Narendra Modi's policies. I had discussions with several top investment bankers and global CEOs on how PM Modi has given a stability and resilience to t

India's semiconductor mission focused on designing entire chip: Vaishnaw

He said India is looking to develop the complete ecosystem of semiconductors, including design capabilities and manufacturing software and hardware part of it

At least $15 billion needed for Gaza housing, says Palestinian official

"We still didn't talk about infrastructure, we didn't talk about the hospitals that were damaged, the grids...," he said at the World Economic Forum in Davos

India an extraordinary success story: US Secretary of State Blinken

Describing India as an "extraordinary success story", US Secretary of State Antony Blinken on Wednesday said the policies and programmes of Prime Minister Narendra Modi have been very beneficial to the people of India. Speaking here at the World Economic Forum Annual Meeting 2024, he also said US President Joe Biden and Modi enjoy excellent relations and their conversations cover all aspects, including US-India relations. Hailing the expansion of bilateral ties between the two countries, Blinken said the US and India are always in constant conversations and those cover all aspects, including on democracy and fundamental rights. "It's part of very sustained and very real conversation we have always had," he said. He was replying to a question on whether the rise of Hindu nationalism concerns India despite the country's robust economic growth and infrastructure building under the Modi regime.

Karnataka signs investment deals worth Rs 22,000 cr at Davos summit

Microsoft, Hitachi, Lulu Group among companies that commit projects in state

Ram temple creates a buzz in Davos, devotees plan celebrations on Jan 22

Ram Temple in Ayodhya has created a buzz in this Swiss ski resort town during the World Economic Forum Annual Meeting with devotees planning to hold Ram Bhajans and light diyas on the consecration day this coming Monday. Besides, many global business leaders have been inquiring from the Indian delegation, including those from the government and private sector, about the business and infrastructure opportunities created by development of Ayodhya in Uttar Pradesh as a major religious and tourism centre. Speaking to PTI on the sidelines of the WEF Annual Meeting 2024, Union Minister Smriti Irani said she met a group of devotees who asked her if they can also celebrate Ram Temple consecration ceremony on January 24. "Some Ram Bhakts here asked me to record a message imploring the community here to do Ram Bhajan and to lighten diyas here on 22nd January. "They came to the lounge and saw me here, walked up and they made that request," said Irani who is leading a strong Indian delegation

Wipro optimistic about next fiscal owing to AI to reduce operating costs

'Most client conversations are about cost-saving efforts and there is a conversation every time about AI,' Suzanne Dann said in an interview at the World Economic Forum in Davos, Switzerland

Clean energy: Govt, CEOs commit to triple investments in emerging economies

More than 20 ministers and CEOs from various countries including India on Wednesday joined a World Economic Forum alliance to unlock an estimated USD 2.2-2.8 trillion needed for the Global South's clean energy transition. Announcing the launch of the alliance at its Annual Meeting 2024, the WEF said it will provide a platform for developing economies to raise awareness about their clean energy needs, share best practices and sustainably accelerate their energy transitions. The Network to Mobilize Clean Energy Investment for the Global South is made up of over 20 CEOs and government ministers, including from across Colombia, Egypt, India, Japan, Malaysia, Morocco, Namibia, Nigeria, Norway, Kenya and South Africa. The Forum also released a new report, Building Trust through an Equitable and Inclusive Energy Transition, that outlines a framework to guide policy-makers and business leaders from the energy sector towards a just, equitable and inclusive energy transition, particularly in

Maharashtra signs MoUs totalling Rs 1.4 trillion at Davos on 1st day

Maharashtra has signed MoUs totalling Rs 1.4 lakh crore here on the sidelines of the World Economic Forum Annual Meeting, following Chief Minister Eknath Shinde's meetings with a number of business leaders, the state government said on Wednesday. Shinde also held discussions with senior delegates from South Africa and other countries. He met senior representatives from Schneider Electric and Louis Dreyfus, among others. MOUs have been signed with global giants like Berkshire Hathaway and Greenko Energy Projects. These agreements are poised to generate over one lakh jobs in vital sectors across Maharashtra, affirming the state's role as India's stable and dependable gateway for global investors, the state government said. The chief minister is actively engaged in strategic discussions to forge impactful collaborations and showcase Maharashtra's stability, dependability and commitment to global economic progress at the WEF 2024, it added.

Telangana signs deals worth Rs 12,400 cr with Adani Group at Davos summit

Business conglomerate commits investments in data centre, energy storage, cement plant

Web Werks to set up Rs 20,000 crore data centre park in Bengaluru

Web Werks India proposes to invest Rs 20,000 crore to set up a data centre park here, according to an MoU the company signed with the Karnataka government at the World Economic Forum Annual Meeting at Davos. "Great news from Davos! This is a giant leap in our infrastructure journey. Welcome aboard, Web Werks!", the Chief Minister Siddaramaiah said on 'X' "Karnataka has inked an MoU with Web Werks India Pvt. Ltd at the World Economic Forum. We're set to welcome a massive Rs 20,000 crore investment from Web Werks for a new Data Centre Park in Bengaluru," he said. The government signed MoUs with investment proposals to the tune of Rs 22,000 crore with seven companies, including the one with Web Werks, on Tuesday, according to a statement issued by the Karnataka Minister for Large and Medium Industries and Infrastructure Development M B Patil. A delegation from the state, headed by Patil, engaged in a series of deliberations with industry leaders during the WEF Meet 2024 in Switzerlan

GDP growth in most countries neither sustainable, nor inclusive: WEF study

Most economies are growing in ways that are neither sustainable nor inclusive and are limited in their ability to absorb or generate innovation and minimise their contribution and susceptibility to global shocks, a new report said on Wednesday. The Future of Growth Report released here by the World Economic Forum Annual Meeting 2024 called for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed and quality together. High-income economies score high on innovation and inclusion, while lower-income economies on sustainability, said the report that took a holistic look at GDP alongside the quality of growth across 107 economies. Among the lower middle income economies, India and Kenya scored high on sustainability, Jordan on innovativeness; Vietnam on inclusiveness; and the Philippines on resilience. Common challenges preventing a stronger balanced growth performance of this group included technology absorption, lack of .

Davos 2024: Karnataka signs MoUs worth Rs 22,000 cr with 7 cos at WEF meet

The Karnataka government said on Wednesday it has signed MoUs with investment proposals to the tune of Rs 22,000 crore with seven companies at the World Economic Forum Annual Meeting in Davos. As part of the MoUs signed on Tuesday, Web Werks proposes to set up a Rs 20,000 crore data centre park in the State, while four other companies plan to invest a total of Rs 2,000 crore, according to a statement issued by the Karnataka Minister for Large and Medium Industries and Infrastructure Development M B Patil. A delegation from the state, headed by Patil, engaged in a series of deliberations with industry leaders during the WEF Meet 2024 in Switzerland, it said. The Lulu Group is set to venture into food processing in Vijayapura district, with plans to invest Rs 300 crore in a plant dedicated to exports, the statement said. Takeda Pharmaceuticals intends to establish a global innovation centre in Bengaluru and is actively scouting for suitable campus locations, it was stated.

Davos 2024: Is India's economic growth showing Chinese characteristics?

The talk in Mumbai's financial circles is about a cheery prediction by Goldman Sachs Group Inc. that by 2027 100 million Indians will enjoy incomes of at least $10,000 a year, five times the national

India's G20 Presidency ensured gender issue not reduced to sidelines: Irani

While representing the Confederation of Indian Industry at the World Economic Forum in Davos, the Minister noted India's growth in the technological sector and mentioned the launch of the COWIN app

Inflation moderating, steadily moving towards 4% target: RBI governor Das

After increasing the key policy rates by 250 basis points to 6.5 per cent between May 2022 and February 2023, the central bank paused in the next five policy review meetings

India's growth prospects firm, banking sector recovered well: Das at Davos

India's growth prospects are very good, and the country's banking sector has seen a remarkable recovery, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. Speaking at a session here, Das said there is a lot of international confidence in India and the macroeconomic and financial sector stability that the country offers. "...I think we need to really look back at the business opportunity in India. Because this is the right time to build into the Indian ecosystem," he said and emphasised that the country's growth prospects are very good on account of the structural reforms that have taken place in recent years. Despite various shocks and crises, he said the Indian banking sector has seen a remarkable recovery. "The Indian banking sector is perhaps at one of its best in recent years... the financial sector is very stable... the external sector is also stable notwithstanding that the global growth is slowing down...India's services sector is growing," he said. Whil