Page 4 - World Economic Forum

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

LIVE updates on World Economic Forum: The theme of the 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

India can become $5 trn economy much before 2028: Hardeep Singh Puri

Union minister Hardeep Singh Puri on Tuesday asserted that India can become a five trillion dollar economy much before 2028 and said the country's energy transition needs to be done in an orderly manner to safeguard the interests of its large population. Puri, the minister for petroleum and natural gas as well as housing and urban affairs, said India is aware of its commitments towards sustainability goals and will meet all the targets in time while meeting the requirements of a growing economy. He was speaking at a CII-EY breakfast session on 'accelerating India's energy transition towards sustainable economic growth' on the sidelines of the World Economic Forum Annual Meeting 2024. "I don't think we need to wait till 2028 to become a five trillion dollar economy, and if you look at what is happening, it should happen much before 2028," he said while listing various macroeconomic parameters. "I also think that the transition has to be orderly because transition by nature has to ha

Chinese economy growing, open for business: China's Premier Li Qiang at WEF

Li said China, with a rapidly urbanizing population of 1.4 billion people, would play an important role in boosting aggregate global demand

India reinforces status as preferred investment destination at Davos: Govt

The Commerce and Industry Ministry on Tuesday said India is reinforcing its status as a resilient global economy and a preferred investment destination at the World Economic Forum in Davos. India's presence is marked by securing four distinct spaces at WEF, each dedicated to showcasing the India opportunity and its growth story to global investors, it added. The four spaces are - India Engagement Centre, Experience India Centre, India Investment Centre, and We Lead Lounge, the ministry said in a statement. The India Investment Centre, it said, will serve as the centre for Government-to-Business (G2B) and Business-to-Business (B2B) networking, hosting roundtables and sessions. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh is participating in the meeting. "At WEF, a total of 21 sessions will be held over the span of 5 days. India will be showcasing its opportunity and opening doors for discussion on manufacturing, technology, ...

Rising global risks

Alarming WEF report highlights the need for collective action

WEF: Green hydrogen to lead towards zero carbon future, says Gautam Adani

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

Misinformation, polarisation limit our abilities: European Commission chief

European Commission President Ursula von der Leyen on Tuesday said the risks like misinformation and societal polarisation are very serious as they can limit our capabilities to deal with other challenges. In a special address at the World Economic Forum Annual Meeting 2024 here, she said this is not the time for polarisation, but for rebuilding trust. "This is not a time for conflicts, but the time to drive global collaboration and business have a crucial role to play," she added. Referring to the WEF Annual Global Risks Report that listed 'disinformation and misinformation' and societal polarisation among the biggest immediate risks before the world, she said these are indeed serious risks because they limit our capabilities in handling other risks, including conflicts, climate and technology. "This is not the time for polarisation, this is the time for trust. I believe it can be done, and I believe that Europe can lead on that front. It has never been more important for the ...

Global cooperation needed to curb climate crisis, save 14.5 mn lives: WEF

Disasters intensified by the climate crisis may lead to USD 12.5 trillion economic losses and 14.5 million deaths worldwide by 2050, a new World Economic Forum analysis warned on Tuesday. But, there is still time for global stakeholders to take decisive and strategic action to counter these forecasts and mitigate the health impacts of climate change globally, it said. The report, Quantifying the Impact of Climate Change on Human Health, developed in collaboration with Oliver Wyman, was released at the World Economic Forum Annual Meeting 2024. It analysed the climate crisis through a new lens by providing a detailed picture of the indirect impact climate change will have on human health, the global economy and healthcare systems around the world. "While there has been much discussion about the impact of climate change on nature and the global economy, some of the most pressing consequences of the Earth's rising temperatures will be on human health and the global healthcare system,"

Time to rebuild trust, cooperation with each other: WEF Chair Klaus Schwab

As nearly 3,000 global leaders assembled here to discuss challenges and crises facing the world, the host World Economic Forum on Tuesday said trust and cooperation are a must in a connected yet divided world. It said the most challenging issues before the world including on security, climate and cyber fronts 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 said this occasion should be used as an opportunity to rebuild trust in each other. At the first plenary of the WEF Annual Meeting 2024, Schwab said the world today may be more connected geographically but it is also a lot more divided and fragmented. "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 of humanity," he said. WEF president Borge Brende said, "We have nearly 3,000 participants from more than 125 countries here at

Economic optimism doubles but tech, climate pressures accelerate: Survey

The proportion of CEOs who believe global economic growth will improve over the next 12 months has more than doubled since last year, the annual PwC Global CEO Survey showed on Monday. The survey, released on the first day of the World Economic Forum Annual Meeting here, also showed that almost half of CEOs do not believe their businesses will be viable in a decade amid acceleration of technology and climate pressures. The survey, which interviewed over 4,700 CEOs across 105 countries and territories, found that 38 per cent of CEOs are optimistic about global economic growth prospects in the next one year, up from 18 per cent in 2023. CEOs' expectations of economic decline have also tumbled from a record high of 73 per cent in the 2023 survey to 45 per cent. Despite ongoing conflicts, the proportion of CEOs who felt their company is highly or extremely exposed to geopolitical conflict risk fell 7 percentage points to 18 per cent. CEOs in most regions of the world were found to be

India shifted from women-centric to women-led development: Puri at Davos

India has moved from women-centric development to women-led development under the leadership of Prime Minister Narendra Modi, Union ministers Smriti Irani and Hardeep Singh Puri said here on Monday. Speaking after inaugurating the Women Leadership or WeLead Lounge here on the sidelines of the World Economic Forum Annual Meeting, Irani said it gives her immense satisfaction to see this lounge and a huge Indian presence on the main Promenade street of Davos. The lounge has been set up by her Women and Child Development Ministry in association with the Bill and Melinda Gates Foundation and industry chamber CII. Irani said the Modi government has ensured women-led development in the country through its various schemes, including for housing and cooking fuel. At the same event, Housing and Petroleum Minister Puri said he completely agreed with his Cabinet colleague that India has moved to a women-centric development model. "We started with women-centric development, but now we have mov

56% of chief economists expect global economy to weaken in 2024: WEF report

The report indicates that the global economic prospects remain subdued and uncertain. Challenges include tight financial conditions, geopolitical rifts, and the rapid development of generative AI

Davos 2024: Conflict, climate change, AI get top of list for discussion

The Earth is heating up, as is conflict in the Middle East. The world economy and Ukraine's defence against Russia are sputtering along. Artificial intelligence could upend all our lives. The to-do list of global priorities has grown for this year's edition of the World Economic Forum gabfest of business, political and other elites in the Alpine snows of Davos, Switzerland. It gets going in earnest Tuesday and runs through Friday. Over 60 heads of state and government, including Israeli President Isaac Herzog and Ukrainian President Volodymyr Zelenskyy will be heading to town to hold both public appearances and closed-door talks. They'll be among more than 2,800 attendees, including academics, artists and international organization leaders. The gathering is mostly high-minded ambition think business innovation, aims for peace-making and security cooperation, or life-changing improvements in health care and a venue for decision-makers in an array of fields and industries to ...

India on top for trust in biz, NGOs; 4th for media, 5th in govt: Report

India tops the charts in terms of trust in businesses and NGOs, but it is fourth in terms of trust in media and fifth for the government, an annual trust barometer showed on Monday. The Edelman Trust Barometer 2024, released here ahead of the World Economic Forum Annual Meeting, put Saudi Arabia on the top for trust shown by their people in the government and China for trust in media. In terms of trust shown in one's employer, Indonesia emerged at the top followed by India at the second place. The 24th annual survey, which covered over 32,000 respondents across 28 countries, showed developing countries having a lead over developed ones in terms of overall trust perception of their respective populations. On the overall index, prepared on the basis of average per cent trust in NGOs, business, government and media, India moved to second place from fourth in 2023, while China retained its top spot. The UK replaced South Korea as the least trusted nation. The survey also showed less t

Davos 2024: Ikea prices to fall despite Red Sea disruptions, says CEO

Ingka Group has invested more than 1 billion euros ($1.1 billion) in price reductions across its markets from September to November, and aims to continue lowering prices in 2024

WEF Davos 2024: China keeps weighing on world in view of economists

"China is a notable exception as weak consumption, lower industrial production and distress in property markets weigh on the prospects of a stronger rebound in 2024," the Forum said in its report

Hyundai Motor to spend $845 million fixing Talegaon plant bought from GM

Hyundai last year bought the General Motors factory in Talegaon, which has stood idle for years after the US company struggled to sell it off following its exit from the country

Hyundai Motor to spend $845 million fixing Talegaon plant bought from GM

Hyundai last year bought the General Motors factory in Talegaon, which has stood idle for years after the US company struggled to sell it off following its exit from the country

Hitachi's Indian business expects to have $20 billion revenue by 2030

Hitachi India's rail and power business would be the biggest revenue contributor over the next decade, he Kaushal added

Global economic slowdown headed for worst phase in three decades: WEF study

Global economic growth is estimated to fall to its lowest rate in three decades by 2030 amid the ongoing economic and geopolitical shocks, a new report said on Monday. 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. The report called for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed, and quality together. Analysing the quality of growth across 107 economies, it found that high-income economies score high on innovation and inclusion, while lower-income economies on sustainability. "Reigniting global growth will be essential to addressing key challenges, yet growth alone is not enough," WEF Managing Director Saadia Zahidi said. "The .