Indian Lounges Take Center Stage
Indian lounges have dominated the main Promenade street of Davos, Switzerland, as the World Economic Forum Annual Meeting begins. About a dozen Indian lounges have been set up by governments and corporations from across the world, with about a dozen being Indian ones. Indian participation is significant, with three union ministers, many chief ministers, and a large number of officials and CEOs expected to speak over the next five days.
WeLead Lounge, Davos: Photo Credits: Mint
Credible India Showcased
The Apex industry chamber CII has planned a big campaign this time, conceptualizing the Indian industry's presence at Davos with the theme of 'Credible India' to showcase India's impressive economic achievements and future potential as a significant contributor to global growth. The industry body will also host several breakfast and lunch sessions, fireside chats, and panel discussions. CII has initiated 'Spirit of India Hour', which will take place at four locations to showcase Indian wine and spirits. Women and Child Development Minister Smriti Irani will inaugurate the WeLead lounge on Monday, which will host various gender-related conversations to drive women-led development. In total, 60–70 lounges and pavilions have been set up by governments and corporations from across the world, with about a dozen being Indian ones.
Projected $10 trillion GDP:
India's growth story, according to World Economic Forum President Borge Brende, is robust, with an estimated 8% growth this year and a projected $10 trillion GDP in the next two decades. Brende is certain that, notwithstanding the Red Sea issue, trade will rebound globally, despite a decline in trade growth to 0.8% last year. However, he cautions that the closing of the Red Sea and Suez Canal may negatively impact global supply chains and oil prices, which would impact India's economy.
Brende also highlights India's success in the digital sector, noting that the nation is expanding twice as quickly as the global average. He projects a 2.9% economic growth this year but is optimistic that it could rise above 3.5% soon. Brende acknowledges that the US is not expected to experience a recession and that interest rates are likely to decrease. If trade grows again and India receives more global assistance in 2025, he believes India will be in a medium-term to long-term $10 trillion economy.
There is a clear trust deficit globally...but even in a fractured fragmented world, we need to collaborate to address pressing challenges like future pandemics, climate change: @borgebrende, President, #WorldEconomicForum. #ITVideo #BorgeBrende #WEF | @Rahulkanwal pic.twitter.com/xJVO52Ba2P— IndiaToday (@IndiaToday) January 14, 2024
Source: @IndiaToday
In an election year, Brende emphasizes the importance of global collaboration to address pressing global challenges such as future pandemics, climate change, and cyber attacks.
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