Why in news?
Recently, the Prime Minister of India addressed the World Economic Forum’s (WEF) Davos Agenda through video conferencing. Davos Summit was held on 17-21 January 2022.
What is it?
World Economic Forum-
- The World Economic Forum (WEF) was formed in 1971, initially it was known as European Management Forum.
- It was founded by Germen economist Klaus Schwab, to improve the state of the world.
- In 1987, the organisation changed its name to the World Economic Forum. It has offices in New York, Beijing and Tokyo.
- The World Economic Forum (WEF) is an international non-governmental organisation based in Geneva, Switzerland.
- The annual meeting of the forum is attended by politicians from Developing and Developed countries, CEOs of large corporations, Members of civil society, Diplomats, Journalists. Some reports published by WEF:
- Energy Transition Index. o Global Risk Report.
- Global Competitiveness Report.
- Global IT Report. WEF along with INSEAD, and Cornell University publishes this report.
- Global Gender Gap Report.
- Global Travel and Tourism Report.
Davos Summit Key Points–
One Earth, One Health: During the course of Covid-19, in pursuance of its vision of “One Earth, One Health”, India saved many lives by exporting essential medicines and vaccines. India is the world’s third-largest pharmaceutical producer and is considered ‘pharmacy to the world’
- India has delivered 1154.173 lakh doses of Covid-19 vaccines to 97 countries till 31st December 2021.
Pro-Planet-People (P3) Approach: The idea of “P3 (Pro-Planet-People) movement” was proposed that emphasise Indian commitments towards climate change at the global forum (UNFCCC COP 26).
- It also reiterated India’s clean, green, sustainable, and reliable energy goals along with achieving net-zero carbon emission targets by 2070.
LIFE (Lifestyle for Environment): The idea proposed by the Prime Minister of India at UNFCCC COP 26 Conference. Making LIFE (Lifestyle for Environment) into a mass movement can be a strong foundation for P3.
- LIFE is a vision of a resilient and sustainable lifestyle that will help in dealing with the climate crisis and other unpredictable challenges of the future. Throwaway culture and consumerism has enhanced the climate challenge.
Recent reforms of India
- India constructed technological solutions like Arogya-Setu App for monitoring Corona Infections and CoWin Portal for Vaccination.
- Today India possesses the world’s largest, secure and successful digital payments platform. In December 2021, over 4.4 billion transactions were done through Unified Payments Interface (UPI) in India.
- In physical and digital infrastructure like optical fibre is established in 6 lakh villages and 1.3 trillion dollars invested in connectivity related infrastructure, the goal to generate 80 billion dollars through asset monetization.
- Gatishakti National Master Plan to bring all the stakeholders on the single platform to infuse new dynamism to the seamless connectivity of goods, people and services.
India as an Investment Destination–
- The Government has enacted various initiatives to reforms the industrial sector. For instance reductions in compliance requirements, removal of retrospective taxation, and simplification of the Corporate Tax rate structure. India has reduced more than 25,000 compliances in the last year alone.
- India now has the world’s third-largest number of unicorns. Over 10,000 new start-ups have been registered in the last 6 months. India is promoting Ease of Doing Business while minimising government intervention.
- Policy making is focussed to meet the needs of the next 25 years for “clean and green” as well as “sustainable and reliable” growth.
Way Forward–
Every country and global agency need to work collaboratively to achieve smooth global connectivity. The global community should focus on areas such as Supply chain disruptions, inflation, and climate change.