World Economic Forum (WEF) is an international organization with no commercial interest and provides a platform for leaders from around the world – business, government, and civil society – to come together. Read to know more about it.
The World Economic Forum (WEF) is an international non-governmental organisation based in Geneva, Switzerland.
The foundation is mostly funded by its 1,000 member companies – typically global enterprises.
The WEF annual meeting in Davos (Switzerland) engages the world’s top leaders to shape global, regional, and industry agendas.
World Economic Forum (WEF)
The World Economic Forum is the International Organization for Public-Private Cooperation.
The Forum engages the foremost political, business, cultural, and other leaders of society to shape global, regional, and industry agendas.
It was formerly known as the European Management Forum and changed its name in 1987. It was founded by Klaus Schwab.
It was established in 1971 as a not-for-profit foundation and is headquartered in Geneva, Switzerland. It is independent, impartial, and not tied to any special interests.
It also has offices in New York, Beijing and Tokyo.
The main focus areas of the forum are:
- Mastering the fourth industrial revolution
- Solving the problems of the global commons
- Addressing global security issues
WEF believes that potential for positive global change exists at the intersection of these three challenges, and that progress will come through bringing together leaders from all walks of life to forge common understanding, purpose, and, where appropriate, action.
The Forum holds four major annual meetings:
- The World Economic Forum Annual Meeting, held in Davos-Klosters, Switzerland, shapes global, regional and industry agendas at the beginning of the calendar year.
- The Annual Meeting of the New Champions, the Forum’s annual meeting on innovation, science, and technology, is held in the People’s Republic of China.
- The Annual Meeting of the Global Future Councils, held in the United Arab Emirates, brings together the world’s leading knowledge community to share insights on the major challenges facing the world today.
- The Industry Strategy Meeting brings together Industry Strategy Officers to shape industry agendas and explore how industries can shift from managing change to pioneering change.
World Economic Forum, Davos agenda 2022
The Davos Agenda 2022 will see the launch of important WEF initiatives on the economic opportunity of nature-positive solutions, and the Mission on Cyber Resilience to accelerate net-zero emissions.
Other topics of discussion will be bridging the vaccine gap, strengthening the resilience of global value chains, besides building economies in fragile markets through human investment.
India at Davos 2022
PM Modi said, “The entrepreneurship spirit that Indians have, the ability to adopt new technology, can give new energy to each of our global partners. That’s why this is the best time to invest in India.”
One Earth, One Health
India is considered pharmacy to the world and is the world’s third-largest pharmaceutical producer during Covid 19 pandemic, India helped many countries by exporting essential medicines and vaccines.
India has delivered 1154.173 lakh doses of Covid-19 vaccines to 97 countries till 31st December 2021.
Pro-Planet People (P3) Approach
The P3 (Pro-Planet-People) movement reiterates India’s commitments to climate change at the global forum (UNFCCC COP 26).
It also reinforces India’s clean, green, sustainable, and reliable energy goals along with achieving net-zero carbon emission targets by 2070.
LIFE (Lifestyle for Environment)
It is an idea given by the Indian PM at UNFCCC COP 26 Conference, that 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.
Reforms in India
India invested 1.3 trillion dollars invested in connectivity-related infrastructure and physical and digital infrastructure like optical fibre in 6 lakh villages.
Gatishakti scheme was launched to bring all the stakeholders on the single platform to infuse new dynamism to the seamless connectivity of goods, people, and services.
India has one of the world’s largest, secure and successful digital payments platforms. Technological solutions like the Arogya Setu app for tracking of CoVID Infections and Cowin portal for Vaccination were set up during the pandemic,
India, the Investment Destination
Various measures have been taken by the Government to reform the industrial sector such as the removal of retrospective taxation, reduction in compliance requirements simplification of the corporate tax rate structure, etc.
India has the third-largest number of unicorns in the world with more than 10,000 start-ups have been registered in the last six months.
Ease of Doing Business, minimizing government intervention is being promoted. The policy-making is focusing more on needs for the next 25 years for clean, green, sustainable, and reliable growth.
There is a need for collective action by every country and every global agency to smoothen global connectivity.
Supply chain disruptions, inflation, and climate change are a few of the areas the global community needs to focus on diligently.
It is necessary to have a global system for trade and other aspects such as cryptocurrency to ensure unhindered services.