THE WORLD IS BULLISH ON THE INDIAN ECONOMY
The first post-pandemic in-person meeting at Davos took place with reduced participation amid a war raging in Europe, but witnessed spirited debates
The 52nd edition of the annual meeting of the World Economic Forum at Davos was subdued and dramatic for identical reasons — realism met optimism, as the post-pandemic gathering of global leaders occurred in the middle of a war in Europe. Davos took place with reduced participation owing largely to the pandemic, but witnessed passionate debates as a war raged in Europe.
Postponed several times since January 2020, the Davos gathering in May 2022 overcame health protocols and war pessimism with dignity and grace.
WEF restricted participation of delegates to be able to manage the health protocols better. The lack of a Russian delegation and a miniscule Chinese presence added to the relatively low-key Davos. It also helped that many heads of state chose to address the gathering virtually. Despite the reduced numbers, the discussions and debates at the annual meeting were voluble and passionate. Strong views on the role of Russia and Nato, combined with discussions on issues like climate change accountability and a rapidly transforming digital ecosystem, kept up the vigorous dialogues that Davos is known for.
“The Annual Meeting is the first summit that brings global leaders together in this new situation characterised by an emerging multipolar world as a result of the pandemic and war. The fact that nearly 2,500 leaders from politics, business civil society and media come together in person demonstrates the need for a trusted, informal and action-oriented global platform to confront the issues in a crisisdriven world,” said Klaus Schwab, founder and Executive Chairman, World Economic Forum. The theme, History at a Turning Point: Government Policies and Business Strategies, resonated with participants and observers alike.
The Davos meeting focussed on six pillars within the theme. These were global and regional cooperation; economic recovery and growth; health and equitable societies; safeguarding climate; industry transformation; and the fourth industrial revolution.
The war zone in Europe triggered debates on tech-based attacks on critical infrastructure. Electrical grids, water reservoirs, telecom networks and even transport systems are targeted by hackers to attack countries. When any such systems get hacked, there is lingering damage to the economy. At Davos, this issue received much attention by global leaders, who are anxious about the changing contours of warfare.
According to WEF research, a significant incident could have devastating consequences for the economy, national security, or public health and safety. The sophistication of cyber threats coupled with the pace of digital transformation and connectivity exposes critical infrastructure to significant cyber risks with potential cascading effects on a large scale. Recent supply chain cyber-attacks across the world, including in India, have highlighted the importance of adapting existing public-private cooperation models to become more responsive and flexible.
Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency, said at Davos that the Colonial Pipeline attack in the US was a “real wake-up call” for the cybersecurity industry. “At the end of the day, we know that global infrastructure is all connected,” Easterly said. “We can’t just say we’re going to protect the American homeland or we’re going to protect a place in Europe. We know that we have to partner together to enable us to understand the threat, so we can drive down risks to our networks globally.”
For the first time, 18 global organisations from the oil and gas ecosystem came together to mitigate growing cyber risks, and pledged to promote cyber resilience. The global cost of cybercrime is expected to reach $10.5 trillion a year by 2025; the threat of infrastructure breakdown due to a cyberattack is the top personal concern for cyber leaders. “First endorsed by key CEOS in the oil and gas value chain, the Cyber Resilience Pledge is a landmark step as it signals recognition of the complexities of building a cyber-resilient industry ecosystem and a commitment towards collective action to achieve it,” said Alexander Klimburg, Head of the Centre for Cybersecurity at the Forum.
As in previous years, several groups of global leaders pledged their commitment to many such initiatives at Davos. The Jobs Consortium, a group of public and private sector leaders that focuses on investment in the jobs of tomorrow, held their inaugural meeting in Davos to drive a global recovery and investment agenda for the next two years. They aim to create growth in the jobs of tomorrow, new standards in the workplace and better wages for all, focusing on social, green and tech jobs as the high-growth, job-creating sectors of the future.
The Reskilling Revolution initiative, launched at the Annual Meeting in 2020, has now mobilised a community of over 50 CEOS, 350 organisations and 15 countries, all working towards a vision of giving one billion people better education, and reskilling and upskilling them.
The 52nd edition of the annual meeting of the World Economic Forum at Davos was subdued and dramatic for identical reasons — realism met optimism, as the post-pandemic gathering of global leaders occurred in the middle of a war in Europe. Davos took place with reduced participation owing largely to the pandemic, but witnessed passionate debates as a war raged in Europe.
Postponed several times since January 2020, the Davos gathering in May 2022 overcame health protocols and war pessimism with dignity and grace.
WEF restricted participation of delegates to be able to manage the health protocols better. The lack of a Russian delegation and a miniscule Chinese presence added to the relatively low-key Davos. It also helped that many heads of state chose to address the gathering virtually. Despite the reduced numbers, the discussions and debates at the annual meeting were voluble and passionate. Strong views on the role of Russia and Nato, combined with discussions on issues like climate change accountability and a rapidly transforming digital ecosystem, kept up the vigorous dialogues that Davos is known for.
“The Annual Meeting is the first summit that brings global leaders together in this new situation characterised by an emerging multipolar world as a result of the pandemic and war. The fact that nearly 2,500 leaders from politics, business civil society and media come together in person demonstrates the need for a trusted, informal and action-oriented global platform to confront the issues in a crisisdriven world,” said Klaus Schwab, founder and Executive Chairman, World Economic Forum. The theme, History at a Turning Point: Government Policies and Business Strategies, resonated with participants and observers alike.
The Davos meeting focussed on six pillars within the theme. These were global and regional cooperation; economic recovery and growth; health and equitable societies; safeguarding climate; industry transformation; and the fourth industrial revolution.
The war zone in Europe triggered debates on tech-based attacks on critical infrastructure. Electrical grids, water reservoirs, telecom networks and even transport systems are targeted by hackers to attack countries. When any such systems get hacked, there is lingering damage to the economy. At Davos, this issue received much attention by global leaders, who are anxious about the changing contours of warfare.
According to WEF research, a significant incident could have devastating consequences for the economy, national security, or public health and safety. The sophistication of cyber threats coupled with the pace of digital transformation and connectivity exposes critical infrastructure to significant cyber risks with potential cascading effects on a large scale. Recent supply chain cyberattacks across the world, including in India, have highlighted the importance of adapting existing public-private cooperation models to become more responsive and flexible.
Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency, said at Davos that the Colonial Pipeline attack in the US was a “real wake-up call” for the cybersecurity industry. “At the end of the day, we know that global infrastructure is all connected,” Easterly said. “We can’t just say we’re going to protect the American homeland or we’re going to protect a place in Europe. We know that we have to partner together to enable us to understand the threat, so we can drive down risks to our networks globally.”
For the first time, 18 global organisations from the oil and gas ecosystem came together to mitigate growing cyber risks, and pledged to promote cyber resilience. The global cost of cybercrime is expected to reach $10.5 trillion a year by 2025; the threat of infrastructure breakdown due to a cyberattack is the top personal concern for cyber leaders. “First endorsed by key CEOS in the oil and gas value chain, the Cyber Resilience Pledge is a landmark step as it signals recognition of the complexities of building a cyber-resilient industry ecosystem and a commitment towards collective action to achieve it,” said Alexander Klimburg, Head of the Centre for Cybersecurity at the Forum.
As in previous years, several groups of global leaders pledged their commitment to many such initiatives at Davos. The Jobs Consortium, a group of public and private sector leaders that focuses on investment in the jobs of tomorrow, held their inaugural meeting in Davos to drive a global recovery and investment agenda for the next two years. They aim to create growth in the jobs of tomorrow, new standards in the workplace and better wages for all, focusing on social, green and tech jobs as the high-growth, job-creating sectors of the future.
The Reskilling Revolution initiative, launched at the Annual Meeting in 2020, has now mobilised a community of over 50 CEOS, 350 organisations and 15 countries, all working towards a vision of giving one billion people better education, and reskilling and upskilling them.
FOR EUROPEAN BUSINESS HEADS SCOUTING FOR OPTIONS TO DIVERSIFY THEIR TRADE AND INVESTMENTS, INDIA SEEMED THE BEST OPTION, WITH ITS POLITICAL STABILITY AND REFORMIST POLICIES
A network of country accelerators in Bahrain, Bangladesh, Brazil, Cambodia, Georgia, Greece, India, Oman, Pakistan, South Africa, Turkey and the United Arab Emirates, with support from Denmark, Finland, Singapore and Switzerland, and a consortium of the largest online learning platforms, are working together.
The World Investment for Development Alliance was launched, together with OECD Secretary-general Matthias Cormann, the World Bank, Unctad and other partners, to increase collaboration in addressing investment policy and practice. The Forum’s Platform for Trade and Investment, together with the Digital Cooperation Organi- sation, launched a Digital FDI initiative to support investment in the digital economy in developing countries.
The WEF convened Friends of the Africa Continental Free Trade Area (AFCFTA), a group of heads of state and business leaders, which advanced a framework on how public-private partnerships can support the implementation of the AFCFTA.
India at Davos
India was at the centre of many dialogues on emerging issues ranging from crypto technologies to climate change at the annual meeting of the WEF at Davos.