The World Economic Forum (WEF) is an annual gathering where leaders, business figures, and policymakers from various countries come together to discuss global economic and social issues. Held every January, this year’s event is scheduled from January 15 to 19.
But what exactly is the World Economic Forum, and why is it crucial? Let’s dive in!
What’s Happening?
The World Economic Forum is a non-profit organisation founded in 1971 by German professor and economist Klaus Schwab in Davos, Switzerland, with the aim of facilitating discussions on political, social, and economic issues and encouraging global cooperation. This conference takes place every year, and the 54th Annual Meeting is happening between January 15 and 19 this time.
In this year’s summit, discussions will focus on escalating tensions in West Asia, the Israel-Hamas conflict, new challenges to the supply chain, increasing risks from climate change, and the continuous rise of artificial intelligence.
Why is the WEF Summit Important?
The World Economic Forum is a unique event where leaders from various countries, business tycoons, etc., come together. This year’s summit will feature discussions on geopolitical tensions globally. The WEF summit, lasting for several days, provides an opportunity to network for business and attract foreign investment.
Interesting Facts About Davos 2024
In this summit, notable personalities from India, such as RBI Governor Shaktikanta Das, G20 Sherpa Amitabh Kant, Union Minister Ashwini Vaishnaw, Smriti Irani, Hardeep Singh Puri, Maharashtra Chief Minister Eknath Shinde, Karnataka Chief Minister Siddaramaiah, Telangana CM A Revanth Reddy, IT and Industries Minister D Sridhar Babu, are expected to participate.
According to the Mint report, various Indian business leaders like Gautam Adani, Mukesh Ambani, Sunil Mittal, Rishad Premji, Kumar Mangalam Birla, N. Chandrasekaran, Sajjan Jindal, and Adar Poonawalla will be part of this event.
What’s in it for Investors?
With central ministers, state governments, and various business leaders participating, this is an excellent opportunity for Indian states to attract investments. Not only that, separate sessions will be organised for central ministers, state governments, and business investment opportunities.
Hence, it is expected that this summit will boost investments in India, contributing to the growth of the Indian business and economy.
What’s Next?
In recent years, several global and domestic challenges, such as the COVID-19 pandemic, have emerged. However, India has still shown a better GDP growth of 7.7% in the first half of the current fiscal year, surpassing the expectations of the RBI. Alongside this, there is an expectation that the Indian economy could reach $35-45 trillion by 2047. This growth will be highlighted at the World Economic Forum 2024.
After successfully leading the G20 summit last year, India aims to develop confidence with other countries, collaborate, and work together. For this purpose, various panel discussions on different topics will be organised in Davos. These discussions will focus on how everyone can collectively move towards a brighter future.
That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!
*The article is for information purposes only. This is not an investment advice.
*Disclaimer: Teji Mandi Disclaimer
