Syllabus
GS Paper 2 – Important International Institutions, agencies and fora – their Structure, Mandate.
Context
The 54th Annual Meeting of the World Economic Forum (WEF) was recently held in Davos-Klosters, Switzerland.
World Economic Forum (WEF)
- Established in 1971 as a not-for-profit foundation.
- Founder Chairperson: Economist Klaus Schwab.
- Objective: To demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance.
- Annual Meeting: Held in Davos, Switzerland.
- Centre for Fourth Industrial Revolution: Established in San Francisco to develop policy frameworks and advance collaborations that accelerate the benefits of science and technology.
- The Great Reset: It is based on the assessment that the world economy is in deep trouble and there is a need for a ‘Great Reset’ of capitalism.
- EDISON Alliance: WEF launched the Essential Digital Infrastructure and Services Network (EDISON) Alliance which will work with governments and industries to accelerate digital inclusion.
- Key Reports and Indices:
- Global Competitiveness Report
- Global Enabling trade Report
- Global Gender Gap Report
- Global IT Report
- Global Energy Transition Index
- Global Risk Report
- Global Travel and Tourism Report
- Human Capital Index
- Inclusive Development Index
Key Diplomatic Moments at WEF:
- Korean Diplomacy: The first ministerial-level meetings between North and South Korea were held in Davos, marking a significant moment in Korean diplomacy.
- German Reunification (1989): The East German Prime Minister and the German Chancellor met at the WEF to discuss the reunification of Germany.
- South African Milestone (1992): South African President de Klerk, Nelson Mandela, and Zulu prince Mangosuthu Buthelezi made their first joint appearance outside South Africa at the WEF. This marked a significant milestone in South Africa’s political transition.
- G20 Genesis (1998): The WEF emphasized the need to involve major developing countries in global discussions. This led to the emergence of the G20, initially limited to finance ministers.
- Evolution of G20: The G20, which was born from discussions at the WEF, eventually evolved into a summit.
World Economic Forum Summit 2024
- Theme: The theme was “Rebuilding Trust”, which underscored the importance of global cooperation and collective solutions in a world grappling with significant challenges such as climate change and geopolitical issues.
- Focus of the Summit: The summit aimed to promote peacebuilding, foster global cooperation, address social and economic inequalities, strengthen global health systems, and build resilient food systems. These efforts were geared towards tackling the challenges posed by warfare and increasing economic disparities.
- Geopolitical Issue: The summit acknowledged the delicate and unstable situation in the Middle East and Europe. However, the leaders did not offer any concrete solutions or plans.
- Global Economy: Given the uncertain economic outlook, there was a call for a new growth model that balances productivity with equity and sustainability.
Key takeaways of World Economic Forum Summit 2024
- Artificial Intelligence (AI): The summit deliberated on the integration of AI with other groundbreaking technologies such as 5G, 6G, quantum computing, and biotechnology to ensure its benefits are accessible to all.
- Employment Generation: The focus was on leveraging technology for the greater good, fostering inclusive growth, and ensuring a fair transition for everyone.
- Climate Action: The summit underscored the urgency and significance of addressing climate change and adopting sustainable practices. It called for global cooperation and resource allocation.
- Carbon Neutrality: The discussions centered on achieving a carbon-neutral and nature-positive world by 2050, while ensuring affordable, secure, and inclusive access to energy, food, and water.
- China’s Economy: Despite its slowing growth and trade tensions with the US, China sought to attract more investment from the West.
- Rise of India: India highlighted its economic potential, technological prowess, and commitment to gender equity and equality.
Role of India in WEF 2024 summit
- Deep Tech Saga: The session explored India’s potential in deep tech, discussing ecosystem building, policy formulation, standards, and strategies to enhance India’s deep tech competitiveness and sovereignty.
- Cashless Catalyst: The summit shed light on India’s dynamic fintech landscape, revealing its transformative influence on the nation’s financial sector.
- Roadmap to a Green Future: The summit underscored India’s commitment to the Climate Action Plan and deliberated on the goals for a greener future.
- Global Leader: Guided by the mantra ‘Engage, Experience, Invest,’ India reinforced its global leadership, reflecting its commitment to global cooperation and progress.
- Manufacturing Destination: The summit highlighted the advantages offered by India, including incentives and end-to-end value chains, making it an attractive destination for manufacturing.
- Women Empowerment: Leading women entrepreneurs shared their journeys, showcasing their strides towards a sustainable and innovative future.
- Investment Opportunities: States like Karnataka, Maharashtra, Tamil Nadu, Telangana, and Uttar Pradesh attracted global attention, showcasing enormous investment opportunities and reinforcing India’s presence as a globally trusted partner.
- Sustainable Jobs: The summit discussed the vast opportunities in India for employment generation in the agriculture and renewable energy sectors, aiming for a more inclusive and sustainable future.
- Impactful Platform: India hosted a variety of events and panels to foster public engagement through roundtables, fireside chats, and interactive sessions.
At the 54th Annual Meeting of the World Economic Forum, India, guided by the principles of ‘Engage, Experience, Invest,’ reinforced its position as a global leader. India’s sessions, which revolved around crucial topics such as climate action, AI integration, and inclusive growth, demonstrated its dedication to collaborative solutions.
The World Economic Forum spotlighted India, revealing vast investment opportunities and enhancing India’s reputation as a reliable global partner. A varied group of participants, ranging from ministers to budding entrepreneurs, advocated for India’s developing role in fostering trust and cooperation for a more promising future.
Source: Indian Express
Practice Question
Analyze the role of India in the 54th Annual Meeting of the World Economic Forum (WEF) 2024. Discuss the key areas of focus, the initiatives proposed by India, and the potential impact of these initiatives on India’s global standing and domestic development. Substantiate your answer with relevant examples. [250 words]