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RSTV: INDIA’S WORLD- WORLD ECONOMIC FORUM 2020

RSTV: INDIA’S WORLD- WORLD ECONOMIC FORUM 2020

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Introduction:

The World Economic Forum Annual Meeting in Davos-Klosters happens to be the foremost creative force for engaging the world’s top leaders in collaborative activities to shape the global, regional and industry agendas at the beginning of each year. It brought together 3,000 participants from around the world, and aim to give concrete meaning to “stakeholder capitalism”, assist governments and international institutions in tracking progress towards the Paris Agreement and the Sustainable Development Goals, and facilitate discussions on technology and trade governance.

The World Economic Forum:

  • 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 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.
  • The Forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance. Moral and intellectual integrity is at the heart of everything it does.
  • The activities are shaped by a unique institutional culture founded on the stakeholder theory, which asserts that an organization is accountable to all parts of society. The institution carefully blends and balances the best of many kinds of organizations, from both the public and private sectors, international organizations and academic institutions.
  • It believes that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
  • The Forum strategy is simple and effective: bring together the most relevant leaders from all sectors of global society, and identify the best ways to address the world’s most significant challenges.
  • It works. For almost 50 years, the Forum has been the catalyst for global initiatives, historic shifts, industry breakthroughs, economic ideas and tens of thousands of projects and collaborations.
  • 2020 theme: Stakeholders for a Cohesive and Sustainable World

Governance:

  • Chairperson : Founder and Executive Chairman Professor Klaus Schwab
  • Board of Trustees : exceptional individuals who act as guardians of its mission and values, and oversee the Forum’s work in promoting true global citizenship.  Its membership is divided equally between representatives of the business community and leaders from international organizations and civil society.
  • Managing Board : acts as the executive body of the WEF& acts as its representative to outside parties.
  • The organization also convenes some six to eight regional meetings each year in locations across Africa, East Asia, and Latin America, and holds two further annual meetings in China, India and the United Arab Emirates
  • Until 2012, it had observer status with the United Nations Economic and Social Council; it is under the supervision of the Swiss Federal Council

Impact:

  • Building awareness and co-operation

The Forum creates impact by gathering leaders from business, government, international organizations, academia, civil society and youth to work together to drive positive change

  • Shaping mindsets and agendas

Our flagship reports, policy frameworks and strategies influence government priorities, business strategies and public opinion.

  • Driving collective action

Projects and collaborations started or supported by the Forum impact millions of people, from saving lives through childhood vaccination to improving the productivity of small-scale farms.

Publications

  • Global risk report, 2018
  • Readiness for the future of production
  • Global gender gap report
  • Inclusive development index
  • Global competitiveness report (index)
  • Global human capital report (index)
  • Travel and tourism competitiveness report (index)
  • Global energy architecture performance index report

India at WEF 2020:

  • India is the largest consumer of LED bulbs and this has helped the nation in reducing power consumption and carbon emissions.
  • This was stated by Union Minister for Commerce and Industry, Piyush Goyal who is leading the Indian delegation at the 50th World Economic Forum at Davos.
  • The Minister stated that India will rely on coal as a baseload for the grid, to enable it to start introducing renewables.

Prioritized key areas at the platform:

  • Ecology: How to mobilize business to respond to the risks of climate change and ensure that measures to protect biodiversity reach forest floors and ocean beds.
  • Economy: How to remove the long-term debt burden and keep the economy working at a pace that allows higher inclusion.
  • Technology: How to create a global consensus on deployment of Fourth Industrial Revolution technologies and avoid a ‘technology war’.
  • Society: How to reskill and upskill a billion people in the next decade.
  • Geopolitics: How the ‘spirit of Davos’ can create bridges to resolve conflicts in global hotspots. Informal meetings to set kickstart conciliation.
  • Industry: How to help business create the models necessary to drive enterprise in the Fourth Industrial Revolution. How to navigate an enterprise in a world exposed to political tensions and driven by exponential technological change as well as increasing expectations from all stakeholders.

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