The Union Minister of Health and Family Welfare made a significant contribution to the 4th edition of the Future Investment Initiative Forum (FII). The event was conducted through a video conference and took place in Riyadh, Saudi Arabia. The primary objective of this forum was to explore ways to broaden healthcare access, train healthcare personnel, eliminate regulatory obstacles and promote investment in sophisticated health technologies.
Understanding the Future Investment Initiative Forum
The Future Investment Initiative, colloquially known as “Davos in the desert”, is Saudi Arabia’s premier investment conference. The nickname is derived from the World Economic Forum’s annual convention held in Davos, Switzerland, where global leaders congregate to discuss solutions to urgent international problems. Introduced in September 2017 by the Public Investment Fund – Saudi Arabia’s primary sovereign wealth fund – FII is part of Saudi Vision 2030 Economic and Social Reform Programme.
Key Points Highlighted by India
The Indian representative underscored five key trends that have emerged due to the Covid-19 pandemic and are influencing global business. These are: technological innovation and its impact; the significance of infrastructure for worldwide growth; changes in human resources and the future of work; environmental compassion; and business-friendly governance that considers society and governmental approach in totality.
India’s Strategic Initiatives
India underscored several home-grown innovations implemented in response to Covid-19, particularly digital health tools. For instance, the Aarogya Setu App uses Bluetooth tracking technology to pinpoint Covid hotspots and notify local authorities promptly.
To bolster infrastructure, India unveiled a comprehensive economic package of Rs. 20 lakh Crore – equivalent to 10% of India’s GDP – under the Atmanirbhar Bharat Abhiyan. On the subject of human resources, India outlined a detailed vision for the development of skilled human resources, exemplified by the launch of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 3.0.
In terms of environmental conservation, India highlighted various measures taken to mitigate climate change, such as the National Action Plan on Climate Change, and the move towards cleaner energy consumption, like the Ujjwala scheme.
India is working towards creating a comprehensive ecosystem that spans from research and development to tech entrepreneurship, promoting business-friendly governance.
Focus on Healthcare
The Indian representative emphasized on India’s monumental vaccination campaign that has recently been launched with two Covid-19 vaccines (Covidshield and Covaxin). Covishield, produced by the Serum Institute of India, will be supplied to Saudi Arabia.
India also mentioned the development of the Co-WIN digital platform and the Ayushman Bharat scheme, both examples of effective use of technology in public health community integration. The Ayushman Bharat scheme is currently the world’s largest government health program.