The Prime Minister of India recently addressed the World Economic Forum’s (WEF) Davos Dialogue via video conferencing. The annual meeting held in Davos, Switzerland, brings together the world’s top leaders to shape global, regional, and industry agendas. The Davos Dialogues marked the launch of the WEF’s Great Reset Initiative in the post-Covid world.
The Great Reset Initiative of WEF
The initiative stems from an assessment that the world economy is in deep trouble, worsened by factors such as the pandemic’s devastating effects, the unfolding technological revolution, and the consequences of climate change. It calls for the world to act jointly and swiftly to revamp all aspects of societies and economies. All countries and industries must transform with the idea that there should be a ‘Great Reset’ of capitalism.
India’s Fight Against Covid
India took a proactive approach in managing the Covid-19 pandemic. The nation developed a Covid-specific health infrastructure and trained its resources to fight the virus. In addition to caring for its citizens, India has helped other countries by exporting PPE kits and masks. By promoting traditional Ayurvedic medicine, India has shown how it can aid in improving immunity. The country has also developed two coronavirus vaccines and the world will see many more Made in India vaccines soon.
Indian Economy During the Pandemic
Despite the pandemic, India maintained economic activity by initiating infrastructure projects worth billions of rupees and special schemes for employment like Garib Kalyan Rojgar Abhiyaan. The ambition of creating a self-reliant (Aatmanirbhar Bharat) India will further strengthen globalism and contribute to Industrial Revolution 4.0. The country is actively working on the four factors of this revolution: connectivity, automation, artificial intelligence, and real-time data.
India’s Digital Infrastructure
The growth of digital infrastructure in India has transformed public service delivery. The universal ID system known as Aadhar, has provided 1.3 billion Indians with an integrated connection to their accounts and phones. The Unified Payments Interface (UPI) processed transactions worth 4 trillion rupees in December 2020 alone. The pandemic saw the transfer of 1.8 trillion rupees worth of assistance through direct benefit to the accounts of 760 million Indians.
National Digital Health Mission
A significant part of India’s digital expansion is the National Digital Health Mission. This initiative aims to provide easy access to healthcare by providing a unique health ID to its citizens. The mission is being launched with four key features — health ID, personal health records, Digi Doctor, and health facility registry.
Indian Policies Supporting Global Business
India’s Aatamnirbhar Bharat movement shows commitment to the global good and the global supply chain. It invites global players to take advantage of the $26 billion Production Linked Incentive (PLI) scheme. Indian policies are designed to facilitate ease of doing business with initiatives like the Foreign Investment Facilitation Portal (FIFP).
India and Climate Change
India aligns its growth strategies with climate change goals. Initiatives such as the National Clean Air Programme (NCAP) and Bharat Stage-VI emission norms demonstrate this commitment. The country is also focusing on sustainable urbanization with an emphasis on ease of living, easy business operations, and climate-sensitive development.
About World Economic Forum
Founded in 1971, the World Economic Forum (WEF) is a Swiss nonprofit foundation recognized as the international institution for public-private cooperation. Its mission is to improve the state of the world by engaging business, political, academic, and other leaders to shape global, regional, and industry agendas. The WEF publishes several major reports that contribute to global understanding and policy making.