Page 4 - Davos

'India seizes moment as WEF ends with call for cooperation to fight crises'

India seized its moment and presented itself as a 'trusted nation and resilient economy' here at the World Economic Forum Annual Meeting 2024 that ended on Friday, with a call for cooperation for rebuilding trust, reviving economy, ending geopolitical conflicts and fighting risks emanating from climate change, societal fragmentation and AI-generated misinformation and disinformation. The five-day-long intense discussions over a long list of global and regional issues among nearly 3,000 global leaders in this Swiss ski resort town on Alps coincided with incessant snowfall and drizzles, pushing temperature down to as low as minus 20 degree celsius, but ended on a bright sunny afternoon, adding to hopes that the global economy and trade would do better in 2024 and there would be answers to multiple crises plaguing the world. Amid all the gloom, India stood out with a strong assertion by three Union ministers as also by its business leaders and several state delegations that it was the .

Global economy, trade normalising, but still not normal: Leaders at WEF

As the World Economic Forum Annual Meeting drew to a close, global leaders on Friday said the economy and trade appeared to be moving towards normalisation but were yet expected to be far from normal. WTO Director-General Ngozi Okonjo-Iweala said the global trade was weak in 2023 before seeing an uptick in the last quarter. "We have been more optimistic about 2024, and I feel, we are moving towards normalisation, but I still don't see it returning to a normal fully," she said at a panel discussion on 'The global economic outlook' on the last day of the WEF Annual Meeting 2024 here. "There are so many uncertainties, and there also so many elections around the world, making it difficult to predict anything," she added. The WTO chief said she would still expect trade growth to be better than in 2024 unless a major war breaks out. She said there are some bright shoots on the trade front, and the trade has been the force for resilience. The WTO chief also said it is politically diffic

Govt could ease China investment curbs if border stays calm: Report

In 2020, India tightened scrutiny on investments from companies based in countries it borders, adding a layer of vetting and security clearances

Hyundai completes Talegaon plant acquisition, to invest Rs 6,000 cr in Maha

Hyundai Motor India on Friday said it has completed the acquisition of General Motors India's manufacturing plant at Talegaon in Maharashtra. The country's second-largest carmaker also announced that it will invest Rs 6,000 crore in Maharashtra as part of an agreement inked between the company and the state government in Davos. The acquisition of the Talegaon facility has been completed after the fulfilment of certain conditions and the receipt of regulatory approvals from relevant government authorities and relevant stakeholders, Hyundai Motor India said in a statement. "India is a very important market for Hyundai Motor Company, and we are committed to provide benchmark creating products and technologies to Indian customers," Hyundai Motor India Ltd (HMIL) MD & CEO Un Soo Kim said. As the company looks forward to the next decade of progress, it is critical to augment manufacturing capacity in India, he added. "The Talegaon manufacturing plant will play the role of a catalyst in

India sets up int'l alliance for global good, gender equity and equality

India on Thursday announced here a new alliance for global good, gender equity and equality, on the sidelines of the World Economic Forum Annual Meeting, with the WEF Founder and Chairman Klaus Schwab offering to partner this initiative with full support. The announcement was made at an India Reception on the sidelines of the WEF Annual Meeting, hosted by apex industry chamber CII and attended by union ministers Smriti Irani and Hardeep Singh Puri as well as WEF Founder and Executive Chairman Klaus Schwab, among others. The idea of this alliance emerged from the G20 Leaders' Declaration and India's abiding commitment to the cause of women-led development as propounded by Prime Minister Narendra Modi, Women and Child Development Minister Smriti Irani said. As a follow-up to the activities of the Engagement Group and initiatives under the G20 framework, the Business 20, Women 20 and G20 EMPOWER, this alliance aims to take forward the commitments of the G20 leaders for the benefit of t

MoUs worth Rs over 3.5 lakh crore signed at Davos: Maharashtra CM

He said that there is infrastructure, connectivity and skilled manpower in Maharashtra

OpenAI coup less stressful than superintelligent AI, says CEO Altman

Altman's ouster by the board in November was "a microcosm of it, but probably not the most stressful experience we ever face," he said

Ads running on Meta saw return on spending increase by 32% with help of AI

Ads using AI also reduced the cost of acquisition by about 17%, Mendelsohn said in an interview with Bloomberg Television from the World Economic Forum in Davos on Thursday

In Davos, Israel's Prez calls ties with Saudi key to ending war in Gaza

Normalising ties between Israel and Saudi Arabia is a key element of ending the war with Hamas and a gamechanger for the entire Middle East, Israeli President Isaac Herzog said Thursday at the World Economic Forum's annual meeting in the Swiss town of Davos. It's still delicate, it's fragile, and it will take a long time, but I think that it is actually an opportunity to move forward in the world and the region towards a better future, Herzog said. It comes days after Saudi Arabia's foreign minister, Prince Faisal bin Farhan, said on a Davos panel that the kingdom agreed regional peace includes peace for Israel. He said Saudi Arabia certainly would recognise Israel as part of a larger political agreement. But that can only happen through peace for the Palestinians, through a Palestinian state, he said. US Secretary Antony Blinken also reiterated in a talk at Davos that a pathway to statehood for Palestinians could help improve Israel's security and its relations with other countrie

Karnataka signs investment deals worth Rs 22,000 cr at Davos summit

Microsoft, Hitachi, Lulu Group among companies that commit projects in state

Ram temple creates a buzz in Davos, devotees plan celebrations on Jan 22

Ram Temple in Ayodhya has created a buzz in this Swiss ski resort town during the World Economic Forum Annual Meeting with devotees planning to hold Ram Bhajans and light diyas on the consecration day this coming Monday. Besides, many global business leaders have been inquiring from the Indian delegation, including those from the government and private sector, about the business and infrastructure opportunities created by development of Ayodhya in Uttar Pradesh as a major religious and tourism centre. Speaking to PTI on the sidelines of the WEF Annual Meeting 2024, Union Minister Smriti Irani said she met a group of devotees who asked her if they can also celebrate Ram Temple consecration ceremony on January 24. "Some Ram Bhakts here asked me to record a message imploring the community here to do Ram Bhajan and to lighten diyas here on 22nd January. "They came to the lounge and saw me here, walked up and they made that request," said Irani who is leading a strong Indian delegation

Confiscating $300 bn of Russian assets no panacea, West cautions in Davos

The lion's share of the assets - essentially securities in which the Russian Central Bank had invested - are frozen in Euroclear, a depository based in Brussels

Maharashtra signs MoUs totalling Rs 1.4 trillion at Davos on 1st day

Maharashtra has signed MoUs totalling Rs 1.4 lakh crore here on the sidelines of the World Economic Forum Annual Meeting, following Chief Minister Eknath Shinde's meetings with a number of business leaders, the state government said on Wednesday. Shinde also held discussions with senior delegates from South Africa and other countries. He met senior representatives from Schneider Electric and Louis Dreyfus, among others. MOUs have been signed with global giants like Berkshire Hathaway and Greenko Energy Projects. These agreements are poised to generate over one lakh jobs in vital sectors across Maharashtra, affirming the state's role as India's stable and dependable gateway for global investors, the state government said. The chief minister is actively engaged in strategic discussions to forge impactful collaborations and showcase Maharashtra's stability, dependability and commitment to global economic progress at the WEF 2024, it added.

Telangana signs deals worth Rs 12,400 cr with Adani Group at Davos summit

Business conglomerate commits investments in data centre, energy storage, cement plant

SBI Chairman Dinesh Khara backs move to curb 'unhealthy' loan growth

Meanwhile, SBI is evaluating if it needs more capital, Khara said. It's exploring raising capital through additional Tier-1 bonds after recently issuing Tier II bonds, he said

Davos 2024: Karnataka signs MoUs worth Rs 22,000 cr with 7 cos at WEF meet

The Karnataka government said on Wednesday it has signed MoUs with investment proposals to the tune of Rs 22,000 crore with seven companies at the World Economic Forum Annual Meeting in Davos. As part of the MoUs signed on Tuesday, Web Werks proposes to set up a Rs 20,000 crore data centre park in the State, while four other companies plan to invest a total of Rs 2,000 crore, according to a statement issued by the Karnataka Minister for Large and Medium Industries and Infrastructure Development M B Patil. A delegation from the state, headed by Patil, engaged in a series of deliberations with industry leaders during the WEF Meet 2024 in Switzerland, it said. The Lulu Group is set to venture into food processing in Vijayapura district, with plans to invest Rs 300 crore in a plant dedicated to exports, the statement said. Takeda Pharmaceuticals intends to establish a global innovation centre in Bengaluru and is actively scouting for suitable campus locations, it was stated.

Davos 2024: Is India's economic growth showing Chinese characteristics?

The talk in Mumbai's financial circles is about a cheery prediction by Goldman Sachs Group Inc. that by 2027 100 million Indians will enjoy incomes of at least $10,000 a year, five times the national

India's growth prospects firm, banking sector recovered well: Das at Davos

India's growth prospects are very good, and the country's banking sector has seen a remarkable recovery, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. Speaking at a session here, Das said there is a lot of international confidence in India and the macroeconomic and financial sector stability that the country offers. "...I think we need to really look back at the business opportunity in India. Because this is the right time to build into the Indian ecosystem," he said and emphasised that the country's growth prospects are very good on account of the structural reforms that have taken place in recent years. Despite various shocks and crises, he said the Indian banking sector has seen a remarkable recovery. "The Indian banking sector is perhaps at one of its best in recent years... the financial sector is very stable... the external sector is also stable notwithstanding that the global growth is slowing down...India's services sector is growing," he said. Whil

WEF highlights: India's growth momentum to stay, says RBI Guv at Davos

LIVE updates on World Economic Forum: The theme of the Open Forum Davos 2024, which takes place January 15-19, is: "From Lab to Life: Science in Action". Catch all the latest news updates here

India reinforces status as preferred investment destination at Davos: Govt

The Commerce and Industry Ministry on Tuesday said India is reinforcing its status as a resilient global economy and a preferred investment destination at the World Economic Forum in Davos. India's presence is marked by securing four distinct spaces at WEF, each dedicated to showcasing the India opportunity and its growth story to global investors, it added. The four spaces are - India Engagement Centre, Experience India Centre, India Investment Centre, and We Lead Lounge, the ministry said in a statement. The India Investment Centre, it said, will serve as the centre for Government-to-Business (G2B) and Business-to-Business (B2B) networking, hosting roundtables and sessions. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh is participating in the meeting. "At WEF, a total of 21 sessions will be held over the span of 5 days. India will be showcasing its opportunity and opening doors for discussion on manufacturing, technology, ...