World Economic Forum the brain
child of German entrepreneur Klaus Schwab started in 1971 at Cologny attained
its present avatar in 1987. Ever since, the platform has attained international
acclaim for its fervent commitment towards addressing various sector specific
issues. It once had been a place for resolving international conflicts. Every
year, stalwarts from various fields are recognized, respected, revered and
honored for their illustrious contributions. For its immense international
influence and stature, participants of WEF are even referred to as “Davos Men”. The prestigious annual WEF
summit Meet at Davos, a small ski-resort in Switzerland is attended by World
leaders, academicians, businessmen, billionaires, economists, and other
stalwarts in various avenues. There can be no better international platform
than Davos to highlight India’s potential for immense opportunities and growth.
Committed to carving a new India, Prime Minister Narendra Modi was invited to deliver
keynote address at the plenary session of the 48th Davos WEF themed
on “creating a shared future in a
fractured World”.
As prophesized 21st
century has been Asian Century. Countries are now eagerly looking forward for
new leaders to lead the World. This new change is marked by a sudden in fulcrum
of geopolitics with centers of power and dynamism shifting from West to East.
President Trump’s “America First” policy, withdrawal from the Paris Climate
Accord and pulling out from TPP (Trans Pacific Partnership) underscored his
protectionist policies spurring American retraction from the global arena creating
a power vacuum. Trump’s isolationist regime, augured China’s enthusiasm to
reshape World order. Seizing this opportunity, ennobling globalization,
President Xi, charmed the World pledging to uphold free trade and spurned
protectionism at Davos last year. Xi indeed made a fervent bid to hijack the
mantle of global leadership. His pragmatic bid rekindled hopes of businessmen
who were crest-fallen by a sudden upsurge in populism across the World. In the
past five years, China’s avalanche of growth added a new vigor to global
economy. It contributed over 25% to global economy dwarfing the contribution of
other major economies and emerged as economic super power. Incidentally,
international community looked forward to China with Trump embracing
protectionism. While Chinese contribution to World economy is much higher now
than it was when it clocked 10%, slowly it is inching towards a stagnation.
Global investors are now eagerly looking for bigger, consumer markets and
investment destinations.
Though World had subdued suspicions
of China’s leadership for its communist underpinnings, with over 60 countries
endorsing Beijing’s ambitious OBOR (One Belt One Road) project of resurrecting
global connectivity its prospects as an emerging super power brightened. But the
Chinese halo was short lived as reports of China’s debt trap diplomacy, opaque
functioning, and its indifference towards environmental concerns under the ruse
of OBOR began to rock the World. The West which was already experiencing huge
trade deficits due to China’s indiscriminate pricing policies, excess
production, violation of WTO rules and coercion of corporates into technology
transfer felt suddenly threatened by China’s dubious free market claims. Further, China’s nonchalant disregard to
India’s territorial claims, 70-week standoff at Doklam, reminded the World of
Beijing cavalier rejection of the PCA (Permanent Court of Arbitration) ruling
South China Sea. China’s growing intervention in domestic affairs of its vassal
states is now under scanner. Also, Beijing’s aggressive posturing in
Indo-Pacific region and intemperate siding with North Korea alerted World of
its dubious intentions.
Registering stable growth rate
buoyed by robust economic indicators India emerged as favored business
investment destination. India’s democratic values and free market regime evoked
new interest in Western World boosting its credentials. Additionally, the new
spurt in dynamism, conviction to reform India and infuse new energy through colossal
economic reforms by the Modi regime suddenly heightened investors interest in
India. Audacious implementation of monumental amends like demonetization,
rolling out a single tax regime through GST which had direct implications in
terms of electoral outcomes testified Modi’s commitment to reform and transform
India. While Indian opposition mocked Modi’s financial inclusion drive Jan Dhan
Yojana and other initiatives like Make in India, Skill India, Start Up India,
Stand Up India, Digital India, international community reposed great faith in
his vision. Signing of Paris Climate Agreement, establishment of International
Solar Alliance by roping in over 100 tropical countries echoed well with the
aspirations of the international community. Besides, propitious predictions
regarding India’s growth story coupled with steady inflow of the FDI’s making
it fifth largest investment destination changed international perceptions of
India. While IMF lowered India’s growth rate due to demonetization and GST,
Morgan & Stanley estimated that India would become third largest economy
(in terms of nominal GDP) after China and US by 2028. These pragmatic
predictions about Indian economy by prestigious foreign economic institutions,
upgradation of India’s credit ranking, improvement in ease of doing business
ranking together catapulted India’s stature as a promising emerging economy. As
a fastest growing emerging economy with a middle-class population of over 600
million and high demographic dividend India offered invaluable business
opportunities. Moreover, irrespective of
the growth rate, India under the present dispensation which can take tough
decisions is increasingly perceived as aspirational nation. With World
skeptical of Chinese iniquitous intentions and America’s self-imposed
isolationism India is now considered for a responsible role in global order.
Modi’s keynote address peppered with global vision in these conflicting times
is thus a modest attempt.
For the first time in twenty years,
Indian Prime Minister has made a speech at Davos. In his opening address to the
plenary session, Modi has put forth a vision for “shared future in a fractured world”. Invoking civilizational values
of India, Modi enunciated that Indian scriptures, believed in the concept of
the vasudaika kutumbakam (the World
is one family) which eloquently suits the theme of the current Davos summit. Contemporary
world replete of fractures, bereft of harmony calls for resolving prevailing
fissures, the offshoots of existing income inequalities, disparities and
distribution of resources to evolve a global vision. He summarized that the
World is challenged by three threats- terrorism,
climate change and protectionism. Terrorism which is now a bigger threat is
now becoming potentially dangerous as young and educated youth are being
increasingly radicalized. With regards to terrorism, in a veiled dig aimed at
China which has been supporting Pakistan he warned nations against
differentiating terrorism into good and bad terrorism. Climate change has
become cause of intense global concern. Extreme weather events like excess
rainfall, drought have become more common. Modi urged nations to join hands
towards curbing emissions. For long, developed countries have alleged that
India had failed to make useful contributions towards amelioration of climate.
In this connection, Modi reminded that India has been one of the earliest
signatories of Paris Climate Agreement and that India is now meeting a third of
its energy requirements through renewable sources in the past three years. Modi
stressed on the need for developing an inclusive society and castigated an
isolationist approach. He appealed nations to adopt rules-based approach. He
reiterated that democratic values and principles guided India’s rise which is
committed to preserve liberal democratic order. He extolled the virtues of
Indian wisdom that offered solutions for each of these threats. Quoting verses
from Upanishads, Modi said India has been a land of knowledge which believed in
oneness, prayed for peace, wellbeing of humanity and never advocated violence.
He attested that Indian scriptures offered a variety of techniques like Ashtang Yoga and meditation to cleanse
evils like greed, pride and ego and hailed Indian repositories of knowledge as
its soft power. Besides promoting
India’s soft power- its cuisine and Yoga, Modi flaunted the accomplishments of
his regime. Pledging to further improve ease of doing business, Modi made every
effort to sell India’s growth story.
Modi’s empathetic approach towards
challenges of contemporary world, his vision peppered with snippets of
knowledge from Indian scriptures, conviction towards building a shared future
has truly made a mark. His eloquent articulation drawing relevance to Indian
thought and approach has elevated Indian stature signifying India arrival at
the World stage.
@ Copyrights reserved.
No comments:
Post a Comment