An armed member of the Swiss Police watches from the roof of the Hotel Davos ahead of the World Economic Forum (WEF) in Davos, Switzerland. (Photographer: Simon Dawson/Bloomberg)
8 years ago
Jan 23, 2018
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People are getting increasingly inward-focused, said PM Modi, adding that globalisation is slowly losing its luster. We are seeing increasing protectionism, with new tariff and non-tariff barriers coming up along, and fall in cross-border trade and international supply chains across the world.
While protectionism is growing around the world, India has embraced Mahatma Gandhi’s ideology of opening up to the world and its diversity, he said.
We need to work together to find a solution for climate change. Very few countries back words with resources to help developing countries fight climate change.
India’s gross domestic product has grown six times since the last time its prime minister attended the World Economic Forum at Davos, in 1997, said Prime Minister Narendra Modi.
The United States of America will be the undisputed leader in shale and natural gas for many years to come, said Fatih Birol, executive director of International Energy Agency to BloombergQuint on the sidelines of the World Economic Forum 2018 in Davos.
Looking at 2018, we see a blast of oil coming from the U.S., he said. OPEC counties will limit production to keep oil prices higher, but these higher prices will provide incentive for the U.S. to produce more. This will give a downwards pressure on oil prices, which is good news for oil importing countries like India, he said.
When asked if crude will touch $100 per barrel this year, Birol said, if the situation is left on the market, he would be surprised to see oil at that level.
Prime Minister Narendra Modi will become the first Indian prime minister in two decades to attend a meeting of the world's richest and most powerful in Davos. He is expected to impress the influential audience with his government's plans for the 'New India' and ensure the world knows that India is open for business.
In a world that is currently short of inspirational leaders, Davos could also be Modi’s chance to position himself decisively as more than a purposeful national figurehead. Over his time as Chief Minister of Gujarat and the first years of his premiership, he has shown that he is not afraid to put plans into action. The World Economic Forum is surely the ideal occasion for him to set out his broader vision for India, writes John Studzinski for BloombergQuint.
