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Source: The post India at Davos 2024 has been created, based on the article “At World Economic Forum, how India made a mark” published in “Indian express” on 31st January 2024.
UPSC Syllabus Topic: GS Paper 2 – International Relations – Important International institutions, agencies and fora, their structure, mandate.
News: The article highlights India’s participation in discussions at the CII venue during Davos (WEF) 2024, where it showcased its economic growth, technological advancements, and strategies for energy and climate change. It also emphasizes India’s goal to become a developed nation by 2047, underscoring its significant impact on the global economy.
What were the important conversations held by India at Davos 2024?
Effective Use of Technology: India has used technology, especially AI, to develop and deliver mass-scale governance solutions. Their digital leadership is recognized in smartly leveraging AI for business value.
Women’s Participation in Growth: Indian women’s significant economic role was emphasized, with 90 million self-employed women managing grassroots businesses worth $37 billion annually. Their financial prudence is evident with NPAs below 2.5%.
Focus on Energy and Climate Change: The discussions included India’s approach to energy challenges, considering availability, affordability, and sustainability. India’s exploration of green hydrogen as a new energy source while transitioning from fossil fuels was noted.
What factors are responsible for India being one of the fastest-growing economies in the world in 2024?
Equitable Growth Trajectory: India’s growth has been highlighted as equitable, focusing on infrastructure build-up across the country, gender inclusivity, and social security measures for disadvantaged sections with digital support.
Resilience Amidst Global Challenges: Moody’s recognition of India as a “pocket of resilience” in the face of global economic challenges highlights its stability.
Large Domestic Market: With a population over 1.4 billion and a dynamic workforce, India offers a substantial market and investment opportunities.
Government Policies and Reforms: Supportive government policies have strengthened India’s economic resilience, aiming for developed country status by 2047.
Way forward
Moving forward, India should continue its inclusive growth strategy. To achieve its goal of becoming a developed nation by 2047, as stated by the Prime Minister, India should focus on inclusive growth, empowering women economically, and supporting disadvantaged groups. Advancing in technology, especially AI, and adopting sustainable energy are also key. Maintaining geopolitical trust will further solidify India’s role as a resilient and influential global partner.
Question for practice:
Discuss India’s key strategies and factors that have contributed to its status as one of the fastest-growing economies in the world in 2024.
