The World Economic Forum, held every year at Davos, a stunning town in the Swiss Alps, is a much-anticipated event. It brings together the best of minds from around 100 countries to deliberate on significant economic and social issues. WEF 2020 saw leaders congregate from the world over, to engage in the theme ‘Stakeholders for a Cohesive and Sustainable World’.
Scores of discussions were held from Jan 21-24, 2020 during WEF 2020 but some had a direct impact on India. India’s economy has been losing steam, especially under the influence of high inflationary pressure and rising fiscal deficit. The good news is, all is not lost. International Monetary Fund (IMF) chief Kristalina Georgieva said the Indian economy is expected to bounce back. IMF expects ‘Asia’s third-largest economy to grow by 5.8%, before jumping up to 6.5% in 2021, ahead of China’.
Besides this promising news, there’s a lot of positive movement in several sectors. Let’s look at how the announcements at WEF 2020 are going to impact India in the long run:
Enhanced Internet Security
In the times we live, sensitive information is always under threat from hackers and fraud companies. Taking this important aspect into cognizance, the WEF announced internet security principles that will help nearly 1 billion users. These internet principles will tackle highly complex cyberattacks and protect internet users spread in 180 countries.
The new security principles will incorporate by major ISPs like BT, Deutsche Telekom, Du Telecom, Europol, and many more.
Blockchain Track and Trace Platform to help businesses
Reams of data are being generated, ever since the digitisation of records began. This is why several tech companies are turning towards blockchain for decentralised ownership, immutability and cryptographic security of data. This is mainly to manage security threats and achieve significant cost efficiencies.
WEF 2020 has launched the first-ever Blockchain Track and Trace Platform to tackle the growing demand for ethical, sustainable products. According to WEF, “To date, companies have self-published such data or relied on blockchain solution providers to do so. The pilot platform, however, can ingest blockchain-based data from multiple sources and visualize it on a neutral site.”
First-ever global consortium for digital currency governance
The presence of digital currencies has risen but we can utilise its power with the right governance. World Economic Forum 2020 announced the first-ever global consortium for digital currency governance. This is the first initiative where leading companies, financial institutions, government representatives will come together on a global level.
The consortium has a clear agenda – it will focus on solutions for a fragmented regulatory system. Further, it will work towards building transparency, speed, and efficiency, as part of this initiative.
“Digital currency requires input across sectors, functions, and geographies,” said Klaus Schwab, Founder and Executive Chairman of the WEF. His words couldn’t be truer!
India joins World Economic Forum reskilling initiative as a founding member
According to WEF, by 2022, 42% of core skills required to perform existing jobs will change. The working people world over will require reskilling to match up to the demands of the future. India has the world’s largest population and more than half of it comes in the working age. This makes it imperative for India to focus on reskilling. WEF’s reskilling initiative aims to provide one billion people with better education, skills, and employment by 2030.
Along with India, the other founding members include Brazil, France, Pakistan, the Russian Federation, UAE, and the USA.
Other key announcements
- The Madhya Pradesh government has gained significantly, with investors promising to invest Rs 4,125 crore in food and renewable energy. Also, SoftBank Energy (Japan) and Actis (England) have approved 2 central wind projects of capacity 325
- The Karnataka state government has signed a pact with the World Economic Forum to start a ‘Centre for Ethical things’. This centre will provide a competitive environment for investors and industry leaders. It will also keep an eye on the misuse of artificial intelligence and other such technologies.
- There’s welcome news in the education sector. The O.P Jindal Global University (JGU) signed an MoU with the University of Zurich (UZH) in Switzerland.
WEF 2020 ended with a promise for bigger things – let’s wait and watch what’s in store in 2021!
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