The story of India and Davos has seven parts to it: the Opening, the Opportunity, the Objectives and Strategy, the Institutional Partnership, the Challenges, the India Team and finally, the New Opportunity.
The Opening: The connect to CII (AIEI) in 1984 came from Rahul Bajaj, an early participant at Davos. The introduction to the World Economic Forum (WEF) that he made, and then monitored the progress, was the beginning of all that followed. From 1985 to 2025 there was a 40-year collaboration between WEF and CII, unique in the world.
The Opportunity: Slight signs of opening of the Indian economy were visible in the mid-’80s, but it seemed like an opportunity for CII to expand its reach to the world through WEF, having already built its international work through trade fairs, industry missions and overseas offices, and try to bring the world to India to support its growth. Only a few believed, then, that WEF could be a window for India, but the risk was taken. In retrospect, it was a good risk to take for India, the Indian economy and industry.
The Objectives and Strategy: The early objectives were to build interest in India, build its image, relationships, confidence and investments. These never changed.
A dual strategy was followed. An annual India Economic Summit (IES) was held in partnership with WEF in Delhi in addition to participation in Davos. The WEF would bring foreign participants to the IES and CII would get Indian corporates to join WEF (as members) and participate in Davos, where business leaders of the world gathered. This collaboration rapidly evolved into including the Government of India and, later, the states. The strategy worked over time and, in the ’90s, with the economic reforms of Manmohan Singh, the world beat a track to India. In the same period, the Indian interest in Davos was significantly enhanced, bordering on euphoria.
So, Davos became the platform for India to build its global image, expand its global network, consolidate its global influence and use this one place, high in the Alps, to take steps to become a global player.
Institutional Partnership: WEF and CII built a unique partnership, with WEF signing a Memorandum of Understanding (MoU) with CII, never done before with anyone else. The WEF organised an annual dinner for the Indian delegation on the opening day at Davos. WEF welcomed new member companies from India recommended by CII. The WEF also mostly respected the recommendations of CII as speakers at Davos. It also recognised the India reception organised by CII, a highlight of the week, plus Indian fashion shows, musical performances to project Indian culture, which presented the country as more than just a business destination. CII also deputed a staff member to WEF to work with their team year after year.
This partnership had a central figure in WEF, Colette Mathur, who was responsible for India. This relationship, the mutual trust and respect, enabled India to steadily achieve its objectives. The Government of India recognised her role, bestowing her with a Padma Award.
Challenges: The WEF however, under Klaus Schwab, the Chairman, had its own priorities.
First, the US. Second, Europe. And only third was Asia. In Asia, China was a priority, naturally, as it galloped into the centre of the economic world.
But India persisted and edged in to make its presence felt in Davos, climaxing with the “India Everywhere” Programme at Davos 2006 under the leadership of Nandan Nilekani. The programme gave India a dominant presence that year. India truly “stormed” Davos.
The other challenge was that WEF was not really an institution. Schwab was the single dominant force in the WEF, and the West spoilt him with access to heads of governments.
Also, after Colette Mathur retired, continuity in the WEF in dealing with India was lacking, seemed transactional and with short memories of all that had been achieved together. But CII persevered patiently so that India, and Indians, received attention and respect.
The Indian Team: Indian Prime Ministers provided leadership to the Davos opportunity for the country. Perhaps the most dynamic leadership has been provided by Prime Minister Narendra Modi from his time as Chief Minister of Gujarat through to his personal participation in Davos in 2018 and virtual addresses in 2021 and 2022, during Covid times.
In addition, state Chief Ministers used Davos as an opportunity and platform to bring investments to their jurisdictions, led notably by Andhra Pradesh Chief Minister N. Chandrababu Naidu.
Apart from state leadership, the states also set up their own pavilions at Davos to project the attractions of states for investment. Davos, therefore, formed a key component of India’s global economic strategy based on the trusted partnership between the government and industry. This teamwork brought the best results for India.
New Opportunity: The WEF, meanwhile, has gone through its own challenges with Schwab’s exit and the installation of a new leadership. There is rethinking across the world about the WEF and new competition is emerging.
However, Davos continues to be important becauseof the West domination of international institutions, still significant investible resources, technology (especially the US) and continuing commitment to Davos.
However, Asia is the region and the continent for growth. China has its own Boao Forum, but that has not made waves. There is, therefore, a new opportunity for India to build a global forum in Asia but for the world. And, learning from experience, it can be structured differently, be much more inclusive, and way more connected to the Global South.
Conclusion: The story of Davos will continue, and India must be there, but is it also time for a new book to be written centred on Asia? It could even be in partnership with WEF’s new leadership, a win-win all around.
Views are personal. The author is the former Director General of the Confederation of Indian Industry (CII).
