WEF 2018: PM Modi to spell out agenda for young, innovative India
BusinessToday.in January 15, 2018
Prime Minister Narendra Modi will soon head to the World Economic Forum at Davos, Switzerland, with an aim to spell out the country's agenda as a 'new, young and innovative India'. The WEF is one of the large gatherings of the world's rich and powerful people at one stage where delegates discuss issues that matter. In light of recent economic reforms carried out by the Indian government - and the world powers recognising India's role as a crucial player - PM Modi is likely to emphasise how his government has made it earlier to do business in India by clamping down on black money, streamlining the tax system, and checking corruption. The Prime Minister will also talk about 'cooperative federalism in India' in the 48th WEF apart from urging world powers to unite against terrorism, cyber threat and economic imbalances, and corner the nations harbouring terrorists and spreading their expansionist agenda.
India's 30th position in the WEF global manufacturing index, above neighbouring countries Pakistan (74), Bangladesh (80) and Sri Lanka (66), puts it at an advantage in the global changing production system, which at present is in its infancy. Japan tops the index followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland in the top 10. As per the WEF's 'Readiness for the future of production report', Japan has the best production structure, and only 25 countries are in the best position to gain as production systems stand on the brink of exponential change.
As per the report, India, with total manufacturing value of $420 billion in 2016, is fifth largest manufacturer in the world with over 7 per cent per year growth on average. The country's total manufacturing value accounts for 12-15 per cent of the total global value. "Home to the second-largest population in the world and one of the fastest growing economies, the demand for Indian manufactured products is rising. India has room for improvement across the drivers of production, except for demand environment where is ranks in the top 5," the WEF said.
Though the WEF has recognized India's manufacturing power saying it's rising but has a room for improvement across all drivers, it has also appreciated the demand environment in India. The WEF has listed human capital and sustainable resources as two major challenges for the country as big as India. But as the youngest nation with over 65 per cent of the population under 35, it can tackle these challenges by setting up more world-class institutes like IITs and IIMs and effective implementation of skill-development programmes and digital India campaign, and the world needs to know it.
Besides, superstar Shahrukh Khan has also been invited for the mega event to talk about 'women empowerment' and its significance for India.