Union Minister Ashwini Vaishnaw with WEF Chairman Klaus Schwab, Davos, Switzerland, January 23, 2025 (Photos: Getty Images)
THE HIGHLIGHT OF this year’s summit hosted by the World Economic Forum (WEF) at Davos, Switzerland, from January 20 to 24 was the speech by the newly minted US President Donald Trump whose statements were quite characteristic of him: blunt and unpredictable.
Trump was responding to questions by a select group of grandees, most of them known to him personally, at this annual conclave of the global elite over regulations by the European Union (EU) that they said were hurting the ease of doing business in the continent.
Addressing 3,000 attendees, the American president warned that he had found such restrictions cumbersome besides stating that companies that do not make their products anywhere but the US will face tariffs. Speaking remotely to the five-day summit held in this town in the Swiss Alps on the fourth day, he asked the Organization of the Petroleum Exporting Countries (OPEC) to lower oil prices and complimented himself on the swift policy measures he had undertaken since swearing-in on January 20. Trump also claimed that several banks were not offering services to conservatives, a remark that was later refuted by the bankers as untrue. He didn’t waste any opportunity to berate his predecessor Joe Biden as he relied on his typical aggression and casual bravado, especially while airing statements about the quality of air and water in the US in his first term.
The other highlights of the conclave of the high and mighty included serious discussions on global challenges and other issues, including climate change, global security, fourth industrial revolution, and so on. Set up in 1971, the summit continues to be the most sought-after space for business and political leaders, as well as others, for networking and it blurs ideological divisions.
This time, the Davos summit—which had in the past seen the Russians and the Americans talk peace and the likes of Nelson Mandela warm up to his former tormentors—saw communists and conservatives alike network tirelessly to ensure monetary gains and attract investment.
For India, one of the fastest-growing major economies in the world, this was an occasion to showcase its renewed commitment to global engagement and greater collaboration in order to sustain its growth momentum. Not surprisingly, this year’s summit at Davos had the largest-ever delegation from India led by Union Minister Ashwini Vaishnaw, five other colleagues of his, three chief ministers and several other top-ranking officials.
The Centre and the states worked hand-in-hand to make the most of their visit. Vaishnaw, who outlined India’s economic roadmap with the country attracting greater global engagement, said it is no longer contended with focusing on any specific segment but will pursue a multi-pronged approach. “It has to be manufacturing and services combined. It cannot be ‘either-or’—it has to be ‘and’,” the minister of Railways and IT was quoted as saying in the media.
It was indeed an occasion to cheer for the states, too, as most of them strived to enter into memoranda of understanding (MoUs) for investments into their respective states. For his part, Andhra Pradesh Chief Minister N Chandrababu Naidu, who was the first Indian chief minister to attend the WEF at Davos in the 1990s, emphasised partnerships to enhance green industries, green hydrogen, and AI in his state, arguing that these are sectors that will drive the future of growth.
Maharashtra, too, was successful in securing investment commitments. Chief Minister Devendra Fadnavis told the media that he could sign 61 MoUs worth around ₹16 lakh crore, which he said has the potential to generate 16 lakh new jobs in the state. He added that his focus areas are infrastructure, manufacturing and technology.
Telangana Chief Minister Revanth Reddy told reporters that his state signed 20 MoUs valued at ₹1.79 lakh crore, mostly in areas such as data centres, green energy, and advanced technologies. He estimates the creation of 50,000 jobs thanks to these investments. Reddy also said that companies such as Unilever are planning to set up new manufacturing units in the state.
This year Davos had the largest-ever delegation from India led by Union Minister Ashwini Vaishnaw, five other colleagues of his, three chief ministers and several other top-ranking officials
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Similarly, Kerala, ruled by the Communist Party of India (Marxist), positioned itself as a friendly destination, busting stereotypes of harbouring hostile trade unions. State Industries Minister and Marxist leader P Rajeev, according to officials, held more than 30 one-on-one meetings with various corporations to invite investments in fields as diverse as tourism, IT, and renewable energy.
Tamil Nadu, a state known for its industry friendliness, also signed several MoUs with international companies at Davos, Tamil Nadu Industry Minister TRB Rajaa said. The minister also announced plans to collaborate with Japan to promote women’s role in the industry following a successful meeting with the delegates at Davos. “Tamil Nadu held multiple meetings with global leaders, potential investors, and multinational corporations, promoting the state as a key investment destination,” Rajaa said in a statement later, emphasising that the state had signed 893 MoUs at Davos since 2021, achieving an investment of ₹10.07 lakh crore.
At Davos, Rajaa held bilateral discussions with several global leaders, including the Deputy Prime Minister of Singapore Gan Kim Yong, and the Minister of Economy of the United Arab Emirates Abdulla bin Touq Al Marri. He said these talks focused on semiconductor manufacturing, design, and medical technology.
Overall, at Davos this time, India won investment commitments exceeding ₹20 lakh crore.
Switzerland-based Chitra Subramaniam, a journalist and entrepreneur who has been a frequent participant at WEF in various capacities for over two decades, tells Open that the annual meeting at Davos accords a unique opportunity for business and political leaders to meet and exchange ideas and develop business opportunities for their companies and countries.
She notes, “Its USP continues to be the platform itself—CEOs can meet over 20 of their global counterparts in a short span of some four or five days. From the calendar perspective alone, this is a feat.”
Subramaniam, founder of CSD-Consulting, adds that while the main meeting is important, the sidelines of the meeting, too, are equally important. The first Indian to be part of WEF (then the European Economic Forum, EEF) was the late father of Baba Kalyani of the Bharat Forge group from Pune, as Subramaniam points out. She recalls that the late Rahul Bajaj brought a lot of gravitas to the meeting, giving India a major leg up among global business leaders.
“Initially it was the business people from Mumbai who came to Davos. Later, business and politicians from Delhi joined, bringing with them the good and the less good of politics, power and bureaucracy,” says Subramaniam who, working with the former CEO of TCS, S Ramadorai, brought the IT major to Davos in the early 2000s. “In recent years, the Davos meeting has lost some of its sheen partly because of rising costs (Swiss ministers couldn’t afford hotels in 2024) and partly because of a lack of focus with CEOs and governments competing for the limelight and issues falling between the stools,” she says.
This year, Davos also saw protesters demanding a tax hike for the rich and asking governments to pay more attention to diversity and climate change. Regardless of the controversies, WEF still offers the finest opportunity for hundreds of powerful people to mingle in the ski resort-turned-conference centre.
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