Modi Sees Three Big Global Threats And Offers Four Solutions
It’s Day 2 of the World Economic Forum 2018 at Davos.
Three Problems And Four Solutions
Prime Minister Narendra Modi highlighted the three biggest challenges facing the world, in his keynote address at the 48th World Economic Forum in Davos. Before concluding his speech, he offered four solutions to counter these problems.
The Problems
- Climate change
- Terrorism
- Many nations' inward focus
The Solutions
- Set aside differences and work together on common challenges.
- Adhere to international rules.
- Reform major global institutions.
- Speed up the process of achieving better economic growth.
Modi Ends Speech By Quoting Tagore
Modi ended his speech by quoting Nobel Laureate Rabindranath Tagore. The prime minister said that we should work towards future “where the world has not been broken up into fragments by narrow domestic walls".
Watch PM Modi's Full Speech Here
Crucial That We Abide By International Laws, Says Modi
Prime Minister Narendra Modi went on to speak about the need for global collaboration.
- India's youth needs to transform from job seekers to job givers.
- With the pace of change around us, it is crucial that all abide by international laws and rules.
- India always steps up for global needs, be that WW-II, UN peace-keeping, natural disasters
- Believe in a multi-cultural, multi-polar world that respects democracy, and diversity.
Democracy, Demography, Dynamism Fueling India’s Development, Says Modi
Democracy is not a form of government, but a matter of faith for India, said Modi, adding that collaboration is the central theme of all aspects of India’s government.
- We have resolved to bring development to all. Our motto is collective effort for inclusive growth.
- Our vision for growth and our mission is inclusive.
- This inclusive view is the basis of every policy and every scheme of our government.
- We are investing, working, creating in India. Exporting from it is much easier today than it was earlier.
- We are getting rid of the licensing regime.
We are removing red tape and laying out the red carpet.Narendra Modi, Prime Minister
Third Challenge: People's Inward Focus
People are getting increasingly inward-focused, said PM Modi, adding that globalisation is slowly losing its luster. We are seeing increasing protectionism, with new tariff and non-tariff barriers coming up along, and fall in cross-border trade and international supply chains across the world.
While protectionism is growing around the world, India has embraced Mahatma Gandhi’s ideology of opening up to the world and its diversity, he said.
Terrorism The Second Largest Threat To World, Says Modi
Artificial distinction between ‘good’ and ‘bad’ terrorists is more dangerous than terrorism.Narendra Modi, Prime Minister
'Development Or Downfall', Questions Modi
Modi reminded the audiences of the teachings of Gautam Buddha and Mahatma Gandhi which spoke about a frugal way of living. “We have moved from need based consumption to greed based consumption” which has taken the planet to a fragile point, he said.
We must ask ourselves, is this development or downfall?Narendra Modi, Prime Minister
Climate Change Greatest Threat To Human Civilization
Prime Minister Narendra Modi spoke about the theory of ‘Vasudeva Kutumbakam’ to highlight the need for the world to come together as a family to solve common challenges such as global warming.
We need to work together to find a solution for climate change. Very few countries back words with resources to help developing countries fight climate change.Narendra Modi, Prime Minister
PM Speaks
India’s gross domestic product has grown six times since the last time its prime minister attended the World Economic Forum at Davos, in 1997, said Prime Minister Narendra Modi.
PM Modi To Begin Speech Shortly
Prime MInister Narendra Modi will begin addressing a plenary session of the World Economic Forum in Davos shortly.
U.S. Will Be The Undisputed Shale Leader For Years To Come, Says Fatih Birol
The United States of America will be the undisputed leader in shale and natural gas for many years to come, said Fatih Birol, executive director of International Energy Agency to BloombergQuint on the sidelines of the World Economic Forum 2018 in Davos.
Looking at 2018, we see a blast of oil coming from the U.S., he said. OPEC counties will limit production to keep oil prices higher, but these higher prices will provide incentive for the U.S. to produce more. This will give a downwards pressure on oil prices, which is good news for oil importing countries like India, he said.
When asked if crude will touch $100 per barrel this year, Birol said, if the situation is left on the market, he would be surprised to see oil at that level.
SBI's Rajnish Kumar On Modi's Speech And Interest Rates
The Chairman of India’s largest public sector bank, State Bank of India’s Rajnish Kumar, is excited for Modi’s speech, he said to Bloomberg on the sidelines of the World Economic Forum 2018 in Davos.
The key message we are expecting is that though the world is moving more and more towards protectionism, India is still open to business.Rajnish Kumar, Chairman, State Bank Of India
Other Key Highlights
- Interest rates will stay stable for at least a year.
- If the purpose of demonetisation was formalisation of the economy and spreading general awareness that people need to pay their taxes, then demonetisation was successful.
- Demonetisation has helped digitization of India.
- Gap in provisioning for bad loans will we the biggest challenge for India.
- 2018 will be a much better year in the bad loans front.
Modi's Speech At 3:45 P.M.
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Prime Minister Narendra Modi will become the first Indian prime minister in two decades to attend a meeting of the world's richest and most powerful in Davos. He is expected to impress the influential audience with his government's plans for the 'New India' and ensure the world knows that India is open for business.
In a world that is currently short of inspirational leaders, Davos could also be Modi’s chance to position himself decisively as more than a purposeful national figurehead. Over his time as Chief Minister of Gujarat and the first years of his premiership, he has shown that he is not afraid to put plans into action. The World Economic Forum is surely the ideal occasion for him to set out his broader vision for India, writes John Studzinski for BloombergQuint.
Tata Group's Chandrasekaran At Davos
Tata Sons Ltd. Chairman N Chandrasekran said he faces no interference as he charts out the future course of India’s largest conglomerate by simplifying group structure and reviving key businesses, nearly one year into the job.
“In terms of how I feel at the seat, I would say I feel fully empowered,” Chandrasekaran told BloombergQuint on the sidelines of the World Economic Forum in Davos, Switzerland. “There has been no friction at all,” he said.
Chandrasekaran's comment comes after his predecessor Cyrus Mistry was ousted back in 2016 following a messy public and boardroom tussle with Tata Sons. Among his many complaints, Mistry also alleged interference by Ratan Tata in the business decisions of the group. The battle is still going on in courts. Chandrasekaran was brought in to stablise the group and revive growth.
The Three Big Threats To Global Economic Growth
Donald Trump’s “protectionist tendencies”, a probable mismanagement of China's deleveraging, and “spooked central banks” putting the brakes on rate cuts, are the three events which could derail global economic growth momentum being witnessed across the globe, according to IHS Markit Chief Economist Nariman Behravesh.
“Left to its own devices, this economy has momentum to go at least a year or two,” Behravesh told BloombergQuint on the sidelines of the WEF in Davos. “Compared to a year ago, the momentum is stronger and, more importantly, it is broad-based,” he said.
The Mood At Davos 2018
Once again, India has the largest contingent at the World Economic Forum in the ski resort of Davos, Switzerland. From political figures, India Inc.’s chief executive officers, Bollywood producers and actors, and senior journalists—they’re all present. So here’s what they want to hear from Prime Minister Narendra Modi’s keynote speech at the World Economic Forum at Davos tomorrow.