Significance of PM’s visit to Davos
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TOPIC: General Studies 2
- Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests
- Effect of policies and politics of developed and developing countries on India’s interests
In news: PM addressed the plenary session at world economic forum in Davos. Every year, there is a meet of around 3000 leaders of governments of world, corporate leaders. This year, PM focused on three issues- climate change, terrorism and protectionism.
Significance of visit
The Indian PM visited the WEF summit after 21 years to join world’s top business leaders.
In global context– in 2017, Chinese president talked about friction less world and announced the arrival of Chinese economy in the global scenario. They are preparing themselves to take over the leadership of the world. This year, Indian PM talked about India’s global positioning, response to global issues, what are its aspirations. It is important in a world that is repositioning itself in the light of US not playing a big role in the global arena and china trying to take its position.
In economic context– the world wants to hear from India on what the Indian economy, which presently is the fastest growing major economy in the world, its actions on reforms. India has undertaken several key actions such as demonetization, GST introduction, digitization programme, attack on black money, attempt to reduce inequality in Indian society etc. This has helped the investing community is interested in knowing what India has to offer.
Diplomacy in soft power
India has to send an important message of it being a crucial soft power in this fractured world. India has made its recognition that world is facing leadership vaccum and for that, India has answers to evils of the world. It is widely known that credibility and acceptability of India is more than China. Also, Yoga is potent display of soft power. Apart from it, India has lot to offer on economic, political and cultural fronts.
India’s economic growth potential will be put forward in context of current year’s agenda which is ‘shared future and fractured world.’ India’s recent rise in the ease of doing business index, upgrade of rating by moody’s are milestones being achieved to become world’s 3rd largest economy in next decade. The tone of ‘India mean business’ is now identified as Indian economy’s openness. Identifying that protectionism in era of globalization is harmful and countries should take care about it. Climate change mitigation will have full support from India’s side. Thus, India has pitched for itself ‘a statesman like position’ for the country to counter the protectionism and domestic rhetoric.
Connecting the dots:
- India’s growth as 3rd largest economy in the world will see its impact on India emerging as world leader in geo-politics. Discuss.