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Davos, Global economic growth is estimated to fall to its lowest rate in three decades by 2030 amid the ongoing economic and geopolitical shocks, a new report said on Monday. <keyword id="20205587" type="General" weightage="20" keywordseo="releasing-the-future-of-growth-report" source="keywords">Releasing the Future of Growth Report</keyword> 2024 here ahead of its annual meeting of world leaders, the <keyword id="20020435" type="General" weightage="20" keywordseo="world-economic-forum" source="keywords">World Economic Forum</keyword> (<keyword id="19955159" type="General" weightage="20" keywordseo="wef" source="keywords">WEF</keyword>) said this downturn is exacerbating a range of interconnected global challenges, including the climate crisis and a weakening social contract, which are collectively reversing progress in global development. The report called for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed, and quality together. Analysing the quality of growth across 107 economies, it found that high-income economies score high on innovation and inclusion, while lower-income economies on sustainability. "Reigniting global growth will be essential to addressing key challenges, yet growth alone is not enough," WEF Managing Director <keyword id="20205586" type="General" weightage="20" keywordseo="saadia-zahidi" source="keywords">Saadia Zahidi</keyword> said. "The report proposes a new way for assessing economic growth that balances efficiency with long-term sustainability, resilience and equity, as well as innovation for the future, aligning with both global and national priorities," she added. The WEF also launched its 'Future of Growth' initiative, a two-year endeavour aimed at charting a new narrative for economic growth and supporting policymakers from around the world, together with economists and other experts, in identifying the best pathways in balance growth, innovation, inclusion, sustainability, and resilience goals. The report said that most countries continue to grow in ways that are neither sustainable nor inclusive and are limited in their ability to absorb or generate innovation and minimise their contribution and susceptibility to global shocks.

Global economic slowdown headed for worst phase in three decades: WEF study

New York [US], May 21 (ANI): International tourist arrivals and the <keyword id="2173225" type="General" weightage="100" keywordseo="travel-and-tourism" source="Orion">travel and tourism</keyword> sector's contribution to <keyword id="572312" type="General" weightage="20" keywordseo="global-GDP" source="Orion">global GDP</keyword> are expected to return to pre-pandemic levels this year, driven by the complete lifting of COVID-19-related <keyword id="19916662" type="General" weightage="20" keywordseo="travel" source="keywords">travel</keyword> restrictions and strong pent-up demand, as per the new <keyword id="20020435" type="General" weightage="20" keywordseo="World-Economic-Forum" source="keywords" meta.keywordsubtype="org" meta.entityname="World Economic Forum" meta.hostid="261" meta.entityid="World Economic Forum">World Economic Forum</keyword> travel and <keyword id="19997361" type="General" weightage="20" keywordseo="tourism" source="keywords">tourism</keyword> study, released on Tuesday. Topping the 2024 list of economies are the US, Spain, Japan, France and Australia. The Middle East had the highest recovery rates in international tourist arrivals - 20 per cent above the 2019 level, while Europe, Africa and the US all showed a strong recovery of around 90 per cent in 2023. <keyword id="21745194" type="General" weightage="20" keywordseo="Travel-and-Tourism-Development-Index-2024" source="Orion">Travel and Tourism Development Index 2024</keyword> (TTDI), a biennial report published in collaboration with the University of Surrey, analysed the travel and tourism sectors of 119 countries around a range of factors and policies. "This year marks a turning point for the travel and tourism sector, which we know has the capacity to unlock growth and serve communities through economic and social transformation," said Francisco Betti, Head of the Global Industries team at the World Economic Forum. "The report offers a forward-looking window into the current and future state of travel and tourism for leaders to navigate the latest trends in this complex sector and sustainably unlock its potential for communities and countries across the world." The <keyword id="840423" type="General" weightage="20" keywordseo="global-tourism" source="Orion">global tourism</keyword> industry is expected to recover from the lows of the COVID-19 pandemic and surpass the levels seen before the crisis. As per the report, this is largely being driven by a significant increase in demand worldwide, which has coincided with more available flights, better international openness, and increased interest and investment in natural and cultural attractions. However, the report painted that the global recovery has been mixed. While 71 of the 119 ranked economies increased their index scores since 2019. Although the sector has moved past the shock of the global health crisis, it continues to deal with other external challenges, from growing macroeconomic, geopolitical and environmental risks, to increased scrutiny of its sustainability practices. In addition, labour shortages are ongoing, and air route capacity, capital investment, productivity and other sector supply factors have not kept up with the increase in demand. This imbalance, worsened by global inflation, has increased prices and service issues. Out of the top 30 index scorers in 2024, 26 are high-income economies, 19 are based in Europe, seven are in Asia-Pacific, three are in the Americas and one (the United Arab Emirates) is in the Middle East and North Africa region (MENA). The top 10 countries in the 2024 edition are the United States, Spain, Japan, France, Australia, Germany, the United Kingdom, China, Italy and Switzerland. The results highlight that high-income economies generally continue to have more favourable conditions for travel and tourism development. This is helped by conducive business environments, dynamic labour markets, open travel policies, strong transport and tourism infrastructure, and well-developed natural, cultural and non-leisure attractions. "It's essential to bridge the divide between differing economies' ability to build a strong environment for their travel and tourism sector to thrive," said Iis Tussyadiah, Professor and Head of the School of Hospitality and Tourism Management at the University of Surrey. "The sector has big potential to foster prosperity and mitigate global risks, but that potential can only be fully realized through a strategic and inclusive approach." If managed strategically, the travel and tourism sector - which has historically represented 10 per cent of global GDP and employment - has the potential to emerge as a key contributor to growth, it said. (ANI)

Worldwide tourism and its contribution to global GDP to return to pre-COVID levels this year: WEF study

<ul><li>The world is seeing a return of old sets of risks like inflation, trade wars, capital outflows from emerging markets and social unrest. </li><li>It also faces new risks like unsustainable levels of debt, a new era of low growth, low global investment and de-globalisation. </li><li>Concurrent shocks, deeply interconnected risks and eroding resilience are giving rise to the risk of polycrises. </li></ul>As a new year begins, India might face risks like digital inequality, geopolitical contestation of resources, <keyword id="14744072" type="General" weightage="20" keywordseo="cost-of-living-crisis" source="Orion">cost-of-living crisis</keyword>, <keyword id="167509" type="General" weightage="20" keywordseo="debt-crises" source="Orion">debt crises</keyword>, along with natural disasters and extreme weather events in the next two years, says a <keyword id="69007" type="General" weightage="20" keywordseo="world-economic-forum" source="Orion">World Economic Forum</keyword> report released on Wednesday. These were the top five risks identified in an executive opinion survey on national risk perceptions, conducted by WEF. The Global Risks Report 2023 said that the first five years of this decade heralded a particularly disruptive period in human history. Eerily familiar old risks with new risks Apart from a return of ‘eerily familiar’ older risks, the world is seeing a new set of risks emerge that are shaping an uncertain and turbulent decade to come. “We have seen a return of older risks – inflation, cost-of-living crises, trade wars, capital outflows from emerging markets, widespread social unrest, geopolitical confrontation and the spectre of nuclear warfare – which few of this generation’s business leaders and public policy-makers have experienced,” the report said. In addition, there are new developments like unsustainable levels of debt, a new era of low growth, low global investment and de-globalisation, a decline in human development after decades of progress, and rapid and unconstrained development of dual-use (civilian and military) technologies. There is also the growing pressure of climate change impacts and ambitions in an ever-shrinking window for transition to a 1.5°C world, says WEF. “Concurrent shocks, deeply interconnected risks and eroding resilience are giving rise to the risk of polycrises – where disparate crises interact such that the overall impact far exceeds the sum of each part,” it adds. ‘First rollback in human development in decades’ Inflationary pressures could remain stubborn over the next two years, the agency predicts — as war prolongs, pandemic lingers and economic-warfare spurred supply-chain decoupling continues. “Continued supply-driven inflation could lead to stagflation, the socioeconomic consequences of which could be severe, given an unprecedented interaction with historically high levels of public debt,” the report said. Even those countries that have a softer economic landing will also have to go through pain as the low-interest rate regime ends. “The knock-on effects will be felt most acutely by the most vulnerable parts of society and already-fragile states, contributing to rising poverty, hunger, violent protests, political instability and even state collapse,” WEF added. Governments will be stressed with protecting citizens from a long lasting cost-of-living crisis during an economic downturn, high interest costs due to high public debt and the urgent need to transition to new energy systems. Moreover, the geopolitical landscape might also be less stable. “The resulting new economic era may be one of growing divergence between rich and poor countries and the first rollback in human development in decades,” said WEF. The great tech divide The world has seen many emerging technologies evolve, with advancements in artificial intelligence (AI), quantum computing and biotechnology. The countries that can afford them will use them to partially mitigate health and food security threats, but for others, the inequality and divergence will only grow. “In all economies, these technologies also bring risks, from widening misinformation and disinformation to unmanageably rapid churn in both blue- and white-collar jobs,” the report said, adding that increasing digitization will also deepen the cybersecurity threats. Tech risks won’t just come from rogue actors but also from misuse of sophisticated analysis of large data sets that will weaken privacy even in democratic regimes, as per WEF. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ecomm-edtech-see-sharpest-drop-as-startup-fund-raise-falls-33-in-2022-pwc/articleshow/96909018.cms">Ecomm, edtech see sharpest drop as startup fund raise falls 33% in 2022: PwC</a> <a href="https://www.businessinsider.in/business/corporates/news/why-mcdonalds-is-going-big-even-as-pizza-hut-and-other-rivals-slash-store-sizes/articleshow/96782982.cms">Delivery versus dine-in: Why McDonald's is going ‘big’ even as rivals slash store sizes</a>

Digital inequality, debt, cost of living crises among top 5 risks for India in 2 years: WEF

<ul class="summary-list"><li>Automation, social issues, and the growth of green industries due to net-zero climate goals are all putting a strain on the world's workforce. </li><li><keyword id="11902211" type="UNKNOWN" weightage="60" keywordseo="world-economic-forum" source="Orion">World Economic Forum</keyword> panelists discussed how improved education programs and management structures could contribute to an improved future for workers. </li></ul>Tomorrow's workforce will face new levels of change and stress, thanks to factors such as "the green revolution" and the aging population, according to a panel of government ministers and experts that spoke today at the World Economic Forum in <keyword id="12777989" type="UNKNOWN" weightage="60" keywordseo="davos" source="Orion">Davos</keyword>.Upskilling workers, improving social services, and even reshaping the nature of work itself will be the essential ingredients in building a sustainable global workforce for decades to come. <h2>Future-proofing through skills training</h2>By the mid-2030s, <a href="https://www.pwc.co.uk/services/economics/insights/the-impact-of-automation-on-jobs.html">44% of workers</a> with low education are at risk of losing their jobs to machines. But government ministers from Sweden and Canada told the Davos panel that through virtual training programs and new jobs, automation, and artificial intelligence are set to create more opportunities than it takes away. "Technology is a great enabler," said Canada's minister of innovation, science and industry, François-Phillipe Champagne. Nonetheless, both ministers admitted that there remains one big issue when it comes to automation: ensuring there are enough skilled workers to keep things running. "Robots are going to be key to increasing productivity," Champagne said. The challenge will be investing in upskilling and reskilling the workers whose jobs will become redundant, he added. Ongoing national education and training programs will be crucial, particularly as countries adapt to the "green transition," and encouraging worker migration to industrial hubs may also prove critical. "After 10 to 15 years of giving subsidies to people to move to Stockholm to get jobs, now we have to think of how to get people to more from Stockholm or Gothenburg to the northern part of Sweden where the new industrial jobs are being created," Mikael Damberg, Sweden's minister of finance, said.In well-populated nations like Bangladesh, however, governments will need to ensure there is enough work to go around. "Our population is one of our biggest strengths, and we need to transform this big population into a big human resource," Dipu Moni, minister of education in Bangladesh said. Education, and giving people not just "technological know-how" but the skill of being able to constantly adapt to the changing nature of work itself is the only way to do this, said Moni.<h2>The shifting shape of work </h2>Yet this uncertainty about the <keyword id="11896064" type="UNKNOWN" weightage="60" keywordseo="future-of-work" source="Orion">future of work</keyword> may be exacerbating the already-growing worldwide <a href="https://www.who.int/health-topics/mental-health#tab=tab_1">mental health crisis</a>, one that disproportionately affects the world's poor — <a href="https://www.who.int/news-room/fact-sheets/detail/suicide">77%</a> of global suicides occur in middle- and low-income countries — and has had a knock-on effect on employment and employability. According to Jos De Blok, founder of Dutch healthcare organization Buurtzorg, "we are creating depression through working conditions." Workplaces must restructure, remove bureaucratic administration systems, allow for flexible working, and give workers the chance to manage themselves, in order to reduce negative health outcomes and produce a happy, productive workforce, he told the crowd at Davos.This will also give workers a sense of purpose, which can help circumvent mental health issues, as Champagne put it, "people don't just want a job, they want something that will be meaningful in their lives." Workplace issues cannot be disentangled from social issues and paying attention to not just worker's health but gender inequality and disability issues is pivotal to future-proofing work systems, panelists said. A World Economic Forum report released today found that a new modeling of the United States' economy would see an investment of $1.3 trillion into social jobs like teaching, healthcare, and education, which could unlock $3.1 trillion in GDP returns and create 11 million jobs by 2030. While Champagne urged the room that we should "empower the people," and treat social jobs with the value they deserve, De Blok countered, "But are we willing to reward them? Are we willing to increase their salaries?" He told the audience that when it comes to caring for employees, "we need to put trust and humanity at the center."

The global workforce faces huge levels of stress and change, according to a panel at the World Economic Forum in Davos

<ul><li>About 62% business leaders said that Indian GDP will grow above 6.5% in FY23, according to a Deloitte survey. </li><li>The most optimistic business leaders are from the chemicals segment, followed by capital goods and energy. </li><li>Business leaders expect the government to be proactive in cushioning the <a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms">impact of growing risks</a> in the upcoming Budget. </li><li>Tax incentives, credit support, and simplification of capital gains tax structure feature amongst the top three <keyword id="112937" type="General" weightage="20" keywordseo="budget-expectations" source="Orion">budget expectations</keyword> from India Inc. </li></ul> Indian business leaders are confident that the economy will grow to above 6.5% percent in FY23, fuelled by strong domestic demand and the government’s push for capital expenditure, according to a Deloitte pre-Budget survey released on Friday. About 62% business leaders said that Indian GDP will grow above 6.5%, even as <a href="https://www.businessinsider.in/finance/news/rbi-downgrades-fy23-gdp-growth-projections-to-6-8-percent/articleshow/96047963.cms">multiple agencies downgraded their </a>outlook for the last few months of the fiscal. This signals optimism and confidence in India’s resilience and growth prospects, the Deloitte report said. India Inc’s expectations at large, are in line with Reserve Bank of India’s (RBI) forecast that Indian GDP will grow at 6.8% in FY23, an outlook the central bank gave as part of its December 2022 policy update. The most optimistic business leaders are from the chemicals segment, who are confident that the economy will grow at a healthy pace. This was followed by capital goods and energy. The most divided responses on growth outlook came from food processing, textiles, and life sciences and healthcare sectors – where less than half of the respondents were confident of high growth . The report said that optimism was more pronounced amongst sectors with better performance, and where outlook was driven by strong domestic demand. Budget to define ‘Amrit Kaal’ agenda In the upcoming <keyword id="14925728" type="General" weightage="20" keywordseo="budget-2023-24" source="Orion">Budget 2023-24</keyword>, business leaders expect the government to be proactive in cushioning the <a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms">impact of growing risks</a> that include a possible global recession caused by geopolitical turmoil, and soaring energy, food, and labour costs. “Business leaders believe that the budget would define the ‘Amrit Kaal’ agenda for India and fuel the economy to remain resilient and continue to grow at a healthy pace, while balancing concerns around inflation and global risks,” the report said. Expectations from the government are also higher than they were last year, with more leaders expecting governmental support for their sector this time around. About 73% of the respondents said that they are optimistic that the forthcoming budget will support their sector's growth amid the downside risks they face this year. This is a sharp rise over the previous year, where 55% indicated such sentiments. Infra, exports, carbon neutrality among top expectations Tax incentives, credit support, and simplification of capital gains tax structure featured amongst the top three budget expectations. “Industry players are optimistic about the upcoming budget and expect a slew of measures for economic growth, with a strategic focus on infrastructure development, boosting exports, easing compliances, and leading the nation towards carbon neutrality, in line with R.A.I.S.E, as enshrined in G20/B20,” said Sanjay Kumar, partner, Deloitte Touche Tohmatsu India. RAISE is an acronym for responsible, accelerated, innovative, sustainable and equitable businesses. Targeted schemes and broader coverage of production-linked incentives (PLI), lower custom duties and affordable credit also featured the most amongst the top expectations that can help boost exports. Well-negotiated free trade agreements also featured amongst the top expectations. “An overwhelming majority of respondents see trade treaties as vehicles for increasing investment flows and providing exchange of emerging technologies to strengthen their role in global value chains (GVCs),” the survey said. Policies related to credit were the other asks amidst tightening monetary policies, especially from those in the manufacturing sector. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ecomm-edtech-see-sharpest-drop-as-startup-fund-raise-falls-33-in-2022-pwc/articleshow/96909018.cms">Ecomm, edtech see sharpest drop as startup fund raise falls 33% in 2022: PwC</a> <a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms">Digital inequality, debt, cost of living crises among top 5 risks for India in 2 years: WEF</a>

Indian Inc expects Budget FY24 to cushion economy from global risks; optimistic FY23 GDP growth will be above 6.5%: Deloitte survey

<ul><li>We are witnessing a unique explosion of new business building said <keyword id="6354955" type="General" weightage="50" keywordseo="kumar-mangalam-birla" source="Orion">Kumar Mangalam Birla</keyword> in his annual reflections note of 2022-23. </li><li>Compromises that have been made by businesses in the interest of growth, and alarms have been set off too late, he says. </li><li>Core metrics like operating profits, gross margins, and cash flows — have enduring resonance across business cycles. </li><li>He cites Top Gun Maverick – the 2022 sequel to the 1986 movie Top Gun – as a good example of combining brand power with excellence to win over GenXers and GenZs alike. </li></ul>There are no shortcuts to business building, says Kumar Mangalam Birla, the chairman of the Aditya Birla group, in his annual reflections note of 2022-23. He also added that we now live in a world of increasing opportunity and accelerating uncertainty. The 55-year-old head of one of India’s oldest and profitable business groups said that we are witnessing a unique explosion of new business building thanks to availability of capital, coupled with young talent brimming with ideas. Hustle vs Hubris “There is much to be celebrated and learnt from the raw energy and hustle of many of these new ventures in the startup ecosystem. At the same time, it’s also increasingly clear that there is a thin line between hustle and hubris,” said Birla. According to him, businesses — new or old – must get a few things right to strike the right balance. He pointed out issues and also offered suggestions. Right on top are the compromises that have been made by businesses in the interest of growth – where alarms have been set off too late. “Unfortunately, there have been one too many examples recently of teams that have embraced shortcuts. Build for the long haul and create a culture of values, where actions matter more than slogans,” he said. The metrics that matter Incumbents and insurgents both should ‘own the offensive moves’, according to Birla, who manages the metals-to-retail conglomerate. Big bets need to be orchestrated based on fundamental strengths — better <keyword id="3339534" type="General" weightage="20" keywordseo="unit-economics" source="Orion">unit economics</keyword>, massive scale, network advantages and speed. “Play out the patterns on the chess board three moves hence. If you do not continuously reshape the terms of the industry based on these big bets, someone else definitely will be playing to theirs,” he said. He insists that there is value in core metrics like operating profits, gross margins, and cash flows — terms that have enduring resonance across business cycles. Wing it like <keyword id="1538" type="General" weightage="50" keywordseo="tom-cruise" source="Orion">Tom Cruise</keyword> However, we are living in a world of shorter business cycles where technology is changing and consumer needs are evolving. “For a group like ours, a unique challenge is to harness the trust and stability that comes from longevity, while ensuring that we can continuously reinvent ourselves,” he said. In this context, he quotes the example of the recent hit Top Gun Maverick, which grossed $1 billion at the box office in 2022 in the very first month of its release. It’s a sequel to the 1986 original that catapulted its lead actor Tom Cruise to stardom. But those who watched this movie are not just nostalgic GenXers but also GenZs, who enthusiastically embraced the movie. “This is in no small part due to the push for cinematic excellence, the commitment of a star who still does his own flying, and the imagination to reinvent and build for the future,” says Birla telling the tale of how old and the new can come together. How’s the future? A large number of business leaders have been struggling with new and evolving business needs. In a survey conducted by PwC, 41% Indian CEOs said that they do not expect their companies to be economically viable in ten years if they continue on their current path. They also see multiple challenges to profitability within their industries, as they believe they would be operating in a much different scenario than they are used to. Around 62% of India CEOs believe that changing customer demand will impact profitability in their respective industries over the next ten years to a large or very large extent. Birla too says that businesses are facing tough conundrums like harnessing brand power, distribution might with tech, forward looking product pipeline, consumer relevance and an agile workforce. “What are the bets that see through the short-term fads and translate into sustainable advantage? I do not have the answers to all these questions but take heart in some of the unique experiments that we have underway to find solutions,” says Birla. SEE ALSO <a href="https://www.businessinsider.in/finance/news/indian-ceos-see-a-difficult-year-but-most-say-they-wont-go-for-job-or-salary-cuts-pwc-survey/articleshow/97046963.cms">Indian CEOs see a difficult year but most say they won’t go for job or salary cuts: PwC survey</a> <a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms">Digital inequality, debt, cost of living crises among top 5 risks for India in 2 years: WEF</a>

Reinvent for the future like Tom Cruise in Top Gun Maverick says Kumar Mangalam Birla

<ul class="summary-list"><li><keyword id="102110" type="ORGANIZATION" weightage="60" keywordseo="WEF">WEF</keyword> founder <keyword id="75498" type="PERSON" weightage="60" keywordseo="Klaus-Schwab">Klaus Schwab</keyword> said corporate leaders today have a "new mindset" around <keyword id="6361617" type="UNKNOWN" weightage="60" keywordseo="climate-change">climate change</keyword>.</li><li>He said more corporate leaders will likely embrace the ESG movement.</li><li>The comments were made during <a href="https://youtu.be/mpE3HfL4IU8">Insider's "Act to Impact" event</a>, presented by Deloitte, on April 20.</li></ul>When Klaus Schwab thinks of climate change, he thinks of his grandchildren and their future. Schwab, the founder and executive chairman of the <keyword id="69007" type="ORGANIZATION" weightage="60" keywordseo="World-Economic-Forum">World Economic Forum</keyword>, is worried - but hopeful."Many people have a tendency to see our fight against climate change as a cost, as something that is negative," Schwab said. "Yes, it may be to a certain extent, but it's also a great opportunity."For the economic leader, tackling climate change means <keyword id="34454" type="ORGANIZATION" weightage="60" keywordseo="leadership">leadership</keyword> innovation. Company executives, investors, consumers, and political leaders will have to find ways to work together to enact change, he said.And that means new economic opportunities: new infrastructure projects such as the one Congress is <a href="https://www.erienewsnow.com/story/43712566/white-house-lawmakers-debate-details-of-proposed-dollar2-trillion-infrastructure-package">debating</a>, new developments in technologies such as carbon sequestration, and new products such as expanded options for electric cars.Schwab credits a good portion of his philosophy on climate change to <keyword id="45830" type="PERSON" weightage="60" keywordseo="Bill-Gates">Bill Gates</keyword>, who he said is a leader in the green movement."Gates talks about how, in order to decarbonize the world or to make it carbon-neutral by 2050, a lot of new technological progress has to be achieved," Schwab said. "I see here a great opportunity because we can move into an age of green innovation."Signs of this age of green innovation have increased in the past year. ESG investments, or investments that apply environmental, social, and governance principles to a company's performance, have seen record growth and are projected to increase in the future, <a href="https://corpgov.law.harvard.edu/2020/03/02/top-10-esg-trends-for-the-new-decade/">reports showed</a>.US assets under management that used ESG criteria increased 42% over the past two years to $17 trillion in 2020, up from $12 trillion in 2018, showed a <a href="https://www.ussif.org/trends">2020 report</a> from the US Forum for Sustainable and Responsible Investment.A growing number of companies have pledged large green initiatives. GM, America's largest car manufacturer, said it would go carbon-neutral in its global products and operations by 2040. Apple committed to being 100% carbon-neutral for its supply chain and products by 2030.Schwab is energized by these changes and believes the trend toward a more stakeholder-centric view of the world is ahead."I'm really excited," he said, adding that society has changed over the past few years. "We have a new mindset. We have a new social consciousness."Insider spoke with Schwab about his new mindset and how leaders plan to embrace the ESG movement. Our interview has been edited for length and clarity.There's more and more recognition that a viable economy not only relies on treating people well but treating the climate well. Do you think CEOs have fully adopted this mindset that treating the climate well is good for shareholders?So the executives who have a longer-term thinking have clearly adopted this mindset. And if you look, there are two reasons - they are very obvious. So there's first an economic reason. I think what we have learned from the coronavirus is that prevention - the cost of prevention is much lesser compared to the cost of responding afterward to the damage. So we have a situation where you have a kind of free ride because you don't have to integrate all your external costs into your business model, but someone will have to pay for it. And it will be down the road.And my fear is that we may end up like tobacco companies, which means, we will be in a situation where, down the line, you will have class action. Already today, investors recognize this danger, this risk. There are investors who hesitate to provide capital to companies who really are damaging the environment.But there's also a moral reason. I'm thinking of my grandchildren. I don't want to have them facing a crisis that may be much worse compared to what we are seeing today with the COVID-19 pandemic.Do you believe that investors are recognizing the risk? I said investors who are thinking long term. Of course, if you want to make a fast buck, it's a different matter.But in the end, I think companies will recognize they will be better off economically if they take care of nature, because young people - I mean, at least my employees - they don't want to work anymore for a company or for an organization that is damaging nature.And I think clients and customers do not want to buy the products of such a company. So I think it's in the direct, commercial business interest of companies to take care of the planet.Here in the US, the Securities and Exchange Commission just created an ESG task force to promote the disclosure and transparency of ESG criteria. And a report showed that over 300 ESG proxies are headed to a vote this spring. How do you feel about the surge and attention to ESG reporting?I think it's a great evolution. Some people would say even a revolution. But we should not forget that the ESG metrics - so measuring responsibility - are only part of a total integrated system.It starts with defining your strategies, where you have to take into account the present and maybe even future expectations of your stakeholders. So it's a strategy formulation. It's the responsibility of the board. Then it is of course execution, not only inside the company itself but also in the supplying network. And at the end, you have some measurement system, the ESG metrics.So we should not look at ESG metrics just as some kind of a formal, additional reporting system. I think to do ESG performance in the right way, you have to look at it as an ecosystem, which integrates a company as a whole.There are those who are still against certain ESG metrics, for example, the billionaire investor Warren Buffett recently urged shareholders to reject proposals for more transparency of climate-related risks and diversity and inclusion efforts. What would you say to Buffett and others who reject more transparency?I would like to have a discussion with him.I would tell him: "Look, I can understand that on the level of Berkshire Hathaway, which is a kind of conglomerate, you will have difficulties measuring the ESG responsibility of each of your companies where you have a shareholding in. So, here, I would understand."But as far as his companies are concerned, where he has invested in, I would tell him: "Look, particularly because you are very heavily exposed to the insurance business, why don't you engage actively into more ESG of responsibility? Because it may backfire on you one day, in your insurance business. You may be caught by not having an integrated policy where you pursue profitability but also take care of people and the planet."President Joe Biden <a href="https://www.washingtonpost.com/us-policy/2021/03/31/biden-infrastructure-climate-plan/">is asking Congress</a> to approve hundreds of billions of dollars to remake transit infrastructure in the US in a plan that the White House says will fight climate change. What do you think of this kind of package?It's not enough to hold only corporations responsible. I think we have a common responsibility, all stakeholders of global society, which means corporations have to absolve a lot of their responsibilities in this respect, but it's also us individual consumers, and it's the government.And the government has to contribute to fighting climate change by creating the necessary incentives and also disincentives. I think there are still too many governments around the world that provide subsidies for activities that actually are damaging the climate. And I think we need the government to step in to build the necessary infrastructures.What we need is an integrated approach. We cannot fight climate change by doing here a little bit, there a little bit. We need to have an integrated ecosystem approach. And I think here the government has a major role to play, to provide the kind of integrated vision for the future.Going back to the corporate world for a minute: Doesn't the case of Danone and the recent ousting of its CEO show that focusing on ESG metrics can lead to a nonconfidence vote of shareholders? Yes, so we have the famous case of Danone. The CEO was ousted and the criticism was that he has been devoting his time and his attention much too much to the ESG dimension, and not necessarily giving sufficient attention to his shareholders. But I think that's a wrong dichotomy.We shouldn't make an artificial polarization between profitability on the one hand and people and the planet on the other hand. I think the art of good management today is to create the right balance and not to be too much just keeping in mind stakeholders or shareholders. I'll give you a practical example - if we compare Danone with Unilever.Unilever is certainly recognized worldwide as a company that is at the forefront of ESG thinking, but at the same time the share price of Unilever has doubled more or less in the past 10 years. The share price of Danone has quite had some difficulties, especially over the past year. Shareholders are also stakeholders. Unilever is an example that you can give [attention] to your shareholders as well as your other stakeholders.What company stands out to you as doing especially well when it comes to tackling climate change? I'm looking at the hardest-hit companies, hardest in terms of those being confronted with a major need for transformation. Here - if I look at the oil industry - I take as an example Total, the French oil company. Total is one of the 70 companies that the World Economic Forum brought together to commit to report on the ESG metrics we have developed with the International Business Council, under the guidance of Bank of America's CEO, Brian Moynihan, together with the Big Four audit companies.If we're talking about persons, I would say Bill Gates. I just read his newest book ["How to Avoid a Climate Disaster"]. I think he has a very great contribution to offer us. Because he says, "Look, we need a systemic approach to fight climate change. Even if we take all of our goodwill, it will not be enough. What we need is innovation."He talks about how in order to decarbonize the world or to make it carbon-neutral by 2050, a lot of new technological progress has to be achieved. Our present technology does not suffice to get to the target in 2050. So I see here a great opportunity because we can move into an age of green innovation.Many people have a tendency to see our fight against climate change as a cost, as something that is negative. Yes, it may be to a certain extent, but it's also a great opportunity.If I look at the young generations - the World Economic Forum has a community of 10,000 young leaders - if I talk to them, they have a different mindset. They have a different picture of the world.It's not only the material dimension, income, or GDP. It's well-being. And climate change is interconnected with pollution. It's interconnected with life expectancy. It's interconnected with a lot of health issues. So if we want to invest in our well-being, then we have to invest in fighting climate change.Recently, a number of major corporations such as GM and Apple have made pledges to go carbon-neutral - GM by 2040, and Apple by 2030. Do you think these timelines are realistic? And are they fast enough?We speak about a carbon-free world by 2050. That's the objective of the Paris Agreement. Most countries have subscribed to this objective. And many, many companies have now also issued statements that they would achieve carbon neutrality.Now, we have to be aware that the situation is not the same for each company. We have the energy companies - the Exxons, the Chevrons, and so on - that will have much more challenges to reach this objective of carbon neutrality in 2050, compared to Google, or even a car manufacturer that understands the technology to make this transformation to the electric car.So it's good if companies that have fewer challenges, such as the high-tech companies, provide an example by setting very ambitious objectives. But again, I come back to this: Setting objectives is not enough. Being measured in the execution is important, and here the ESGs come in again.Do you think the energy-sector companies such as Chevron and Exxon have fully bought into the stakeholder-capitalism model? Have they bought into addressing climate change?I would answer that in the following way: If they haven't bought in yet, into the stakeholder concept, they are on the wrong side of history, because I'm deeply convinced that we are now really at an inflection point where society as a whole does not tolerate any more companies that are damaging nature or that are not upholding diversity and social justice.I think we have a completely new social consciousness. We now also have a world where every deficiency can be reported very fast, and that can create a negative reaction. So if I were Exxon or a company that's really challenged - we should not forget, these companies need a complete transformation of their business models - I would commit to the stakeholder concept, but would also try to create understanding in the public. For me, being in the energy sector, it may be much more difficult compared to a company that's already producing products that do not necessarily damage the environment. So it's a communications effort.How are you feeling about the corporate fight to tackle climate change? What, if anything, are you excited about?I'm really excited because, as I just mentioned, we have a new mindset. We have a new social consciousness. People like Greta Thunberg got very aware that something is wrong here in our lifestyles - that either we will have to suffer down the road or our children will have to suffer.So we are now in a situation where climate change, or the attention given to climate change, provides a higher sensitivity for other deficiencies that we have.I mentioned already a lack of inclusion, a lack of social justice, a system that is not necessarily fair in providing everybody with the necessary opportunities. And I think the pandemic has contributed to this new alertness, to this new sensitivity. Some people may say this is inconvenient because we pinpoint weaknesses in our society, but it's a wake-up call to adapt and to make sure that we have better lives. That's what we're fighting for.

The founder of the World Economic Forum explains why 'a new mindset' is giving him hope for climate action, and shares which companies are getting it right

<ul class="summary-list"><li>For businesses, taking action on <keyword id="6361617" type="UNKNOWN" weightage="60" keywordseo="climate-change">climate change</keyword> requires moving from <keyword id="6363690" type="UNKNOWN" weightage="60" keywordseo="Strategy">strategy</keyword> to action.</li><li>Leaders in the finance and CPG sectors will share how to make actionable outcomes that will tackle <keyword id="6375923" type="UNKNOWN" weightage="60" keywordseo="climate">climate</keyword> change.</li><li>On April 20, 2021, Insider is hosting a free virtual event at noon ET, featuring speakers from the World Economic Forum and <keyword id="6358918" type="UNKNOWN" weightage="60" keywordseo="deloitte">Deloitte</keyword>. </li></ul>There's work to be done in the fight against climate change.Insider's virtual event "<a href="https://event.on24.com/wcc/r/3053853/09BD692420904FBEF49F4B9A7F6E69A8?partnerref=article">Act to Impact: Keeping our Promises to the Planet,</a>" presented by Deloitte, takes place Tuesday, April 20, 2021 at noon ET, and includes live conversations with Insider editors and leaders from large corporations in the finance and CPG sectors, climate activists and experts, artists and scholars, as well as climate tech changemakers.Session will discuss actionable and measurable outcomes, advanced sustainable solutions across sectors, how transformative technologies can help take action forward and what part art and society at large play in the climate change movement.<h2>Speakers include:</h2><ul><li>Punit Renjen, CEO, Deloitte Global</li><li>Professor Klaus Schwab, Founder &amp; Executive Chairman of the World Economic Forum</li><li>Elizabeth Yeampierre, Executive Director of UPROSE and Co-chair of the Climate Justice Alliance</li><li>Rodger Voorhies, Global Growth &amp; Opportunity Division, Bill &amp; Melinda Gates Foundation</li><li>and more!</li></ul> <h1 class="formheader">Register For "Act to Impact: Keeping our Promises to the Planet"</h1> Yes, I agree to receive marketing emails from Insider Inc. and event sponsors and accept the <a href="https://www.insider-inc.com/terms">terms and conditions</a>, <a href="https://www.insider-inc.com/privacy-policy">Privacy</a>, and <a href="https://www.insider-inc.com/cookie-policy">Cookie Policies</a> and agree to receive marketing emails from Insider Inc. You can opt-out of emails at any time. Registration information will only be shared with the event sponsors. Don't forget to subscribe to Insider's new newsletter launching April 22, "Insider <keyword id="49089" type="ORGANIZATION" weightage="100" keywordseo="Sustainability">Sustainability</keyword>," a biweekly source of essential stories about climate action and the planet's future. <a href="http://newsletter.businessinsider.com/join/4np/insider-sustainability">Sign up here</a>.

SIGN UP NOW: Leaders and climate activists from the World Economic Forum and more discuss sustainable solutions

<ul><li><keyword id="6367391" type="General" weightage="20" keywordseo="domestic-travel" source="Orion">Domestic travel</keyword> is expected to be a growth driver for the Indian hospitality and tourism industry.</li><li>International <keyword id="34619" type="General" weightage="20" keywordseo="travel-industry" source="Orion">travel industry</keyword> may still have to wait a little longer for travel to grow at the same rate.</li><li>The credit rating agency emphasized that the slow recovery in international travel could be a silver lining for domestic industry.</li></ul>The cost of everything has been increasing – including the cost of travel – but that is not stopping lockdown-affected Indians as they head on to ‘<keyword id="10039138" type="General" weightage="20" keywordseo="revenge-tourism" source="Orion">revenge tourism</keyword>’. The biggest benefactor of this is the sector that has been hit the hardest since the pandemic – hospitality. While the more lucrative international travel is yet to pick up, domestic travel is expected to be a growth driver for the Indian hospitality and tourism industry, according to credit rating agency CARE Ratings. The sector which has been in retrenchment mode for the last two years has seen a ‘re-alignment of cost structures’ by industry players. This forms a strong base for the profitability of the hospitality sector in the coming months. “FY22 has been a promising year for the sector wherein the revival in the occupancy and RevPAR has led to green shoots for the industry players. The decline in Covid cases, resumption of international flights from March 2022, and strong leisure and wedding demand are the positive factors that should lead to growth in occupancy and ARRs in FY23,” the CARE report said. <cmsannotation type="cmsannotation" annotationid="International travels likely to recover in next two years" comment="subhead" text="International travels likely to recover in next two years">International travels likely to recover in next two years</cmsannotation> Care Ratings is betting on international travel demand to recover gradually through FY23 till the end of FY24. Notably, 25 million tourists travel from India to international destinations annually. The credit rating agency — in a report published in September 2022 — emphasized that the slow recovery in international travel could be a silver lining for domestic industry. “For FY23, CareEdge estimates the majority of its portfolio of hotel companies to report improved performance, largely restored to pre-Covid levels. Domestic tourism is expected to be the key growth driver, with international travel slowly gaining momentum, specifically post resumption of international flights,” the report added. The India tourism and hospitality segment has been witnessing an uptick post relaxation of the lockdown since June 2021 and the decline in Covid-19 infections. The industry did witness a sudden surge in bookings in May 2021 as customers explored the option for staycation and workcation. <cmsannotation type="cmsannotation" annotationid="Challenges still remain" comment="subhead" text="Challenges still remain">Challenges still remain</cmsannotation> A recent Travel &amp; Tourism Development Index by the World Economic Forum (WEF) noted that despite the positive trends, the travel and tourism sector is still facing many hurdles with its recovery. “As the world emerges from the pandemic, economies must invest in building a strong and resilient environment to deliver the travel and tourism experience and services for many decades to come,” Lauren Uppink, Head of Aviation, Travel and Tourism at the World Economic Forum. SEE ALSO <a href="https://www.businessinsider.in/tech/news/airtel-launches-its-first-multiplex-but-in-the-metaverse/articleshow/92200692.cms">Airtel launches its first multiplex, but in the metaverse</a> <a href="https://www.businessinsider.in/business/news/adani-sells-a-fourth-of-its-green-hydrogen-business-to-frances-totalenergies/articleshow/92197541.cms">Adani sells a fourth of its green hydrogen business to France’s TotalEnergies</a> <a href="https://www.businessinsider.in/stock-market/news/burger-king-dominos-kfc-to-see-high-growth-even-as-consumer-staples-suffer/articleshow/92196523.cms">Burger King, Domino's &amp; KFC to see high growth even as consumer staples suffer</a>

Domestic travel, fuelled by revenge tourism, aids growth in hospitality sector

<ul><li><keyword id="6354287" type="COMPANY" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword> chief Sunil Mittal believes India is not far behind in the 5G race. </li><li>German Chancellor Angela Merkel said that the world needs to look out for India and China’s growing contribution to the world economy. </li><li>Newly-elected Madhya Pradesh Chief Minister Kamal Nath said that India continues to grow irrespective of the government in power. </li></ul>As <keyword id="69007" type="COMPANY" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword> 2019 inches closer towards its conclusion, several leaders acknowledged India's growing clout and economic power. India vs China: The 5G race A day after Chinese company China Energy Engineering Corp. announced its $4.4 billion plan of building 50,000 towers for telcos in the country, which could possibly boost its 5G presence. India’s largest telecom service provider Bharti Airtel owner Sunil Mittal has <a href="https://www.indiatoday.in/business/story/sunil-mittal-5g-india-today-davos-wef-1437292-2019-01-23">said</a> that India will possibly welcome 5G in three years. So far, 5G has been mainly in talks in India with leaders like <a href="https://telecom.economictimes.indiatimes.com/news/5g-device-ecosystem-likely-mature-in-2020-reliance-jios-oommen/67629236">Reliance Jio</a> saying that 5G device ecosystem in India will mature by 2020. Meanwhile, speaking to <a href="https://economictimes.indiatimes.com/markets/expert-view/market-mood-not-uplifting-due-to-fear-of-unknown-uncertainty-sunil-mittal/videoshow/67661263.cms">ET now,</a> he said that while the on-ground reality of markets is not bad, the mood is not uplifting because of uncertainty about what’s going on. He also added his two cents about the upcoming general election in India, saying that the election discourse has become pretty ugly, even though that is expected. German Chancellor calls out India While most top leaders of the world are giving WEF 2019 a miss, German Chancellor Angela Merkel made an appearance at the event. During her <a href="https://www.ndtv.com/world-news/world-economic-forum-davos-india-china-affecting-world-economy-much-more-today-angela-merkel-1982323">session</a>, she spoke about India’s impact on the world economy. Merkel spoke about the changing dynamics of the global economy. She said that the <a href="https://www.livemint.com/news/india/india-china-affecting-world-economy-much-more-angela-merkel-1548252869226.html">global architecture</a> is still driven a lot by what was created by people who were in power after the Second World War and they had the insight and their decisions should not be cast aside. However, she added "Countries like China and India are affecting the global economy much more today and the global organisations need to take that into account.” Now speaking: Political agenda For the Indian audience, one of the highlights of Day Three at <keyword id="100810" type="COMPANY" weightage="20" keywordseo="Davos">Davos</keyword> was the newly-elected Madhya Pradesh Chief Minister Kamal Nath’s panel. Speaking on a panel on emerging market outlook, Nath said that <a href="https://www.indiatoday.in/india/story/india-today-at-davos-wef-day-one-belonged-to-political-demographic-arithmetic-1437127-2019-01-23">India</a> continues to grow irrespective of the government in power and its policies, and is in fact driven by its youth population. There was no stopping Nath, who referenced all recent economic reports on India – good and bad. Talking about IMF’s latest prediction about India’s GDP growth, he <a href="https://www.indiatoday.in/india/story/kamal-nath-wef-davos-gdp-farm-loan-waivers-1437359-2019-01-23">said</a>, “GDP is a fancy figure and at times it can be misleading as one needs to see where all a 7.5 per cent growth figure translates into.” He also took the global platform to defend one of his first decisions as Chief Minister – loan waiver for farmers – for <a href="https://economictimes.indiatimes.com/news/economy/indicators/gdp-a-fancy-figure-growth-must-translate-to-well-being-on-ground-kamal-nath/articleshow/67656199.cms">agriculture </a>is a backbone of the Indian economy and he had to take into account the distress the farmers were in.

Davos Digest: 5G is coming soon, India's growing clout and poll-bound politics carries mood to WEF 2019

<ul><li>At the event, former RBI governor Raghuram Rajan has said that India will soon surpass the size of China’s economy. </li><li>IMF Chief Gita Gopinath has raised the red flag for India by calling out the risk associated with India’s high fiscal deficit. </li><li>While Indian political leaders may be missing, industry top honchos Ambani, Adani among others are making up for the country.</li></ul>It’s that time of the year when the world’s biggest political, business and thought leaders of the world sit down and discuss global economy, investments, climate change and other pressing issues and potential opportunities at the famous skiing destination in Switzerland-- Davos. The <keyword id="69007" type="COMPANY" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword> has officially kicked off in Davos and unlike last year, where Indian prime minister Narendra Modi made a splash, most political leaders from India have pulled out of the event to focus on the upcoming general elections. However, India, an economy that is touted to be among the world’s <a href="https://www.businessinsider.in/india-to-overtake-the-uk-in-the-rankings-of-the-worlds-largest-economies-thanks-to-brexit/articleshow/67188514.cms">top five</a> in 2019, was certainly a talking point at the world’s most elite gathering. The buzz at Davos Indian economy can be bigger than China Former RBI governor <a href="https://www.thequint.com/news/business/india-to-become-bigger-than-china-eventually-raghuram-rajan">Raghuram Rajan </a>has made big predictions for India at the event. Rajan said that India will soon surpass the <keyword id="5639169" type="UNKNOWN" weightage="20" keywordseo="economy-of-china">economy of China</keyword> and will lead the infrastructure development in South Asia. “India will become bigger than China eventually as China would slow down and India would continue to grow. So India will be in a better position to create the infrastructure in the region which China is promising today. But this competition is good for the region and it will benefit for sure,” he said. IMF’s advice for India’s finance minister IMF's Chief Economist Gita Gopinath has raised the <a href="https://www.bloombergquint.com/davos-world-economic-forum-2019/davos-2019-imf-chief-economist-gita-gopinath-on-global-growth-and-indian-economy#gs.3GOc0UrB">red flag for India</a> by calling out the risk associated with India’s high fiscal deficit. In an exclusive interview with <a href="https://economictimes.indiatimes.com/markets/expert-view/india-must-stick-to-fiscal-math-gita-gopinath-imf/articleshow/67634713.cms">ET now</a>, the IMF Chief said, “It is important for India to stay the course on fiscal consolidation. If you look at the aggregate deficit for India – combining the centre and the state deficits – has not improved much in the last five years. That is something that needs to be addressed.” However, The International Monetary Fund's (IMF) World Economic Outlook Update released by chief economist Gita Gopinath on Monday said that India's economy is expected to grow by 7.5 per cent in the 2019-20 fiscal year, keeping an upward trajectory as the rest of the world slumps. India to lead Industry 4.0 India presents a big opportunity with the fourth industrial revolution, declared Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek. Speaking at a breakfast session titled 'Shaping India's future with Industry 4.0', organised by global consultancy giant Deloitte and industry body CII, the secretary said that India is fast adapting to new technologies and facilitating with policy framework to make way for industrial growth. ‘Chai pe charcha’ at Davos Indian tea is making a big appearance at the event with<a href="https://www.livemint.com/politics/news/from-hot-cups-of-tea-to-billboards-and-lounges-india-makes-a-mark-at-wef-1548080851695.html"> Tata Tea’</a>s participation at the WEF. The company is offering free cups of tea to the attendees of the event. 
 



 
 
 <div type="image" title="WEF" msid="67652758" hostid="261" caption="&amp;lt;p&amp;gt;Tata Group Chairmen, Mr. Chandrasekaran at World Economic Forum. &amp;lt;/p&amp;gt;"></div>







easyinv.blogspot.com Neighbours compete At the WEF too, rival states of Telangana and Andhra Pradesh are making their call for investments. While Telangana makes an appearance again this year asking investors to make the state their first stop in the country, sister state <a href="https://www.livemint.com/politics/news/from-hot-cups-of-tea-to-billboards-and-lounges-india-makes-a-mark-at-wef-1548080851695.html">Andhra Pradesh</a> is calling itself ‘future-ready,’ Andhra Pradesh Chief Minister Chandrababu Naidu, too, was supposed to attend the event but he’s passed the opportunity. What to expect Many Indian industry top honchos like Mukesh Ambani, Gautam Adani, Nandan Nilekani, Anand Mahindra, Pawan Munjal amongst others will be making an appearance at the event. Indian commerce and industry minister Suresh Prabhu will also be attending the event. Madhya Pradesh Chief Minister Kamal Nath will be speaking on emerging markets outlook on Day 3. See Also: <a href="https://www.businessinsider.in/indias-economy-projected-to-grow-the-fastest-in-the-2019-20-even-as-the-rest-of-the-world-slows-down-imf/articleshow/67633816.cms">India's economy projected to grow the fastest in the 2019-20 even as the rest of the world slows down: IMF</a> <a href="https://www.businessinsider.in/davos-2019-day-one-huawei-chairman-said-trade-war-is-slowing-sales-microsoft-ceo-talked-techs-impact-on-humanity/articleshow/67649167.cms">Davos 2019 Day One: Huawei chairman said trade war is slowing sales, Microsoft CEO talked tech's impact on humanity</a> <a href="https://www.businessinsider.in/india-supports-international-aid-to-other-countries-says-survey/articleshow/67634798.cms">Over 95% Indians support foreign aid efforts — and it seems like India has stood up to that expectation</a>

Davos Digest: Raghuram Rajan lifts India's spirit and other stories from the World Economic Forum

<ul><li>A survey by the <keyword id="69007" type="ORGANIZATION" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword> shows that <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n senior executives believe policy in India to support technology is lagging.</li><li>India has great potential to be one of the world’s largest technology hubs thanks to its growing number of internet users. </li><li>However, government support needs to speed up to be the next <keyword id="6357722" type="LOCATION" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword>.</li></ul>India has the world’s third largest startup ecosystem with over 560 million Internet users. Yet, the country is unable to re-create the success of Silicon Valley by creating massive technology hubs. According to a <a href="https://www.weforum.org/agenda/2019/10/india-technology-development-silicon-valley/">World Economic Forum blog</a>, it is due to lack of government support. As per a WEF survey, 83% of senior executives in the country believe that "policy-makers were behind the curve in terms of the laws they passed relating to technology and innovation”. The report however says that PM <keyword id="6387077" type="UNKNOWN" weightage="20" keywordseo="narendra-modi-government">Narendra Modi government</keyword>’s initiatives like Startup India, Make in India and Digital India are a step in the right direction. “Encouraging more foreign investment, offering tailored training programmes, making an effort to retain home-grown talent, as well as creating the right regulatory infrastructure are all vital to successful digital growth,” states the report. With or without support, Indian ecosystem is aiding the growth of startups. In 2019 alone, eight startups joined the unicorn club, taking the number of unicorns to over 30. In the first nine months of 2019, Indian startups have <a href="https://timesofindia.indiatimes.com/business/india-business/startup-funding-jumps-25-amid-bubble-fear/articleshow/71415357.cms">raised</a> a whopping $10.5 billion. While Bengaluru already tops the list of world’s most dynamic cities, Delhi NCR too is growing to be a massive startup hub. A recent report done by TiE Delhi NCR states that the national capital region has over 7,000 startups. NCR is also home to 10 unicorns, adding one new unicorn every year since 2013.

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