As he <a href="http://www.wionews.com/india-news/pm-modi-leaves-for-davos-for-world-economic-forum-30284">left for Davos</a>, Prime Minister Narendra Modi posted on Facebook, a picture of himself on a poster in the Swiss city captioned &quot;India means business.&quot;

The poster has been placed outside a hotel in the snow-capped town.

The prime minister also wrote on Facebook that he looked forward to &quot;my first visit to the World Economic Forum (WEF) at Davos, at the invitation of India&rsquo;s good friend and Founder of the WEF, Prof Klaus Schwab.&quot;&nbsp;

&quot;I look forward to my first visit to the World Economic Forum at Davos, at the invitation of India&rsquo;s good friend and Founder of the WEF, Prof Klaus Schwab. The theme of the Forum, &ldquo;Creating a Shared Future in a Fractured World&rdquo; is both thoughtful and apt.

The existing and emerging challenges to the contemporary international system and global governance architecture deserve serious attention of leaders, governments, policy makers, corporates and civil societies around the world.

In recent years, India&rsquo;s engagement with the outside world has become truly and effectively multi-dimensional covering the political, economic, people to people, security and other spheres,&quot; read PM Modi&#39;s Facebook post.

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PM Modi is scheduled to deliver a keynote address on Tuesday.&nbsp;

PM Modi will also hold bilateral talks with the President of Swiss Confederation, Alain Berset, besides holding a series of meetings with business leaders and addressing the international business council.

The prime minister wrote on Twitter yesterday that he looked forward &quot;to sharing my vision for India&rsquo;s future engagement with the international community.&quot; He also wrote that he was confident that the bilateral meetings would be &quot;fruitful&quot;.&nbsp;

PM Modi will be the first Indian Prime Minister to participate in the World Economic Forum in two decades after HD Deve Gowda who visited Davos in 1997.

 
&nbsp;

The prime minister also wrote on Facebook that he looked forward to 'my first visit to the World Economic Forum at Davos, at the invitation of India’s good friend and Founder of the WEF, Prof Klaus Schwab'

As he left for Davos, Prime Minister Narendra Modi posted on Facebook, a picture of himself on a poster in the Swiss city captioned "India means business." The poster has been placed outside a hotel in the snow-capped town. The prime minister also wrote on Facebook that he looked forward to "my first visit to the World Economic Forum (WEF) at Davos, at the invitation of India’s good friend and Founder of the WEF, Prof Klaus Schwab." "I look forward to my first visit to the World Economic Forum at Davos, at the invitation of India’s good friend and Founder of the WEF, Prof Klaus Schwab. The theme of the Forum, “Creating a Shared Future in a Fractured World” is both thoughtful and apt. The existing and emerging challenges to the contemporary international system and global governance architecture deserve serious attention of leaders, governments, policy makers, corporates and civil societies around the world. In recent years, India’s engagement with the outside world has become truly and effectively multi-dimensional covering the political, economic, people to people, security and other spheres," read PM Modi's Facebook post. × PM Modi is scheduled to deliver a keynote address on Tuesday. PM Modi will also hold bilateral talks with the President of Swiss Confederation, Alain Berset, besides holding a series of meetings with business leaders and addressing the international business council. The prime minister wrote on Twitter yesterday that he looked forward "to sharing my vision for India’s future engagement with the international community." He also wrote that he was confident that the bilateral meetings would be "fruitful". PM Modi will be the first Indian Prime Minister to participate in the World Economic Forum in two decades after HD Deve Gowda who visited Davos in 1997.

Look forward to first visit at World Economic Forum: PM Modi

Prime Minister Narendra Modi today left for Davos, Switzerland for the 48th annual meeting of the World Economic Forum.

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<a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a>: PM Narendra Modi leaves for Davos, Switzerland to take part in <a href="https://twitter.com/hashtag/WorldEconomicForum?src=hash&amp;ref_src=twsrc%5Etfw">#WorldEconomicForum</a> <a href="https://t.co/IkBPy92WhH">pic.twitter.com/IkBPy92WhH</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/955283692397633536?ref_src=twsrc%5Etfw">January 22, 2018</a></blockquote>
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&nbsp;

PM Modi is scheduled to deliver a keynote address on the opening day of the meeting on Tuesday.&nbsp;

Among those who will accompany PM Modi are Finance Minister Arun Jaitley, Commerce and Industry Minister Suresh Prabhu,&nbsp;Railway Minister Piyush Goyal and Petroleum Minister Dharmendra Pradhan.&nbsp;Industrialist Mukesh Ambani, Tata Group chairman N Chandrasekharan, industrialists Anand Mahindra, Gautam Adani, Azim Premji and Rahul Bajaj are also expected to be in attendance. As are UK-based industrialists&nbsp;Lakshmi Mittal, Anil Aggarwal and the Hindujas.

The meeting, which has the theme, &quot;Creating a shared future in a Fractured World&quot;, aims to set an agenda to address political, economic and Social challenges of recent times.

PM Modi will also hold bilateral talks with the President of Swiss Confederation, Alain Berset, besides holding a series of meetings with business leaders and addressing the international business council.

The prime minister<a href="http://www.wionews.com/india-news/wef-2018-modi-to-focus-on-indias-future-engagement-with-the-international-community-30264"> wrote on Twitter yesterday </a>that he looked forward &quot;to sharing my vision for India&rsquo;s future engagement with the international community.&quot; He also wrote that he was confident that the bilateral meetings would be &quot;fruitful&quot;.&nbsp;

Also Read - <a href="http://www.wionews.com/india-news/proud-to-present-indias-success-story-at-davos-pm-modi-to-zee-news-30100">Proud to present India&#39;s success story at Davos: PM Modi to Zee News</a>

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I look forward to my first visit to the World Economic Forum at Davos, at the invitation of India&rsquo;s good friend and Founder of the WEF, Prof Klaus Schwab. The theme of the Forum, &ldquo;Creating a Shared Future in a Fractured World&rdquo; is both thoughtful and apt. <a href="https://twitter.com/wef?ref_src=twsrc%5Etfw">@wef</a> <a href="https://twitter.com/hashtag/IndiaMeansBusiness?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaMeansBusiness</a>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/955061630294925312?ref_src=twsrc%5Etfw">January 21, 2018</a></blockquote>
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At Davos, I look forward to sharing my vision for India&rsquo;s future engagement with the international community. <a href="https://twitter.com/wef?ref_src=twsrc%5Etfw">@wef</a> <a href="https://twitter.com/hashtag/IndiaMeansBusiness?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaMeansBusiness</a>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/955062486939549698?ref_src=twsrc%5Etfw">January 21, 2018</a></blockquote>
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I am confident that these bilateral meetings would be fruitful and give a boost to our relations with these countries and further strengthen economic engagement. <a href="https://twitter.com/hashtag/IndiaMeansBusiness?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaMeansBusiness</a>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/955063072288157696?ref_src=twsrc%5Etfw">January 21, 2018</a></blockquote>
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PM Modi will be the first Indian Prime Minister to participate in the World Economic Forum in two decades after HD Deve Gowda who visited Davos in 1997.

Over 3,000 global leaders from business, government, politics, academia and social sectors are participating at the Summit this year. The World Economic Forum begins on January 22 concludes on January 26.

&nbsp;

PM Modi is scheduled to deliver a keynote address on the opening day of the meeting on Tuesday

Prime Minister Narendra Modi today left for Davos, Switzerland for the 48th annual meeting of the World Economic Forum. #Delhi: PM Narendra Modi leaves for Davos, Switzerland to take part in #WorldEconomicForum pic.twitter.com/IkBPy92WhH — ANI (@ANI) January 22, 2018 × PM Modi is scheduled to deliver a keynote address on the opening day of the meeting on Tuesday. Among those who will accompany PM Modi are Finance Minister Arun Jaitley, Commerce and Industry Minister Suresh Prabhu, Railway Minister Piyush Goyal and Petroleum Minister Dharmendra Pradhan. Industrialist Mukesh Ambani, Tata Group chairman N Chandrasekharan, industrialists Anand Mahindra, Gautam Adani, Azim Premji and Rahul Bajaj are also expected to be in attendance. As are UK-based industrialists Lakshmi Mittal, Anil Aggarwal and the Hindujas. The meeting, which has the theme, "Creating a shared future in a Fractured World", aims to set an agenda to address political, economic and Social challenges of recent times. PM Modi will also hold bilateral talks with the President of Swiss Confederation, Alain Berset, besides holding a series of meetings with business leaders and addressing the international business council. The prime minister wrote on Twitter yesterday that he looked forward "to sharing my vision for India’s future engagement with the international community." He also wrote that he was confident that the bilateral meetings would be "fruitful". Also Read - Proud to present India's success story at Davos: PM Modi to Zee News I look forward to my first visit to the World Economic Forum at Davos, at the invitation of India’s good friend and Founder of the WEF, Prof Klaus Schwab. The theme of the Forum, “Creating a Shared Future in a Fractured World” is both thoughtful and apt. @wef #IndiaMeansBusiness — Narendra Modi (@narendramodi) January 21, 2018 × At Davos, I look forward to sharing my vision for India’s future engagement with the international community. @wef #IndiaMeansBusiness — Narendra Modi (@narendramodi) January 21, 2018 × I am confident that these bilateral meetings would be fruitful and give a boost to our relations with these countries and further strengthen economic engagement. #IndiaMeansBusiness — Narendra Modi (@narendramodi) January 21, 2018 × PM Modi will be the first Indian Prime Minister to participate in the World Economic Forum in two decades after HD Deve Gowda who visited Davos in 1997. Over 3,000 global leaders from business, government, politics, academia and social sectors are participating at the Summit this year. The World Economic Forum begins on January 22 concludes on January 26.

PM Modi leaves for Davos for World Economic Forum

The World Economic Forum (WEF) still expects US&nbsp;President Donald Trump to attend its annual meeting in the Swiss Alps this week, the forum&#39;s chairman Klaus Schwab said on Sunday.

Schwab made the comments in an interview with Reuters a day after White House budget director Mick Mulvaney said the trip was up in the air because of the federal government shutdown in the United States.

Trump is due to speak at the gathering of politicians, business chiefs and bankers on Friday, the final day of the four-day event.

Asked if he had any indication that Trump&#39;s trip was in flux, Schwab said: &quot;No, we haven&#39;t. Until now we hope that the trip will be maintained ... we&#39;ll see what the final outcome is.&quot;

Heavy snow in the Alps has made travel difficult in many regions given the heightened danger of avalanches.

The main road leading to Davos was covered with snow. The town&#39;s website for avalanche information advised people in nearly 30 residences to seek more secure dwellings for Sunday evening.

Schwab said he wasn&#39;t worried that weather would prevent attendees from coming to the event, which officially starts on Tuesday.

&quot;No, I&#39;m happy because it provides Davos with what it should be -- the aspect of a global village, but a village where you know nature plays still a very important role and, in our discussion, the whole environmental issue will also be at the forefront of what we do here,&quot; he said.

Klaus Schwab made the comments in an interview day after White House budget director Mick Mulvaney said the trip was up in the air because of the federal government shutdown in the United States

The World Economic Forum (WEF) still expects US President Donald Trump to attend its annual meeting in the Swiss Alps this week, the forum's chairman Klaus Schwab said on Sunday. Schwab made the comments in an interview with Reuters a day after White House budget director Mick Mulvaney said the trip was up in the air because of the federal government shutdown in the United States. Trump is due to speak at the gathering of politicians, business chiefs and bankers on Friday, the final day of the four-day event. Asked if he had any indication that Trump's trip was in flux, Schwab said: "No, we haven't. Until now we hope that the trip will be maintained ... we'll see what the final outcome is." Heavy snow in the Alps has made travel difficult in many regions given the heightened danger of avalanches. The main road leading to Davos was covered with snow. The town's website for avalanche information advised people in nearly 30 residences to seek more secure dwellings for Sunday evening. Schwab said he wasn't worried that weather would prevent attendees from coming to the event, which officially starts on Tuesday. "No, I'm happy because it provides Davos with what it should be -- the aspect of a global village, but a village where you know nature plays still a very important role and, in our discussion, the whole environmental issue will also be at the forefront of what we do here," he said.

Despite shutdown, Davos organiser still counting on Trump to attend

India is among the most trusted nations globally when it comes to government, business, NGOs and media but has recorded &quot;extreme trust losses&quot; compared to last year, a survey said today.

Coming ahead of the World Economic Forum annual summit the 2018 Edelman Trust Barometer said, globally, people&#39;s trust in these four areas remained largely unchanged from last year. Of 28 countries surveyed, 20 lie in &#39;distruster territory&#39;, one more than in 2017.

China topped the Trust Index among both the informed public and the general population segments, with scores of 83 and 74 respectively.

India was at the third place in both the categories with scores of 77 in case of informed public and 68 in general population.Indonesia was at the second place.

The findings are based on an online survey of more than 33,000 respondents in 28 countries. The fieldwork for the survey was conducted between October 28 and November 20, 2017.

&quot;China&#39;s trust scores are nearly matched by India, the UAE, Indonesia and Singapore, while the Western democracies languish mostly in distruster territory, challenging the traditional geopolitical vision of satisfaction with systems,&quot; the report said.

As per the survey, India was among the six countries with extreme trust losses over the past year which was topped by the US.

The 2018 Edelman Trust Barometer reveals that trust in the US&nbsp;has suffered the largest-ever-recorded drop in the survey&#39;s history among the general population.

&quot;The collapse of trust in the US is driven by a staggering lack of faith in government,&quot; the survey said, adding that the remaining institutions of business, media and NGOs also experienced declines.

The United States saw a 37-point aggregate drop in trust across all institutions, followed by Italy (down 21), Brazil (-17), South Africa (-17), India (-13) and Columbia (-13).

The survey further noted that for the first time media is the least trusted institution globally. In 22 of the 28 countries surveyed it is now distrusted.

&quot;The demise of confidence in the Fourth Estate is driven primarily by a significant drop in trust in platforms, notably search engines and social media,&quot; it added.

The survey further noted that companies headquartered in Canada, Switzerland, Sweden and Australia are most trusted.

&quot;The least trusted country brands are Mexico (32 per cent), India (32 per cent), Brazil (34 per cent) and China (36 per cent),&quot; the survey said, adding that trust in brand US (50 per cent) dropped five points -- the biggest decline of the countries surveyed.

OECD&rsquo;s Government at a Glance report presents an index of countries that trust their governments the most. It determines government&rsquo;s trust levels by&nbsp;whether or not people consider their government stable and reliable, if it&rsquo;s able to protect its citizens from risk and whether it can effectively&nbsp;deliver public services.

Coming ahead of the World Economic Forum annual summit the 2018 Edelman Trust Barometer said, globally, people's trust in these four areas remained largely unchanged from last year. Of 28 countries surveyed, 20 lie in 'distruster territory', one more than in 2017

India is among the most trusted nations globally when it comes to government, business, NGOs and media but has recorded "extreme trust losses" compared to last year, a survey said today. Coming ahead of the World Economic Forum annual summit the 2018 Edelman Trust Barometer said, globally, people's trust in these four areas remained largely unchanged from last year. Of 28 countries surveyed, 20 lie in 'distruster territory', one more than in 2017. China topped the Trust Index among both the informed public and the general population segments, with scores of 83 and 74 respectively. India was at the third place in both the categories with scores of 77 in case of informed public and 68 in general population.Indonesia was at the second place. The findings are based on an online survey of more than 33,000 respondents in 28 countries. The fieldwork for the survey was conducted between October 28 and November 20, 2017. "China's trust scores are nearly matched by India, the UAE, Indonesia and Singapore, while the Western democracies languish mostly in distruster territory, challenging the traditional geopolitical vision of satisfaction with systems," the report said. As per the survey, India was among the six countries with extreme trust losses over the past year which was topped by the US. The 2018 Edelman Trust Barometer reveals that trust in the US has suffered the largest-ever-recorded drop in the survey's history among the general population. "The collapse of trust in the US is driven by a staggering lack of faith in government," the survey said, adding that the remaining institutions of business, media and NGOs also experienced declines. The United States saw a 37-point aggregate drop in trust across all institutions, followed by Italy (down 21), Brazil (-17), South Africa (-17), India (-13) and Columbia (-13). The survey further noted that for the first time media is the least trusted institution globally. In 22 of the 28 countries surveyed it is now distrusted. "The demise of confidence in the Fourth Estate is driven primarily by a significant drop in trust in platforms, notably search engines and social media," it added. The survey further noted that companies headquartered in Canada, Switzerland, Sweden and Australia are most trusted. "The least trusted country brands are Mexico (32 per cent), India (32 per cent), Brazil (34 per cent) and China (36 per cent)," the survey said, adding that trust in brand US (50 per cent) dropped five points -- the biggest decline of the countries surveyed. OECD’s Government at a Glance report presents an index of countries that trust their governments the most. It determines government’s trust levels by whether or not people consider their government stable and reliable, if it’s able to protect its citizens from risk and whether it can effectively deliver public services.

Ahead of World Economic Forum India ranked third among most trusted nations

<a href="http://www.wionews.com/south-asia/pakistan-wont-allow-un-sanctions-monitoring-team-access-to-hafiz-saeed-reports-30351" target="_blank">Pakistan won&#39;t allow UN sanctions monitoring team access to Hafiz Saeed: Reports</a>

The&nbsp;<a href="http://www.wionews.com/preview/article/29908" target="_blank">United Nations Security Council (UNSC) sanctions&nbsp;</a>monitoring team won&#39;t be allowed a direct access to 26/11 Mumbai terror mastermind Hafiz Saeed or his entities, according to a report in a Pakistan media daily.

<a href="http://www.wionews.com/india-news/taste-of-india-pm-modis-kitchen-carrying-1000-kg-masala-to-davos-30355" target="_blank">Taste of India: PM Modi&#39;s kitchen carrying 1,000 kg masala to Davos</a>

PM Modi prefers all kinds of&nbsp;<a href="http://www.wionews.com/india-news/pm-modi-to-meet-swiss-president-berset-today-at-davos-30341">food, provided it is vegetarian</a>, the chief chef accompanying the prime minister at Davos said today. A group of 32 chefs including&nbsp;<a href="http://www.wionews.com/india-news/look-forward-to-first-visit-at-world-economic-forum-pm-modi-30319">managers catering to Indian&nbsp;</a><a href="http://www.wionews.com/india-news/look-forward-to-first-visit-at-world-economic-forum-pm-modi-30319">adda</a><a href="http://www.wionews.com/india-news/look-forward-to-first-visit-at-world-economic-forum-pm-modi-30319">&nbsp;</a>and India reception will be available for the Indian delegation during the World Economic Forum at Davos.

<a href="http://www.wionews.com/india-news/prasoon-joshi-to-get-zed-plus-security-during-jaipur-lit-festival-30364" target="_blank">Padmaavat</a><a href="http://www.wionews.com/india-news/prasoon-joshi-to-get-zed-plus-security-during-jaipur-lit-festival-30364" target="_blank"> row: Prasoon Joshi to get Z+ security during Jaipur Lit Festival</a>

Censor board chief Prasoon Joshi will be provided with zed plus security when he visits Jaipur for the Jaipur Literature Festival.&nbsp; &quot;Required protection will be provided to Joshi from the state government, we are committed to maintain law and order in the state,&quot; home minister Gulab Chand Kataria told a daily

<a href="http://www.wionews.com/world/hold-on-iphone-x-may-soon-be-discontinued-30352" target="_blank">Hold on, iPhone X may soon be discontinued?</a>

You may soon see stores without the iPhone X. This is because of the low sales of the highly-anticipated Apple phone.&nbsp;Apple and KGI analyst Ming-Chi Kua has revealed that the sales were seriously dropping and are expected to reach just around 18 million units in the first quarter of 2018.&nbsp;

<a href="http://www.wionews.com/india-news/live-world-economic-forum-pm-modi-arrives-in-zurich-set-to-land-in-davos-shortly-30369" target="_blank">Live World Economic Forum: PM Modi arrives in Zurich, set to land in Davos shortly</a>

PM Modi will be meeting the Swiss President Alain Berset as he arrives in Davos, after that a welcome reception for the Indian prime minister will be held after his talks with the Swiss president.

Pakistan won't allow UN sanctions monitoring team access to Hafiz Saeed: Reports The United Nations Security Council (UNSC) sanctions monitoring team won't be allowed a direct access to 26/11 Mumbai terror mastermind Hafiz Saeed or his entities, according to a report in a Pakistan media daily. Taste of India: PM Modi's kitchen carrying 1,000 kg masala to Davos PM Modi prefers all kinds of food, provided it is vegetarian, the chief chef accompanying the prime minister at Davos said today. A group of 32 chefs including managers catering to Indian adda and India reception will be available for the Indian delegation during the World Economic Forum at Davos. Padmaavat row: Prasoon Joshi to get Z+ security during Jaipur Lit Festival Censor board chief Prasoon Joshi will be provided with zed plus security when he visits Jaipur for the Jaipur Literature Festival. "Required protection will be provided to Joshi from the state government, we are committed to maintain law and order in the state," home minister Gulab Chand Kataria told a daily Hold on, iPhone X may soon be discontinued? You may soon see stores without the iPhone X. This is because of the low sales of the highly-anticipated Apple phone. Apple and KGI analyst Ming-Chi Kua has revealed that the sales were seriously dropping and are expected to reach just around 18 million units in the first quarter of 2018. Live World Economic Forum: PM Modi arrives in Zurich, set to land in Davos shortly PM Modi will be meeting the Swiss President Alain Berset as he arrives in Davos, after that a welcome reception for the Indian prime minister will be held after his talks with the Swiss president.

WION Evening News brief, January 22, 2018

India was today ranked at the 62nd place among emerging economies on an Inclusive Development Index, much below China&#39;s 26th position and Pakistan&#39;s 47th.

Norway remains the world&#39;s most inclusive advanced economy, while Lithuania again tops the list of emerging economies, the <a href="http://www.wionews.com/india-news/look-forward-to-first-visit-at-world-economic-forum-pm-modi-30319" target="_blank">World Economic Forum (WEF)</a> said while releasing the yearly index here before the start of its annual meeting, to be attended by several world leaders including Prime Minister Narendra Modi and US President Donald Trump.

The index takes into account the &quot;living standards, environmental sustainability and protection of future generations from further indebtedness&quot;, the WEF said. It urged the leaders to urgently move to a new model of inclusive growth and development, saying reliance on GDP as a measure of economic achievement is fuelling short-termism and inequality.

India was ranked 60th among 79 developing economies last year, as against China&#39;s 15th and Pakistan&#39;s 52nd position.

The 2018 index, which measures the progress of 103 economies on three individual pillars -- growth and development; inclusion; and inter-generational equity -- has been divided into two parts. The first part covers 29 advanced economies and the second 74 emerging economies.

The index has also classified the countries into five sub-categories in terms of the five-year trend of their overall Inclusive Development Growth score -- receding, slowly receding, stable, slowly advancing and advancing.

Despite its low overall score, India is among the ten emerging economies with &#39;advancing&#39; trend. Only two advanced economies have shown &#39;advancing&#39; trend.

Among advanced economies, Norway is followed by Ireland, Luxembourg, Switzerland and Denmark in the top five.

Small European economies dominate the top of the index, with Australia (9) the only non-European economy in the top 10. Of the G7 economies, Germany (12) ranks the highest. It is followed by Canada (17), France (18), the UK (21), the US (23), Japan (24) and Italy (27).

The top-five most inclusive emerging economies are Lithuania, Hungary, Azerbaijan, Latvia and Poland.

Performance is mixed among BRICS economies, with the Russian Federation ranking 19th, followed by China (26), Brazil (37), India (62) and South Africa (69).

Of the three pillars that make up the index, India ranks 72nd for inclusion, 66th for growth and development and 44th for inter-generational equity.

The neighbouring countries ranked above India include Sri Lanka (40), Bangladesh (34) and Nepal (22). The countries ranked better than India also include Mali, Uganda, Rwanda, Burundi, Ghana, Ukraine, Serbia, Philippines, Indonesia, Iran, Macedonia, Mexico, Thailand and Malaysia.

Although China ranks first among emerging economies in GDP per capita growth (6.8 per cent) and labour productivity growth (6.7 per cent) since 2012, its overall score is brought down by lacklustre performance on inclusion, the WEF said.

It found that decades of prioritising economic growth over social equity has led to historically high levels of wealth and income inequality and caused governments to miss out on a virtuous circle in which growth is strengthened by being shared more widely and generated without unduly straining the environment or burdening future generations.

Excessive reliance by economists and policy-makers on Gross Domestic Product as the primary metric of national economic performance is part of the problem, the WEF said.

The GDP measures current production of goods and services rather than the extent to which it contributes to broad socio-economic progress as manifested in median household income, employment opportunity, economic security and quality of life, it added.

The WEF also said that rich and poor countries alike are struggling to protect future generations, as it cautioned political and business leaders against expecting higher growth to be a panacea for the social frustrations, including those of younger generations who have shaken the politics of many countries in recent years.

India was today ranked at the 62nd place among emerging economies on an Inclusive Development Index, much below China's 26th position and Pakistan's 47th

India was today ranked at the 62nd place among emerging economies on an Inclusive Development Index, much below China's 26th position and Pakistan's 47th. Norway remains the world's most inclusive advanced economy, while Lithuania again tops the list of emerging economies, the World Economic Forum (WEF) said while releasing the yearly index here before the start of its annual meeting, to be attended by several world leaders including Prime Minister Narendra Modi and US President Donald Trump. The index takes into account the "living standards, environmental sustainability and protection of future generations from further indebtedness", the WEF said. It urged the leaders to urgently move to a new model of inclusive growth and development, saying reliance on GDP as a measure of economic achievement is fuelling short-termism and inequality. India was ranked 60th among 79 developing economies last year, as against China's 15th and Pakistan's 52nd position. The 2018 index, which measures the progress of 103 economies on three individual pillars -- growth and development; inclusion; and inter-generational equity -- has been divided into two parts. The first part covers 29 advanced economies and the second 74 emerging economies. The index has also classified the countries into five sub-categories in terms of the five-year trend of their overall Inclusive Development Growth score -- receding, slowly receding, stable, slowly advancing and advancing. Despite its low overall score, India is among the ten emerging economies with 'advancing' trend. Only two advanced economies have shown 'advancing' trend. Among advanced economies, Norway is followed by Ireland, Luxembourg, Switzerland and Denmark in the top five. Small European economies dominate the top of the index, with Australia (9) the only non-European economy in the top 10. Of the G7 economies, Germany (12) ranks the highest. It is followed by Canada (17), France (18), the UK (21), the US (23), Japan (24) and Italy (27). The top-five most inclusive emerging economies are Lithuania, Hungary, Azerbaijan, Latvia and Poland. Performance is mixed among BRICS economies, with the Russian Federation ranking 19th, followed by China (26), Brazil (37), India (62) and South Africa (69). Of the three pillars that make up the index, India ranks 72nd for inclusion, 66th for growth and development and 44th for inter-generational equity. The neighbouring countries ranked above India include Sri Lanka (40), Bangladesh (34) and Nepal (22). The countries ranked better than India also include Mali, Uganda, Rwanda, Burundi, Ghana, Ukraine, Serbia, Philippines, Indonesia, Iran, Macedonia, Mexico, Thailand and Malaysia. Although China ranks first among emerging economies in GDP per capita growth (6.8 per cent) and labour productivity growth (6.7 per cent) since 2012, its overall score is brought down by lacklustre performance on inclusion, the WEF said. It found that decades of prioritising economic growth over social equity has led to historically high levels of wealth and income inequality and caused governments to miss out on a virtuous circle in which growth is strengthened by being shared more widely and generated without unduly straining the environment or burdening future generations. Excessive reliance by economists and policy-makers on Gross Domestic Product as the primary metric of national economic performance is part of the problem, the WEF said. The GDP measures current production of goods and services rather than the extent to which it contributes to broad socio-economic progress as manifested in median household income, employment opportunity, economic security and quality of life, it added. The WEF also said that rich and poor countries alike are struggling to protect future generations, as it cautioned political and business leaders against expecting higher growth to be a panacea for the social frustrations, including those of younger generations who have shaken the politics of many countries in recent years.

WEF ranks India at 62nd place on Inclusive Development Index behind Pakistan

<a href="http://www.wionews.com/india-news/pm-modi-in-davos-highlights-of-his-speech-at-wef-30514" target="_blank">Highlights: PM Narendra Modi&#39;s big India pitch at Davos</a>

Prime Minister Narendra Modi on Tuesday addressed the plenary session of the 48th edition of the World Economic Forum at Davos in Switzerland. PM Narendra Modi is the first Indian prime minister to attend Davos summit in 20 years.

<a href="http://www.wionews.com/india-news/bsf-launches-operation-bhima-against-pak-rangers-along-loc-30509" target="_blank">BSF launches &#39;Operation Bhima&#39; against Pak Rangers along LoC</a>

BSF launched &quot;Operation Bhima&quot; against<a href="http://www.wionews.com/south-asia/pakistani-pm-says-committed-to-seizing-charities-run-by-hafiz-saeed-30454">&nbsp;Pakistan Rangers even as firing&nbsp;</a>stopped along the Line of Control(LoC) today. Reports said&nbsp;<a href="http://www.wionews.com/india-news/pakistan-firing-positions-fuel-dump-destroyed-in-retaliation-bsf-30385">Pakistan Army chief met Pakistani&nbsp;</a>Rangers as India&#39;s border security force(BSF) released a video on Monday and informed about the planned firing on Pakistan&#39;s post.

<a href="http://www.wionews.com/india-news/sensex-closes-at-36140-nifty-ends-above-11000-mark-30507" target="_blank">Sensex closes above 36,000 </a><a href="http://www.wionews.com/india-news/sensex-closes-at-36140-nifty-ends-above-11000-mark-30507" target="_blank">mark</a><a href="http://www.wionews.com/india-news/sensex-closes-at-36140-nifty-ends-above-11000-mark-30507" target="_blank"> at all-time high</a>

The BSE Sensex on Tuesday BSE Sensex breached the 36,000 level mark to end at an all-time high at 36, 140 after the International Monetary Fund said India would regain the title as the world&#39;s fastest growing major economy in 2018-19.

<a href="http://www.wionews.com/india-news/india-should-focus-on-womens-inclusion-in-economy-imf-chief-lagarde-30519" target="_blank">India should focus on women&#39;s inclusion in economy: IMF Chief Lagarde</a>

IMF chief Christine Lagarde today said India must continue with reforms especially in the financial services sector and should urgently focus on broad- based and the true inclusion of women in its economy.

<a href="http://www.wionews.com/india-news/uddhav-thackeray-lok-sabha-maharashtra-elections-could-be-held-in-2018-30484" target="_blank">Uddhav Thackeray: Lok Sabha, Maharashtra elections could be held in 2018</a>

Shiv Sena chief Uddhav Thackeray said Tuesday that the next general elections and the elections to the Maharashtra state assembly could be held in December 2018.&nbsp;

&nbsp;

Highlights: PM Narendra Modi's big India pitch at Davos Prime Minister Narendra Modi on Tuesday addressed the plenary session of the 48th edition of the World Economic Forum at Davos in Switzerland. PM Narendra Modi is the first Indian prime minister to attend Davos summit in 20 years. BSF launches 'Operation Bhima' against Pak Rangers along LoC BSF launched "Operation Bhima" against Pakistan Rangers even as firing stopped along the Line of Control(LoC) today. Reports said Pakistan Army chief met Pakistani Rangers as India's border security force(BSF) released a video on Monday and informed about the planned firing on Pakistan's post. Sensex closes above 36,000 mark at all-time high The BSE Sensex on Tuesday BSE Sensex breached the 36,000 level mark to end at an all-time high at 36, 140 after the International Monetary Fund said India would regain the title as the world's fastest growing major economy in 2018-19. India should focus on women's inclusion in economy: IMF Chief Lagarde IMF chief Christine Lagarde today said India must continue with reforms especially in the financial services sector and should urgently focus on broad- based and the true inclusion of women in its economy. Uddhav Thackeray: Lok Sabha, Maharashtra elections could be held in 2018 Shiv Sena chief Uddhav Thackeray said Tuesday that the next general elections and the elections to the Maharashtra state assembly could be held in December 2018.

WION Evening News brief, January 23, 2018

Indian Bollywood star Shah Rukh Khan was&nbsp;seen today alongside Maharashtra Chief Minister Devendra Fadnavis during a media interaction at Davos 2018 in Switzerland.&nbsp;

Present at the&nbsp;World Economic Forum summit to receive his Crystal Award for his&nbsp;&quot;leadership in championing children&#39;s and women&#39;s rights in India&quot; with the help of Meer Foundation -- Shah Rukh today was quoted praising PM Modi and Maharashtra&nbsp;CM for their work towards development.&nbsp;

<a href="http://www.wionews.com/india-news/when-shah-rukh-khan-requested-elton-john-and-cate-blanchett-for-a-selfie-30475" target="_blank">Also Read:&nbsp;When Shah Rukh Khan requested Elton John and Cate Blanchett for a selfie</a>

<a href="http://www.wionews.com/world/shah-rukh-khan-at-davos-receives-an-award-spoke-against-sexism-30406" target="_blank">Also Watch:&nbsp;We the powerful need to get out of the way to pick barriers apart: Shah Rukh Khan at Davos</a>

Attending the Mumbai and Maharashtra session at World Economic Forum, Khan said that he is whatever he is today because of &quot;Mumbai&quot;. He said, &quot;I am a living example of how someone can come to Mumbai and fulfil his or her dreams and desires.&nbsp;I came here in this city 30 years back.&nbsp;Today, I am here in Davos because I have worked in Mumbai and this is my right to join this session.&quot;

He added, &quot;I always say I have two mothers -- Delhi which gave me birth and Maharashtra which helped me grow and achieving my dreams in life.&quot;

When asked to comment on Indian Prime Minister Modi&#39;s speech, Khan affirmed that the &quot;next future is digital in our country. We will have to create a positive atmosphere and environment for the youth of our nation. Politics should also be digital in India because when we talk about &lsquo;Digital India&rsquo; everything should come under digital.&quot;

Watch&nbsp;WION in Davos, actor Shah Rukh Khan speaks about PM Modi&#39;s speech:&nbsp;

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&#39;PM Modi visiting Davos is a matter of great pride and I hope that whole world will listen and come to India,&#39; Shah Rukh Khan. (WION)
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Appreciating his relationship with Fadnavis, Khan said, &quot;I can always approach Maharashtra Chief Minister Devendra Fadnavis sahib anytime for such things.&nbsp;He is the new age CM of India&quot; before adding &quot;Now, I am like a senior citizen of Maharashtra finally, the time has come when I should contribute to this city.&nbsp;Now, I don&rsquo;t demand anything and whenever I meet CM sahib I always ask him that how can I contribute to Mumbai city.&nbsp;We both are on the same plane because we want to do something for this city and state.&quot;

He also said, &quot;After taking a lot from Maharashtra I am not greedy now.&nbsp;I would like to participate in whatever Maharashtra wants through CM sahib.&quot;

Khan then went on to speak about PM Modi and said: &quot;It is for the first time that in 20 years we have a PM coming here in Davos. He has&nbsp;already mentioned that he is here to rejoice 128 crores Indians.&nbsp;Even after lot of radical changes we are sustaining.&quot;

He continued: &quot;PM Narendra Modi pointed out globalisation is losing sheen.&nbsp;India can perhaps become a hub of bringing it back and a lot of good points.&quot;

Lastly, he mentioned his pride at representing India at Davos and said, &quot;All of us are here so it seems that we have taken over Davos.&quot;

&nbsp;

He also praised PM Modi and Maharashtra Chief Minister Devendra Fadnavis, both of whom were also at Davos

Indian Bollywood star Shah Rukh Khan was seen today alongside Maharashtra Chief Minister Devendra Fadnavis during a media interaction at Davos 2018 in Switzerland. Present at the World Economic Forum summit to receive his Crystal Award for his "leadership in championing children's and women's rights in India" with the help of Meer Foundation -- Shah Rukh today was quoted praising PM Modi and Maharashtra CM for their work towards development. Also Read: When Shah Rukh Khan requested Elton John and Cate Blanchett for a selfie Also Watch: We the powerful need to get out of the way to pick barriers apart: Shah Rukh Khan at Davos Attending the Mumbai and Maharashtra session at World Economic Forum, Khan said that he is whatever he is today because of "Mumbai". He said, "I am a living example of how someone can come to Mumbai and fulfil his or her dreams and desires. I came here in this city 30 years back. Today, I am here in Davos because I have worked in Mumbai and this is my right to join this session." He added, "I always say I have two mothers -- Delhi which gave me birth and Maharashtra which helped me grow and achieving my dreams in life." When asked to comment on Indian Prime Minister Modi's speech, Khan affirmed that the "next future is digital in our country. We will have to create a positive atmosphere and environment for the youth of our nation. Politics should also be digital in India because when we talk about ‘Digital India’ everything should come under digital." Watch WION in Davos, actor Shah Rukh Khan speaks about PM Modi's speech: 'PM Modi visiting Davos is a matter of great pride and I hope that whole world will listen and come to India,' Shah Rukh Khan. (WION) × Appreciating his relationship with Fadnavis, Khan said, "I can always approach Maharashtra Chief Minister Devendra Fadnavis sahib anytime for such things. He is the new age CM of India" before adding "Now, I am like a senior citizen of Maharashtra finally, the time has come when I should contribute to this city. Now, I don’t demand anything and whenever I meet CM sahib I always ask him that how can I contribute to Mumbai city. We both are on the same plane because we want to do something for this city and state." He also said, "After taking a lot from Maharashtra I am not greedy now. I would like to participate in whatever Maharashtra wants through CM sahib." Khan then went on to speak about PM Modi and said: "It is for the first time that in 20 years we have a PM coming here in Davos. He has already mentioned that he is here to rejoice 128 crores Indians. Even after lot of radical changes we are sustaining." He continued: "PM Narendra Modi pointed out globalisation is losing sheen. India can perhaps become a hub of bringing it back and a lot of good points." Lastly, he mentioned his pride at representing India at Davos and said, "All of us are here so it seems that we have taken over Davos."

SRK at Davos: 'Always say I have two mothers, Delhi and Maharashtra'

US President Donald Trump strode into the lion&#39;s den to confront the world&#39;s political and business elite on Thursday, as his &quot;America First&quot; administration executes an anti-globalist manifesto in trade, taxes and currency rates.

A year after taking office, Trump joined the World Economic Forum in Davos with foreign exchange markets in turmoil and Washington&#39;s trading partners in uproar.

Taking on one storm, he insisted that he wants to see &quot;a strong dollar,&quot; after comments by his treasury secretary appearing to signal the opposite sent the US currency plunging to three-year lows and provoked anger in Europe.

Trump smiled and waved on his arrival at the gathering in the Swiss Alps, as crowds of onlookers held up camera phones. One woman admirer grabbed Trump&#39;s autograph while other delegates muttered -- out of his earshot -- about wanting to pelt him with fruit.

The former property mogul held one-on-one meetings with the British and Israeli prime ministers. Then, having demonised the globalist Davos crowd on his unorthodox march to the White House, he went on to a gala reception and dinner with European business chiefs attending the gathering.

Interviewed on CNBC, Trump said there was no contradiction between his populist campaign and his decision to come to the headquarters of the global elite.

&quot;When I decided to come to Davos, I didn&#39;t think in terms of elitist or globalist, I thought in terms of lots of people that want to invest lots of money and they&#39;re all coming back to the United States, they&#39;re coming back to America,&quot; he said.

Basking in near-daily highs on Wall Street and accelerating US growth, he added: &quot;It&#39;s about coming to America, investing in money, creating jobs, companies coming in, we&#39;re setting records every week, every day, we&#39;re setting records.&quot;

Anti-Trump messages 
Seeking to demonise the president in turn was Swiss activist group Campax, which hung a giant banner on an Alpine peak near Davos reading &quot;Trump not welcome&quot;, and Greenpeace, which beamed anti-Trump laser messages onto another mountain.

At an annual dinner he hosts in Davos, billionaire financier George Soros was equally blunt. &quot;I consider the Trump administration a danger to the world,&quot; he said. &nbsp;

Trump is due to address the forum on its closing day Friday, at the end of a week that saw his administration announce a new package of trade tariffs targeting China and South Korea, and spark upheaval on the currency markets.

&quot;I think the most fascinating thing with President Trump is that he has the capacity to surprise, and I&#39;m sure we will be surprised tomorrow,&quot; Alexander Stubb, former prime minister of Finland and the new vice president of the European Investment Bank, told AFP in Davos.

Forex rows 
Traders and US partners already had one surprise in Davos this week when Treasury Secretary Steven Mnuchin appeared to back away from decades of support by his predecessors for a &quot;strong dollar&quot; policy. He declared &quot;a weaker dollar is good for us&quot;, flouting US commitments in international fora such as the G20.

International Monetary Fund chief Christine Lagarde on Thursday urged Mnuchin to &quot;clarify&quot; his stance on the dollar. European Central Bank head Mario Draghi reminded trading partners to &quot;refrain&quot; from language that could cause currency volatility.

A weak dollar would potentially boost US exporters but cause headaches for all other trading nations.

In comments to CNBC that helped the dollar recover some lost ground, Trump said Mnuchin had been misquoted.

The Treasury secretary told reporters Thursday: &quot;We are not concerned with where the dollar is in the short term, it is a very liquid market and we believe in free currencies.&quot;

But Mnuchin&#39;s apparently hands-off approach was taken as reinforcing a broad offensive in trade built on the &quot;America First&quot; platform.

It drew the ire of French Finance Minister Bruno Le Maire.

&quot;We want exchange rates to reflect economic fundamentals... and we shouldn&#39;t play with these rates,&quot; Le Maire said in Davos.

Business leaders in Davos have this week offered a broad welcome to controversial tax reforms enacted by Trump&#39;s Republicans, which slashed the headline rate of US corporate tax. But European political leaders fear a &quot;race to the bottom&quot; as the United States jockeys for an edge among foreign investors.

Nice or nasty? 
A year ago, the Davos spotlight was claimed by China&#39;s communist leader Xi Jinping, who took up the torch of global trade to the delight of the well-heeled audience then anxious about Trump&#39;s inauguration.

The Davos elite are keen now to see which version of Trump will speak on Friday -- the business-friendly tycoon or the leader who berated the rest of the world at the UN General Assembly last September.

&quot;I think they&#39;ve already built down their expectations so far that anything he may say that&#39;s conciliatory, they&#39;ll be grateful for,&quot; Robert Kaplan, senior fellow at Washington&#39;s Center for a New American Security, told AFP at the forum.

French President Emmanuel Macron and German Chancellor Angela Merkel &quot;stole the show&quot; at Davos already, Kaplan added, after the European leaders used separate speeches on Wednesday to push back hard against the Trump manifesto.

Trump smiled and waved on his arrival at the gathering in the Swiss Alps, as crowds of onlookers held up camera phones

US President Donald Trump strode into the lion's den to confront the world's political and business elite on Thursday, as his "America First" administration executes an anti-globalist manifesto in trade, taxes and currency rates. A year after taking office, Trump joined the World Economic Forum in Davos with foreign exchange markets in turmoil and Washington's trading partners in uproar. Taking on one storm, he insisted that he wants to see "a strong dollar," after comments by his treasury secretary appearing to signal the opposite sent the US currency plunging to three-year lows and provoked anger in Europe. Trump smiled and waved on his arrival at the gathering in the Swiss Alps, as crowds of onlookers held up camera phones. One woman admirer grabbed Trump's autograph while other delegates muttered -- out of his earshot -- about wanting to pelt him with fruit. The former property mogul held one-on-one meetings with the British and Israeli prime ministers. Then, having demonised the globalist Davos crowd on his unorthodox march to the White House, he went on to a gala reception and dinner with European business chiefs attending the gathering. Interviewed on CNBC, Trump said there was no contradiction between his populist campaign and his decision to come to the headquarters of the global elite. "When I decided to come to Davos, I didn't think in terms of elitist or globalist, I thought in terms of lots of people that want to invest lots of money and they're all coming back to the United States, they're coming back to America," he said. Basking in near-daily highs on Wall Street and accelerating US growth, he added: "It's about coming to America, investing in money, creating jobs, companies coming in, we're setting records every week, every day, we're setting records." Anti-Trump messages Seeking to demonise the president in turn was Swiss activist group Campax, which hung a giant banner on an Alpine peak near Davos reading "Trump not welcome", and Greenpeace, which beamed anti-Trump laser messages onto another mountain. At an annual dinner he hosts in Davos, billionaire financier George Soros was equally blunt. "I consider the Trump administration a danger to the world," he said. Trump is due to address the forum on its closing day Friday, at the end of a week that saw his administration announce a new package of trade tariffs targeting China and South Korea, and spark upheaval on the currency markets. "I think the most fascinating thing with President Trump is that he has the capacity to surprise, and I'm sure we will be surprised tomorrow," Alexander Stubb, former prime minister of Finland and the new vice president of the European Investment Bank, told AFP in Davos. Forex rows Traders and US partners already had one surprise in Davos this week when Treasury Secretary Steven Mnuchin appeared to back away from decades of support by his predecessors for a "strong dollar" policy. He declared "a weaker dollar is good for us", flouting US commitments in international fora such as the G20. International Monetary Fund chief Christine Lagarde on Thursday urged Mnuchin to "clarify" his stance on the dollar. European Central Bank head Mario Draghi reminded trading partners to "refrain" from language that could cause currency volatility. A weak dollar would potentially boost US exporters but cause headaches for all other trading nations. In comments to CNBC that helped the dollar recover some lost ground, Trump said Mnuchin had been misquoted. The Treasury secretary told reporters Thursday: "We are not concerned with where the dollar is in the short term, it is a very liquid market and we believe in free currencies." But Mnuchin's apparently hands-off approach was taken as reinforcing a broad offensive in trade built on the "America First" platform. It drew the ire of French Finance Minister Bruno Le Maire. "We want exchange rates to reflect economic fundamentals... and we shouldn't play with these rates," Le Maire said in Davos. Business leaders in Davos have this week offered a broad welcome to controversial tax reforms enacted by Trump's Republicans, which slashed the headline rate of US corporate tax. But European political leaders fear a "race to the bottom" as the United States jockeys for an edge among foreign investors. Nice or nasty? A year ago, the Davos spotlight was claimed by China's communist leader Xi Jinping, who took up the torch of global trade to the delight of the well-heeled audience then anxious about Trump's inauguration. The Davos elite are keen now to see which version of Trump will speak on Friday -- the business-friendly tycoon or the leader who berated the rest of the world at the UN General Assembly last September. "I think they've already built down their expectations so far that anything he may say that's conciliatory, they'll be grateful for," Robert Kaplan, senior fellow at Washington's Center for a New American Security, told AFP at the forum. French President Emmanuel Macron and German Chancellor Angela Merkel "stole the show" at Davos already, Kaplan added, after the European leaders used separate speeches on Wednesday to push back hard against the Trump manifesto.

Trump touts 'America First' to sceptical Davos elite

The annual congregation of world leaders in this snow-laden Swiss town concluded on Friday where Prime Minister Narendra Modi led the charge against protectionism and was joined by the likes of Angela Merkel and Emmanuel Macron while US President Donald Trump wrapped it up by asserting &#39;America First&#39; does not mean &#39;America alone&#39;.

Over five days, the rich and powerful of the &#39;fractured&#39; world as well as those from academia, art, culture and civil society, also flagged growing levels of gender and income inequality, as well as the financial and environmental risks.

Davos regular and IMF chief Christine Lagarde said the world should celebrate economic recovery but also repair the leaking roofs while the sun shines.

As this ski resort town saw unprecedented levels of snowfall this year, there were unusual delays in start of some programmes on the first two days besides ever increasing serpentine queues of vehicles on roads and of people outside the session halls.

Against that backdrop, French President Emmanuel Macron remarked this much snow would raise doubts among sceptics of global warming and it was good that they were not here as yet -- an apparent quip at his US counterpart who has announced that America would be leaving the Paris climate pact.

Macron&#39;s remarks came on Wednesday before Trump arrived at Davos.

And today, Trump was welcomed on stage with a traditional Swiss brass band performance, another unusual event.

In his typical style, Trump said the press always loved him as a businessman but turned &quot;nasty&quot; and &quot;fake&quot; when he joined politics and became president, eliciting quite audible hisses and boos from some people in the audience that included a large number of media persons.

Replying to the growing demand for action against what is being considered as protectionist policies in the US, Trump declared he supports free trade but it must be fair and reciprocal. He also asserted that free trade would not be possible if some countries resort to abuse of systems, taking an indirect jibe at China.

Modi -- the first Indian prime minister to come here in over two decades -- led the charge against protectionism and declared that India was an open economy and ready to host businesses from across the world and share the benefits for all with its age-old concept of &#39;Vasudhaiva Kutumbakam&#39; -- the world is one family.

Canadian Prime Minister Justin Trudeau and German Chancellor Angela Merkel also spoke out against protectionist tendencies at the summit.

As the world leaders continued to voice their concerns over various ills facing the world, British Prime Minister Theresa May was somehow cynical that the big words spoken in Davos were often not matched with actions outside.

Her comments led many here to quip that Davos was like Las Vegas of the economic world -- whatever happens in Davos, remains in Davos.

The official programme began on Monday with Crystal Awards for cine star Shahrukh Khan, actor Cate Blanchett and music icon Elton John.

At the ceremony, the Bollywood star had his own &#39;fan moment&#39; when he asked Blanchett for a selfie.

A concert by the Davos Festival Chamber Coir marked the end of the five-day summit.

International Trade Union Confederation&#39;s Sharon Burrow, part of the all women co-chairs, in her closing remarks made sure to thank drivers and all the support staff for running the show successfully. She also said the theme of creating a shared future in a fractured world would not be achieved without inclusion at all levels.

Chetna Sinha from India was also a co-chair for this year&#39;s summit.

A large Indian delegation, including union ministers, attended the 48th annual meeting of the WEF.

Davos regular and IMF chief Christine Lagarde said the world should celebrate economic recovery but also repair the leaking roofs while the sun shines

The annual congregation of world leaders in this snow-laden Swiss town concluded on Friday where Prime Minister Narendra Modi led the charge against protectionism and was joined by the likes of Angela Merkel and Emmanuel Macron while US President Donald Trump wrapped it up by asserting 'America First' does not mean 'America alone'. Over five days, the rich and powerful of the 'fractured' world as well as those from academia, art, culture and civil society, also flagged growing levels of gender and income inequality, as well as the financial and environmental risks. Davos regular and IMF chief Christine Lagarde said the world should celebrate economic recovery but also repair the leaking roofs while the sun shines. As this ski resort town saw unprecedented levels of snowfall this year, there were unusual delays in start of some programmes on the first two days besides ever increasing serpentine queues of vehicles on roads and of people outside the session halls. Against that backdrop, French President Emmanuel Macron remarked this much snow would raise doubts among sceptics of global warming and it was good that they were not here as yet -- an apparent quip at his US counterpart who has announced that America would be leaving the Paris climate pact. Macron's remarks came on Wednesday before Trump arrived at Davos. And today, Trump was welcomed on stage with a traditional Swiss brass band performance, another unusual event. In his typical style, Trump said the press always loved him as a businessman but turned "nasty" and "fake" when he joined politics and became president, eliciting quite audible hisses and boos from some people in the audience that included a large number of media persons. Replying to the growing demand for action against what is being considered as protectionist policies in the US, Trump declared he supports free trade but it must be fair and reciprocal. He also asserted that free trade would not be possible if some countries resort to abuse of systems, taking an indirect jibe at China. Modi -- the first Indian prime minister to come here in over two decades -- led the charge against protectionism and declared that India was an open economy and ready to host businesses from across the world and share the benefits for all with its age-old concept of 'Vasudhaiva Kutumbakam' -- the world is one family. Canadian Prime Minister Justin Trudeau and German Chancellor Angela Merkel also spoke out against protectionist tendencies at the summit. As the world leaders continued to voice their concerns over various ills facing the world, British Prime Minister Theresa May was somehow cynical that the big words spoken in Davos were often not matched with actions outside. Her comments led many here to quip that Davos was like Las Vegas of the economic world -- whatever happens in Davos, remains in Davos. The official programme began on Monday with Crystal Awards for cine star Shahrukh Khan, actor Cate Blanchett and music icon Elton John. At the ceremony, the Bollywood star had his own 'fan moment' when he asked Blanchett for a selfie. A concert by the Davos Festival Chamber Coir marked the end of the five-day summit. International Trade Union Confederation's Sharon Burrow, part of the all women co-chairs, in her closing remarks made sure to thank drivers and all the support staff for running the show successfully. She also said the theme of creating a shared future in a fractured world would not be achieved without inclusion at all levels. Chetna Sinha from India was also a co-chair for this year's summit. A large Indian delegation, including union ministers, attended the 48th annual meeting of the WEF.

World Economic Forum ends in Davos with 'repair your leaking roof, don't be selfish' message from world leader

Prime Minister Narendra Modi today met Swiss President Alain Berset here and discussed ways to deepen bilateral ties on the sidelines of the World Economic Forum (WEF) annual summit.

&quot;On reaching Davos, held talks with the President of the Swiss Confederation, Mr @alain_berset. We reviewed the scope of our bilateral cooperation and discussed ways to deepen it even further,&quot; Modi said in a tweet.

Berset said the discussions marked the meeting of the biggest and the oldest democracies in the world.

Thanking Modi, the Swiss President said he would continue to strengthen &quot;our relations&quot; with India.

&quot;First engagement in snowing #Davos, PM @narendramodi met with Swiss President @alain_berset. Two leaders had productive discussions on steps to further deepen our bilateral cooperation built upon our shared values of democracy and diversity. #IndiaMeansBusiness,&quot; an external affairs ministry spokesperson said in a tweet.

Sources said the two leaders are also believed to have discussed the progress on automatic exchange of tax information.

A legislation in this regard was passed by the Swiss Parliament, following which banks and financial institutions have begun collecting data for the first exchange that is to begin from next year.

Negotiations on EFTA (European Free Trade Association) trade pact and the bilateral investment protection agreement were also discussed, among various business and trade matters, they added.

Modi, who arrived at the ski-resort today, would be delivering the keynote address at the summit&#39;s plenary session today.&nbsp;

Berset said the discussions marked the meeting of the biggest and the oldest democracies in the world

Prime Minister Narendra Modi today met Swiss President Alain Berset here and discussed ways to deepen bilateral ties on the sidelines of the World Economic Forum (WEF) annual summit. "On reaching Davos, held talks with the President of the Swiss Confederation, Mr @alain_berset. We reviewed the scope of our bilateral cooperation and discussed ways to deepen it even further," Modi said in a tweet. Berset said the discussions marked the meeting of the biggest and the oldest democracies in the world. Thanking Modi, the Swiss President said he would continue to strengthen "our relations" with India. "First engagement in snowing #Davos, PM @narendramodi met with Swiss President @alain_berset. Two leaders had productive discussions on steps to further deepen our bilateral cooperation built upon our shared values of democracy and diversity. #IndiaMeansBusiness," an external affairs ministry spokesperson said in a tweet. Sources said the two leaders are also believed to have discussed the progress on automatic exchange of tax information. A legislation in this regard was passed by the Swiss Parliament, following which banks and financial institutions have begun collecting data for the first exchange that is to begin from next year. Negotiations on EFTA (European Free Trade Association) trade pact and the bilateral investment protection agreement were also discussed, among various business and trade matters, they added. Modi, who arrived at the ski-resort today, would be delivering the keynote address at the summit's plenary session today.

At Davos, PM Modi and Swiss President discuss ways to deepen bilateral ties

According to an international study published by the Oxfam group, close to 73% of India&#39;s wealth was cornered by India&#39;s richest 1%.

Previously, the survey had revealed that India&#39;s richest 1% held 58% of the country&#39;s total wealth.

The survey also revealed that around 67 crore Indians made up for the poorest half of the country; the section&#39;s wealth rose by just 1% the previous year.&nbsp;

At the global level, the survey noted 82% of the wealth generated last year worldwide to rest with 1% of the global population.&nbsp;

The ever-increasing incidence of wealth concentration is becoming a cause for concern.

Nearly 3.7 billion people account for the poorest half of population with no increase in their wealth.

The annual Oxfam survey was revealed hours before the start of the annual World Economic Forum Annual Meeting where rising income and gender inequality is among the key talking points.

India&#39;s richest witnessed a growth of over Rs 20.9 lakh crore in their wealth during 2017 -- an amount that equals the cumulative budget of the central government in 2017-18.

The Oxfam report titled &#39;Reward Work, Not Wealth&#39;, reveals how the global economy enables the wealthy elite to accumulate huge wealth while hundreds of millions of people struggle to survive on poverty pay.

&quot;2017 saw an unprecedented increase in the number of billionaires, at a rate of one every two days. Billionaire wealth has risen by an average of 13% a year since 2010 -- six times faster than the wages of ordinary workers, which have risen by a yearly average of just 2%,&quot; noted the report.

India added 17 new billionaires last year, taking the total number to a whopping101.

The Indian billionaires&#39; wealth increased to over Rs 20.7 lakh crore -- escalating by Rs 4.89 lakh crore last year --&nbsp;an amount sufficient to finance 85% of the all states&#39; budget on health and education, Oxfam noted.&nbsp;

It also noted that India&#39;s top 10% of the population holds 73% of the wealth.

The report noted 37% of India&#39;s billionaires to have inherited family wealth; the section is also reported to control over half of the total wealth of billionaires in the country.

It was noted that an average wage worker in rural India will take close to 941 years to match up to the amount of wealth earned by top-paid executives at a leading Indian garment firm in a year.

The survey also showed that women workers often find themselves at the bottom of the heap. Nine out of 10 billionaires are men with only four women billionaires; three of them inherited family wealth.

The report also added that an American CEO can earn the same amount of money in about more than a day which an ordinary worker manages to accumulate in 365 days.

Oxfam alluded to a global survey of 120,000 from 10 countries. The survey respondents in countries like the US, UK and India favoured 60% pay cut for CEOs.

&quot;The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system. Those working hard, growing food for the country, building infrastructure, working in factories are struggling to fund their child&#39;s education, buy medicines for family members and manage two meals a day. The growing divide undermines democracy and promotes corruption and cronyism,&quot; Oxfam India CEO Nisha Agrawal noted adding that the concentration of economic growth in the country is alarming.

&quot;It would take around 17.5 days for the best-paid executive at a top Indian garment company to earn what a minimum wage worker in rural India will earn in their lifetime (presuming 50 years at work),&quot; Oxfam said.

(With inputs from PTI)&nbsp;

The Oxfam report titled 'Reward Work, Not Wealth' reveals how the global economy enables the wealthy elite to accumulate huge wealth

According to an international study published by the Oxfam group, close to 73% of India's wealth was cornered by India's richest 1%. Previously, the survey had revealed that India's richest 1% held 58% of the country's total wealth. The survey also revealed that around 67 crore Indians made up for the poorest half of the country; the section's wealth rose by just 1% the previous year. At the global level, the survey noted 82% of the wealth generated last year worldwide to rest with 1% of the global population. The ever-increasing incidence of wealth concentration is becoming a cause for concern. Nearly 3.7 billion people account for the poorest half of population with no increase in their wealth. The annual Oxfam survey was revealed hours before the start of the annual World Economic Forum Annual Meeting where rising income and gender inequality is among the key talking points. India's richest witnessed a growth of over Rs 20.9 lakh crore in their wealth during 2017 -- an amount that equals the cumulative budget of the central government in 2017-18. The Oxfam report titled 'Reward Work, Not Wealth', reveals how the global economy enables the wealthy elite to accumulate huge wealth while hundreds of millions of people struggle to survive on poverty pay. "2017 saw an unprecedented increase in the number of billionaires, at a rate of one every two days. Billionaire wealth has risen by an average of 13% a year since 2010 -- six times faster than the wages of ordinary workers, which have risen by a yearly average of just 2%," noted the report. India added 17 new billionaires last year, taking the total number to a whopping101. The Indian billionaires' wealth increased to over Rs 20.7 lakh crore -- escalating by Rs 4.89 lakh crore last year -- an amount sufficient to finance 85% of the all states' budget on health and education, Oxfam noted. It also noted that India's top 10% of the population holds 73% of the wealth. The report noted 37% of India's billionaires to have inherited family wealth; the section is also reported to control over half of the total wealth of billionaires in the country. It was noted that an average wage worker in rural India will take close to 941 years to match up to the amount of wealth earned by top-paid executives at a leading Indian garment firm in a year. The survey also showed that women workers often find themselves at the bottom of the heap. Nine out of 10 billionaires are men with only four women billionaires; three of them inherited family wealth. The report also added that an American CEO can earn the same amount of money in about more than a day which an ordinary worker manages to accumulate in 365 days. Oxfam alluded to a global survey of 120,000 from 10 countries. The survey respondents in countries like the US, UK and India favoured 60% pay cut for CEOs. "The billionaire boom is not a sign of a thriving economy but a symptom of a failing economic system. Those working hard, growing food for the country, building infrastructure, working in factories are struggling to fund their child's education, buy medicines for family members and manage two meals a day. The growing divide undermines democracy and promotes corruption and cronyism," Oxfam India CEO Nisha Agrawal noted adding that the concentration of economic growth in the country is alarming. "It would take around 17.5 days for the best-paid executive at a top Indian garment company to earn what a minimum wage worker in rural India will earn in their lifetime (presuming 50 years at work)," Oxfam said. (With inputs from PTI)

Richest 1% own 73% of India's wealth: Report

A day before his departure for the World Economic Forum in Davos, Indian Prime Minister Narendra Modi on Sunday stated that he was looking forward to sharing the vision for India&#39;s future engagement with the international community at Davos.

Modi took to Twitter to drive home the point that India&#39;s engagement with the outside world has become truly and effectively multi-dimensional.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/world-economic-forum-preps-for-modi-mantra-with-tastes-of-india-twists-of-yoga-30218">World Economic Forum: With desi food, yoga India gears up for Modi Mantra at Davos</a>

&#39;&#39;In recent years, India&rsquo;s engagement with the outside world has become truly and effectively multi-dimensional covering the political, economic, people to people, security and other spheres, Modi tweeted.&nbsp;

&#39;&#39;The existing and emerging challenges to the contemporary international system and global governance architecture deserve serious attention of leaders, governments, policy makers, corporates and civil societies around the world. @wef #IndiaMeansBusiness,&#39;&#39; the Prime Minister said in another tweet.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/wefdavos-modi-to-address-opening-plenary-trump-on-final-day-29950">WEF@Davos: Modi to address opening plenary; Trump on final day</a>

stating that the theme of the forum, &ldquo;Creating a Shared Future in a Fractured World&rdquo; is both thoughtful and apt, Modi tweeted that he was looking forward to his first visit to the World Economic Forum at Davos, at the invitation of &#39;&#39;India&rsquo;s good friend and Founder of the WEF, Prof Klaus Schwab&#39;&#39;.&nbsp;

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At Davos, I look forward to sharing my vision for India&rsquo;s future engagement with the international community. <a href="https://twitter.com/wef?ref_src=twsrc%5Etfw">@wef</a> <a href="https://twitter.com/hashtag/IndiaMeansBusiness?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaMeansBusiness</a>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/955062486939549698?ref_src=twsrc%5Etfw">January 21, 2018</a></blockquote>
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Modi also expressed confidence that his bilateral meeting with other world leaders will be fruitful and help boost relationships.&nbsp;

&#39;&#39;I am confident that these bilateral meetings would be fruitful and give a boost to our relations with these countries and further strengthen economic engagement. #IndiaMeansBusiness,&#39;&#39; he said in another tweet.

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In recent years, India&rsquo;s engagement with the outside world has become truly and effectively multi-dimensional covering the political, economic, people to people, security and other spheres. <a href="https://twitter.com/wef?ref_src=twsrc%5Etfw">@wef</a> <a href="https://twitter.com/hashtag/IndiaMeansBusiness?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaMeansBusiness</a>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/955062305678491648?ref_src=twsrc%5Etfw">January 21, 2018</a></blockquote>
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The PM stated that he was looking forward to his separate bilateral meetings with the President of the Swiss Confederation Alain Berset and Prime Minister of Sweden Stefan Lofven.&nbsp;

Modi took to Twitter to drive home the point that India's engagement with the outside world has become truly and effectively multi-dimensional.

A day before his departure for the World Economic Forum in Davos, Indian Prime Minister Narendra Modi on Sunday stated that he was looking forward to sharing the vision for India's future engagement with the international community at Davos. Modi took to Twitter to drive home the point that India's engagement with the outside world has become truly and effectively multi-dimensional. Also read: World Economic Forum: With desi food, yoga India gears up for Modi Mantra at Davos ''In recent years, India’s engagement with the outside world has become truly and effectively multi-dimensional covering the political, economic, people to people, security and other spheres, Modi tweeted. ''The existing and emerging challenges to the contemporary international system and global governance architecture deserve serious attention of leaders, governments, policy makers, corporates and civil societies around the world. @wef #IndiaMeansBusiness,'' the Prime Minister said in another tweet. Also read: WEF@Davos: Modi to address opening plenary; Trump on final day stating that the theme of the forum, “Creating a Shared Future in a Fractured World” is both thoughtful and apt, Modi tweeted that he was looking forward to his first visit to the World Economic Forum at Davos, at the invitation of ''India’s good friend and Founder of the WEF, Prof Klaus Schwab''. At Davos, I look forward to sharing my vision for India’s future engagement with the international community. @wef #IndiaMeansBusiness — Narendra Modi (@narendramodi) January 21, 2018 × Modi also expressed confidence that his bilateral meeting with other world leaders will be fruitful and help boost relationships. ''I am confident that these bilateral meetings would be fruitful and give a boost to our relations with these countries and further strengthen economic engagement. #IndiaMeansBusiness,'' he said in another tweet. In recent years, India’s engagement with the outside world has become truly and effectively multi-dimensional covering the political, economic, people to people, security and other spheres. @wef #IndiaMeansBusiness — Narendra Modi (@narendramodi) January 21, 2018 × The PM stated that he was looking forward to his separate bilateral meetings with the President of the Swiss Confederation Alain Berset and Prime Minister of Sweden Stefan Lofven.

WEF 2018: Modi to focus on India's future engagement with international community

Prime Minister Narendra Modi on Friday said that his <a href="http://www.wionews.com/india-news/pm-modis-visit-short-focussed-davos-visit-sign-that-we-engage-with-world-government-30066">visit to Davos</a> in Switzerland for the Word Economic Forum (WEF) is an opportunity for India to showcase itself on a global platform.

&quot;Davos is a major platform in the financial world. Many business leaders gather there to deliberate upon the economic future of the world. India is the centre of attraction for the entire world. There are two reasons for that. First, our GDP is growing at a fast pace - and this has been accepted by leading agencies like the World Bank, Moody&#39;s etc. Second, due to our strong democratic values. It&#39;s a unique combination of both in India. And that&#39;s what has evoked everyone&#39;s interest. So it&#39;s an opportunity for India to showcase itself on a global platform like WEF in Davos,&quot; PM Modi said in an exclusive interview with Zee News.

Also Read: <a href="http://www.wionews.com/india-news/my-governments-only-agenda-for-budget-is-development-pm-modi-to-zee-news-30099">My government&#39;s only agenda for Budget is development, PM Modi tells Zee News</a>

Apart from being a big market, India also has the advantage of demographic dividend, he added.

&quot;India is an economic powerhouse. The world wants to connect with us. The world wants to hear directly from the horse&#39;s mouth about India&#39;s policies and potential. And I feel proud to present before them the success story of 125 crore Indians, their achievements and progress,&quot; the Prime Minister said.

He also hailed the increase in foreign investment in India. &quot;Before 2014, the world didn&#39;t care about what India had to say. But after we came to power in 2014, the situation had changed completely. For the first time in 30 years, India had a government with full majority. This was noticed by the entire world. They are accepting us as a leader now. That&#39;s because we have done well on domestic front. From day one, my government&#39;s focus has been on good governance, transparency, and this has given us results. India&#39;s ranking in ease of doing business jumped from 142 to 100. This resonated across the world,&quot; PM Modi said.

PM Modi, accompanied by six Union ministers, will be in Davos on January 22-23 and <a href="http://www.wionews.com/india-news/wefdavos-modi-to-address-opening-plenary-trump-on-final-day-29950">address the opening plenary</a>. On the sidelines of the high-profile event, Modi will hold a number of important bilateral meetings with various world leaders.

He wll be the first Indian Prime Minister to participate in two decades after H D Devegowda who visited Davos in 1997.

Apart from his political engagements, PM Modi will also be there at a dinner on January 22 which will be attended by CEOs of 60 companies. These 60 companies are across 26 different sectors.

Among those attending the dinner will be the heads of Airbus group, Hitachi group, BAE Systems, IBM, and the Carlyle group.

PM Modi, accompanied by six Union ministers, will be in Davos on January 22-23 and give the opening plenary.

Prime Minister Narendra Modi on Friday said that his visit to Davos in Switzerland for the Word Economic Forum (WEF) is an opportunity for India to showcase itself on a global platform. "Davos is a major platform in the financial world. Many business leaders gather there to deliberate upon the economic future of the world. India is the centre of attraction for the entire world. There are two reasons for that. First, our GDP is growing at a fast pace - and this has been accepted by leading agencies like the World Bank, Moody's etc. Second, due to our strong democratic values. It's a unique combination of both in India. And that's what has evoked everyone's interest. So it's an opportunity for India to showcase itself on a global platform like WEF in Davos," PM Modi said in an exclusive interview with Zee News. Also Read: My government's only agenda for Budget is development, PM Modi tells Zee News Apart from being a big market, India also has the advantage of demographic dividend, he added. "India is an economic powerhouse. The world wants to connect with us. The world wants to hear directly from the horse's mouth about India's policies and potential. And I feel proud to present before them the success story of 125 crore Indians, their achievements and progress," the Prime Minister said. He also hailed the increase in foreign investment in India. "Before 2014, the world didn't care about what India had to say. But after we came to power in 2014, the situation had changed completely. For the first time in 30 years, India had a government with full majority. This was noticed by the entire world. They are accepting us as a leader now. That's because we have done well on domestic front. From day one, my government's focus has been on good governance, transparency, and this has given us results. India's ranking in ease of doing business jumped from 142 to 100. This resonated across the world," PM Modi said. PM Modi, accompanied by six Union ministers, will be in Davos on January 22-23 and address the opening plenary. On the sidelines of the high-profile event, Modi will hold a number of important bilateral meetings with various world leaders. He wll be the first Indian Prime Minister to participate in two decades after H D Devegowda who visited Davos in 1997. Apart from his political engagements, PM Modi will also be there at a dinner on January 22 which will be attended by CEOs of 60 companies. These 60 companies are across 26 different sectors. Among those attending the dinner will be the heads of Airbus group, Hitachi group, BAE Systems, IBM, and the Carlyle group.

Proud to present India's success story at Davos: PM Modi to Zee News

Former RBI Governor Raghuram Rajan today said the Western world must realise they cannot go a long way without the help of the emerging economies and warned that no one would be able to resolve any problem of a &#39;fractured world&#39; if things are not set right soon.

Without naming any country, he said the West must realise that their population is ageing and the demand for their products would mostly come from the emerging world.

Speaking here at a session of the World Economic Forum (WEF) Annual Meeting, Rajan said there is a risk that by the time the West goes to the emerging world for their support, they may have to answer quite a few questions about why they did not share the benefits earlier.

He warned that the approach of the Western world must change soon for the good, or else there may be a chance that we are not able to solve any of the problems of the &#39;fractured world&#39;.

About issues facing the Western world, he listed technology, ageing population and climate change.

Rajan was speaking at a session on the power of economic narratives and how policymakers can address the challenges of the 21st century.

He said some governments such as Singapore have done something to address the problems arising out of income inequality and the divisions in the society by setting up housing projects where middle class and lower middle class families can live together.

Rajan said he&#39;s not sure about the US but some countries are doing things in this area and certainly, the governments can play a role here.

The Chicago University professor is known for his frank views on various economic and monetary policy matters and is credited with having predicted the global financial crisis of 2007.

Rajan also took on the economists who frown upon the idea of economic narratives and said it has become difficult to make people believe in them for setting things right.

&quot;When the economist hears the word narratives and stories he thinks it&#39;s below me. They believe they are beyond the tradition of narratives,&quot; he said.

Post World War II, we realised we have to come together once again and we need to break barriers of trade and everything else, he said.

Asked whether he is optimistic or pessimistic on the issue of narratives, Rajan said politicians just pick the economic theory that fits in their scheme of things but he hopes things do not go out of hand and there is a solution before that.

He also said that for a long time technocrats were given a free hand.

&quot;That pushed growth for a long time but then frictions began including between right and the left,&quot; Rajan said, adding that since the global financial crisis, the world has begun to question the technocrats.

He cautioned that the economists have a much harder task today and there are a lot of answers that they need to come up with.

&quot;But the even harder task is to convince people that believe us and we will set things right,&quot; he said.

Rajan said we should realise that big ideas are always thought at least 15-20 years in advance.

&quot;So if we talk about universal basic income, we can&#39;t brush it aside and today we are seeing people are talking about it,&quot; he said while giving examples.

In another example, he said driverless cars are on the horizon today but we should also assess their impact on jobs.

&quot;We need to think what we are going to do when these people go jobless once driverless cars become widespread reality on our roads,&quot; he said.

Without naming any country, he said the West must realise that their population is ageing and the demand for their products would mostly come from the emerging world

Former RBI Governor Raghuram Rajan today said the Western world must realise they cannot go a long way without the help of the emerging economies and warned that no one would be able to resolve any problem of a 'fractured world' if things are not set right soon. Without naming any country, he said the West must realise that their population is ageing and the demand for their products would mostly come from the emerging world. Speaking here at a session of the World Economic Forum (WEF) Annual Meeting, Rajan said there is a risk that by the time the West goes to the emerging world for their support, they may have to answer quite a few questions about why they did not share the benefits earlier. He warned that the approach of the Western world must change soon for the good, or else there may be a chance that we are not able to solve any of the problems of the 'fractured world'. About issues facing the Western world, he listed technology, ageing population and climate change. Rajan was speaking at a session on the power of economic narratives and how policymakers can address the challenges of the 21st century. He said some governments such as Singapore have done something to address the problems arising out of income inequality and the divisions in the society by setting up housing projects where middle class and lower middle class families can live together. Rajan said he's not sure about the US but some countries are doing things in this area and certainly, the governments can play a role here. The Chicago University professor is known for his frank views on various economic and monetary policy matters and is credited with having predicted the global financial crisis of 2007. Rajan also took on the economists who frown upon the idea of economic narratives and said it has become difficult to make people believe in them for setting things right. "When the economist hears the word narratives and stories he thinks it's below me. They believe they are beyond the tradition of narratives," he said. Post World War II, we realised we have to come together once again and we need to break barriers of trade and everything else, he said. Asked whether he is optimistic or pessimistic on the issue of narratives, Rajan said politicians just pick the economic theory that fits in their scheme of things but he hopes things do not go out of hand and there is a solution before that. He also said that for a long time technocrats were given a free hand. "That pushed growth for a long time but then frictions began including between right and the left," Rajan said, adding that since the global financial crisis, the world has begun to question the technocrats. He cautioned that the economists have a much harder task today and there are a lot of answers that they need to come up with. "But the even harder task is to convince people that believe us and we will set things right," he said. Rajan said we should realise that big ideas are always thought at least 15-20 years in advance. "So if we talk about universal basic income, we can't brush it aside and today we are seeing people are talking about it," he said while giving examples. In another example, he said driverless cars are on the horizon today but we should also assess their impact on jobs. "We need to think what we are going to do when these people go jobless once driverless cars become widespread reality on our roads," he said.

West must share benefits of growth with emerging world: Rajan

While addressing the World Economic&nbsp;Forum in Davos, Switzerland, Prime minister Narendra Modi delivered the Indian ideology of &quot;Vasudhaiva Kutumbakam&quot; meaning World is One.&nbsp;

He asked the countries to bridge distances between them.&nbsp;

PM Modi said, &quot; India has always believed in values of integration and unity, &quot; Vasudhaiva Kutumbakam&quot; which means the entire world is one family. It is relevant to bridge distances&quot;.&nbsp;

Referring to the topic of the WEF,&quot; Creating a shared future in fractured world&quot;&nbsp;he said the world is facing challenges in maintaining peace, stability and security. &quot;&nbsp;

He said the topic here is &quot; Creating a shared future in a fractured world&quot;. New powers are changing the balance between&nbsp;Economic and Political Strength. This is indicating a change in future of the world. World is facing challenges in maintaining&nbsp;peace, stability and security.&nbsp;

He further highlighted the threat of shrinking globalisation and called it a greater threat than terrorism or climatic change.&nbsp;

He said &quot; Many societies and countries are becoming self-centred. It seems that globalisation, as opposed to its definition, is shrinking. Such misplaced preferences can&#39;t be considered any lesser threat than terrorism or climate change. We must admit shine of globalisation&nbsp;is fading.&quot;

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India has always believed in values of integration and unity, &#39;Vasudhaiva Kutumbakam&#39; which means the entire world is one family. It is relevant to bridge distances: PM Narendra Modi at <a href="https://twitter.com/hashtag/WorldEconomicForum?src=hash&amp;ref_src=twsrc%5Etfw">#WorldEconomicForum</a> <a href="https://twitter.com/hashtag/Davos?src=hash&amp;ref_src=twsrc%5Etfw">#Davos</a> <a href="https://t.co/Agf28sd6w2">pic.twitter.com/Agf28sd6w2</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/955753148148211712?ref_src=twsrc%5Etfw">January 23, 2018</a></blockquote>
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This year the topic here is &#39;Creating a shared future in a fractured world&#39;. New powers are changing the balance between Economic &amp; Political strength. This is indicating a change in future of the world. World is facing challenges in maintaining peace, stability &amp; security: PM <a href="https://t.co/ZghYmYXK55">pic.twitter.com/ZghYmYXK55</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/955752265486286848?ref_src=twsrc%5Etfw">January 23, 2018</a></blockquote>
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Many societies &amp; countries are becoming self-centred. It seems that gloabalisation, as opposed to its definition, is shrinking. Such misplaced preferences can&#39;t be considered any lesser threat than terrorism or climate change. We must admit shine of globalisation is fading: PM <a href="https://t.co/lWtH97NU6A">pic.twitter.com/lWtH97NU6A</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/955757018425380864?ref_src=twsrc%5Etfw">January 23, 2018</a></blockquote>
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While addressing the World Economic Forum in Davos, Switzerland, Prime minister Narendra Modi delivered the Indian ideology of 'Vasudhaiva Kutumbakam' meaning World is One

While addressing the World Economic Forum in Davos, Switzerland, Prime minister Narendra Modi delivered the Indian ideology of "Vasudhaiva Kutumbakam" meaning World is One. He asked the countries to bridge distances between them. PM Modi said, " India has always believed in values of integration and unity, " Vasudhaiva Kutumbakam" which means the entire world is one family. It is relevant to bridge distances". Referring to the topic of the WEF," Creating a shared future in fractured world" he said the world is facing challenges in maintaining peace, stability and security. " He said the topic here is " Creating a shared future in a fractured world". New powers are changing the balance between Economic and Political Strength. This is indicating a change in future of the world. World is facing challenges in maintaining peace, stability and security. He further highlighted the threat of shrinking globalisation and called it a greater threat than terrorism or climatic change. He said " Many societies and countries are becoming self-centred. It seems that globalisation, as opposed to its definition, is shrinking. Such misplaced preferences can't be considered any lesser threat than terrorism or climate change. We must admit shine of globalisation is fading." India has always believed in values of integration and unity, 'Vasudhaiva Kutumbakam' which means the entire world is one family. It is relevant to bridge distances: PM Narendra Modi at #WorldEconomicForum #Davos pic.twitter.com/Agf28sd6w2 — ANI (@ANI) January 23, 2018 × This year the topic here is 'Creating a shared future in a fractured world'. New powers are changing the balance between Economic & Political strength. This is indicating a change in future of the world. World is facing challenges in maintaining peace, stability & security: PM pic.twitter.com/ZghYmYXK55 — ANI (@ANI) January 23, 2018 × Many societies & countries are becoming self-centred. It seems that gloabalisation, as opposed to its definition, is shrinking. Such misplaced preferences can't be considered any lesser threat than terrorism or climate change. We must admit shine of globalisation is fading: PM pic.twitter.com/lWtH97NU6A — ANI (@ANI) January 23, 2018 ×

Countries to bridge distances between them: PM Modi at Davos

Prime Minister Narendra Modi on Tuesday addressed the plenary session of the 48th edition of the World Economic Forum at Davos in Switzerland. PM Narendra Modi is the first Indian prime minister to attend Davos summit in 20 years.

Here are the highlights from his speech:

&#39;Climate change is huge threat to our civilization&#39;

Climate change is the first major threat to human civilization right now, Snow in the Arctic is melting, many islands are sinking or are about to sink.

Glaciers are receding, the Arctic ice is melting, islands are going underwater or are about to. Heat and cold, excessive rain and drought - effects of extreme weather are seen everywhere. Even here, we are seeing the highest snowfall in 20 years.

We should have shed our divisions and united to tackle the challenge, but we must ask honestly if we have done so. Everyone says climate emissions must be reduced, But how many developed countries reach out to developing nations with the technology required to do so?&nbsp;

Terrorism second major challenge

Continuing his speech at the World Economic Forum, PM Modi listed terrorism and protectionism as the other two major challenges to human civilization. &ldquo;Terrorism is a big threat but an even bigger threat is when you give definitions like good terrorism and bad terrorism,&rdquo; said the PM.

Protectionism

The recent wave of trade protectionism, in which governments raise barriers to free trade between nations, is &quot;worrisome,&quot;.

Data is real wealth

&quot;Today, data is a real wealth and it is being said that whoever acquires and controls the data will have hegemony in the future. The global flow of data is creating big opportunities as well as challenges,&quot; Prime Minister Modi said.

He added that technology-driven transformation has been deeply affecting people&#39;s way of thinking, working, international groups, politics, and economy.He made this remark while underlining the importance of technology in today&#39;s era.

Talking about social media, Prime Minister Modi said, &quot;The example of breaking, addition, and twisting of technology is being seen in the form of social media.&quot;

Appeal of globalisation fading

Many societies &amp; countries are becoming self-centred. It seems that globalisation, as opposed to its definition, is shrinking. Such misplaced preferences can&#39;t be considered any lesser threat than terrorism or climate change. We must admit shine of globalisation is fading.

India proud of its democracy, diversity

PM Modi in his keynote speech at the World Economic Forum summit in Davos said that the country takes pride in its democracy and diversity. &ldquo;We in India are proud of our democracy and diversity. For a society with diverse religions, cultures, languages, attires and cuisines, democracy is not just a political system but a way of living,&rdquo; the PM said.

Modi also said that his government&rsquo;s motto is &lsquo;development for all&rsquo;.

&ldquo;In 2014 after 30 years, the 600 crore Indians provided the complete majority to any political party to form govt at the centre. We took the resolution for the development of everyone and not just a specific group. Our motto is &lsquo;Sabka Saath Sabka Vikas&rsquo;,&rdquo; the PM said.

People in India have welcomed the change

Change in India&#39;s ranking is an indicator that the people in India have warmly welcomed the change in policies as the road to a better future for them.

 
Come to India for wealth, wellness and peace

&quot;If you want wellness with wealth, come to India... If you want health and wholeness of life, come to India... If you want prosperity and peace, come to India... You are always welcome, said PM Modi as he summmed up his address at the plenary session of World Economic Forum in Davos.

PM Modi's was the opening speech of this year's World Economic Forum

Prime Minister Narendra Modi on Tuesday addressed the plenary session of the 48th edition of the World Economic Forum at Davos in Switzerland. PM Narendra Modi is the first Indian prime minister to attend Davos summit in 20 years. Here are the highlights from his speech: 'Climate change is huge threat to our civilization' Climate change is the first major threat to human civilization right now, Snow in the Arctic is melting, many islands are sinking or are about to sink. Glaciers are receding, the Arctic ice is melting, islands are going underwater or are about to. Heat and cold, excessive rain and drought - effects of extreme weather are seen everywhere. Even here, we are seeing the highest snowfall in 20 years. We should have shed our divisions and united to tackle the challenge, but we must ask honestly if we have done so. Everyone says climate emissions must be reduced, But how many developed countries reach out to developing nations with the technology required to do so? Terrorism second major challenge Continuing his speech at the World Economic Forum, PM Modi listed terrorism and protectionism as the other two major challenges to human civilization. “Terrorism is a big threat but an even bigger threat is when you give definitions like good terrorism and bad terrorism,” said the PM. Protectionism The recent wave of trade protectionism, in which governments raise barriers to free trade between nations, is "worrisome,". Data is real wealth "Today, data is a real wealth and it is being said that whoever acquires and controls the data will have hegemony in the future. The global flow of data is creating big opportunities as well as challenges," Prime Minister Modi said. He added that technology-driven transformation has been deeply affecting people's way of thinking, working, international groups, politics, and economy.He made this remark while underlining the importance of technology in today's era. Talking about social media, Prime Minister Modi said, "The example of breaking, addition, and twisting of technology is being seen in the form of social media." Appeal of globalisation fading Many societies & countries are becoming self-centred. It seems that globalisation, as opposed to its definition, is shrinking. Such misplaced preferences can't be considered any lesser threat than terrorism or climate change. We must admit shine of globalisation is fading. India proud of its democracy, diversity PM Modi in his keynote speech at the World Economic Forum summit in Davos said that the country takes pride in its democracy and diversity. “We in India are proud of our democracy and diversity. For a society with diverse religions, cultures, languages, attires and cuisines, democracy is not just a political system but a way of living,” the PM said. Modi also said that his government’s motto is ‘development for all’. “In 2014 after 30 years, the 600 crore Indians provided the complete majority to any political party to form govt at the centre. We took the resolution for the development of everyone and not just a specific group. Our motto is ‘Sabka Saath Sabka Vikas’,” the PM said. People in India have welcomed the change Change in India's ranking is an indicator that the people in India have warmly welcomed the change in policies as the road to a better future for them. Come to India for wealth, wellness and peace "If you want wellness with wealth, come to India... If you want health and wholeness of life, come to India... If you want prosperity and peace, come to India... You are always welcome, said PM Modi as he summmed up his address at the plenary session of World Economic Forum in Davos.

Highlights: PM Narendra Modi's big India pitch at Davos

With exquisite desi cuisine on the platter and live yoga sessions on display, the annual Swiss jamboree of the rich and powerful from &quot;a fractured world&quot; will begin tomorrow in Davos where Prime Minister Narendra Modi is expected to pitch India as a growth engine for the global economy.

Over 3,000 world leaders from business, politics, art, academia and civil society will attend the 48th World Economic Forum (WEF) Annual Meeting over the next five days in the small ski resort town on snow-covered Alps mountains, where the Indian presence will be the largest ever with over 130 participants.

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For the first time, <a href="https://twitter.com/hashtag/Yoga?src=hash&amp;ref_src=twsrc%5Etfw">#Yoga</a> will be performed on the platform of World Economic Forum. Two of our Aacharyas will be leaving for Davos today &amp; will be taking two sessions, one each in the morning &amp; evening: Yoga Guru Baba Ramdev <a href="https://t.co/1BcBA6Gt5T">pic.twitter.com/1BcBA6Gt5T</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/954976592714899456?ref_src=twsrc%5Etfw">January 21, 2018</a></blockquote>
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WEF Chairman Klaus Schwab will declare the summit open tomorrow evening with a welcome message on the meeting&#39;s theme, &#39;Creating a Shared Future in a Fractured World&#39;.

It will be followed by honouring Bollywood superstar Shahrukh Khan, Australian actress Cate Blanchett and legendary musician Elton John with the annual &#39;Crystal Awards&#39; for their respective work towards improving the state of the world.

The evening will also see a ballet performance, while India will host the &#39;welcome reception&#39; with the country&#39;s &quot;exquisite cuisine and age-hold Yoga heritage as well as the spirit of a young, innovative New India&quot;.

The official sessions will begin on Tuesday when Modi will deliver the &#39;opening plenary&#39;, during which he is expected to pitch India as an open economy that is ready for investments from across the world and also as a major engine to drive the global economic growth.

Modi is the first Indian Prime Minister to attend Davos meeting in about 20 years since H D Deve Gowda in 1997.

During his 24-hour-visit, described by officials as &quot;short but very focused&quot;, Modi will also host a dinner for CEOs from across the world -- 20 of Indian companies and 40 from elsewhere -- on Monday evening and will interact with a large gathering of 120 members of WEF&#39;s international business community on Tuesday.

Besides, he will hold a bilateral meeting with Swiss President Alain Berset, among other pull-asides, as per the government officials.

Modi will be accompanied by six union ministers -- Arun Jaitley, Suresh Prabhu, Piyush Goyal, Dharmendra Pradhan, M J Akbar and Jitendra Singh.

The CEO delegation, led by apex industry body CII, will include Mukesh Ambani, Gautam Adani, Azim Premji, Rahul Bajaj, N Chandrasekaran, Chanda Kochhar, Uday Kotak and Ajay Singh, among others.

Among global leaders, US President Donald Trump will be there to deliver the closing address, but any meeting with Prime Minister Modi is unlikely as the two would not be in town on the same day.

Pakistani Prime Minister Shahid Khaqan Abbasi will also be in Davos, but officials in India have said no meeting is planned between him and Modi.

German Chancellor Angela Merkel, Italian Prime Minister Paolo Gentiloni, European Commission President Jean-Claude Juncker, French President Emmanuel Macron, UK Prime Minister Theresa May and Canadian Prime Minister Justin Trudeau are among the other attendees.

While Trump is expected to talk about his &#39;America First&#39; policy, officials in India said Modi&#39;s central message at this multilateral forum will be about India being an economy that can be an engine of global growth and which wants others to participate in its growth and also wants to contribute to others&#39; development.

A lot of focus is expected on what Trump says and what would be the response of other world leaders, including from Germany, France and the UK.

Ahead of the summit, an annual WEF survey, likely to be discussed in detail during the meeting, showed that the world will see risks related to environment, economy and international relations intensify this year with a majority of stakeholders expecting political or economic confrontations between major powers to worsen.

In a first at the WEF summit, India will also host yoga training sessions for the entire duration of the meeting, while also showcasing Indian heritage and culture in Davos.

On the sidelines of the WEF summit, the Swiss government will also host the annual informal WTO ministerial meeting, which will be attended by Commerce Minister Suresh Prabhu and his global counterparts.

According to a Swiss government statement, negotiations on a bilateral investment protection pact and the envisaged free trade agreement between India and the European Free Trade Association (EFTA), of which Switzerland is a member, will figure prominently during Modi&#39;s meeting with Berset.

Modi is expected to encapsulate making of &#39;a new, young and innovative India&#39;, while he is also expected to talk about his experience with &#39;cooperative federalism&#39; in India, while urging the world for a collective crackdown on terrorism, economic imbalances, cyber threats and various societal ills.

According to officials, Modi will also talk about numerous steps they have taken to make it easier to do business in India, check corruption, clamp down on black money, streamline taxation and boost sustainable growth.

Another star speaker will be ex-RBI Governor Raghuram Rajan, who has been praised as well as criticised often for his vocal views on everything from politics to economics and is credited for predicting the global economic crisis of 2008. He will speak on the power of economic narratives and how policymakers can address the challenges of the 21st century.

Bollywood king Shahrukh Khan, for a change, would not be seen serenading heroines with his signature &#39;open-arm&#39; charm on Swiss Alps, but will rather talk about creating a change in India through women empowerment.

Over 3,000 world leaders from business, politics, art, academia and civil society will attend the 48th World Economic Forum (WEF) Annual Meeting over the next five days in Alps mountains

With exquisite desi cuisine on the platter and live yoga sessions on display, the annual Swiss jamboree of the rich and powerful from "a fractured world" will begin tomorrow in Davos where Prime Minister Narendra Modi is expected to pitch India as a growth engine for the global economy. Over 3,000 world leaders from business, politics, art, academia and civil society will attend the 48th World Economic Forum (WEF) Annual Meeting over the next five days in the small ski resort town on snow-covered Alps mountains, where the Indian presence will be the largest ever with over 130 participants. For the first time, #Yoga will be performed on the platform of World Economic Forum. Two of our Aacharyas will be leaving for Davos today & will be taking two sessions, one each in the morning & evening: Yoga Guru Baba Ramdev pic.twitter.com/1BcBA6Gt5T — ANI (@ANI) January 21, 2018 × WEF Chairman Klaus Schwab will declare the summit open tomorrow evening with a welcome message on the meeting's theme, 'Creating a Shared Future in a Fractured World'. It will be followed by honouring Bollywood superstar Shahrukh Khan, Australian actress Cate Blanchett and legendary musician Elton John with the annual 'Crystal Awards' for their respective work towards improving the state of the world. The evening will also see a ballet performance, while India will host the 'welcome reception' with the country's "exquisite cuisine and age-hold Yoga heritage as well as the spirit of a young, innovative New India". The official sessions will begin on Tuesday when Modi will deliver the 'opening plenary', during which he is expected to pitch India as an open economy that is ready for investments from across the world and also as a major engine to drive the global economic growth. Modi is the first Indian Prime Minister to attend Davos meeting in about 20 years since H D Deve Gowda in 1997. During his 24-hour-visit, described by officials as "short but very focused", Modi will also host a dinner for CEOs from across the world -- 20 of Indian companies and 40 from elsewhere -- on Monday evening and will interact with a large gathering of 120 members of WEF's international business community on Tuesday. Besides, he will hold a bilateral meeting with Swiss President Alain Berset, among other pull-asides, as per the government officials. Modi will be accompanied by six union ministers -- Arun Jaitley, Suresh Prabhu, Piyush Goyal, Dharmendra Pradhan, M J Akbar and Jitendra Singh. The CEO delegation, led by apex industry body CII, will include Mukesh Ambani, Gautam Adani, Azim Premji, Rahul Bajaj, N Chandrasekaran, Chanda Kochhar, Uday Kotak and Ajay Singh, among others. Among global leaders, US President Donald Trump will be there to deliver the closing address, but any meeting with Prime Minister Modi is unlikely as the two would not be in town on the same day. Pakistani Prime Minister Shahid Khaqan Abbasi will also be in Davos, but officials in India have said no meeting is planned between him and Modi. German Chancellor Angela Merkel, Italian Prime Minister Paolo Gentiloni, European Commission President Jean-Claude Juncker, French President Emmanuel Macron, UK Prime Minister Theresa May and Canadian Prime Minister Justin Trudeau are among the other attendees. While Trump is expected to talk about his 'America First' policy, officials in India said Modi's central message at this multilateral forum will be about India being an economy that can be an engine of global growth and which wants others to participate in its growth and also wants to contribute to others' development. A lot of focus is expected on what Trump says and what would be the response of other world leaders, including from Germany, France and the UK. Ahead of the summit, an annual WEF survey, likely to be discussed in detail during the meeting, showed that the world will see risks related to environment, economy and international relations intensify this year with a majority of stakeholders expecting political or economic confrontations between major powers to worsen. In a first at the WEF summit, India will also host yoga training sessions for the entire duration of the meeting, while also showcasing Indian heritage and culture in Davos. On the sidelines of the WEF summit, the Swiss government will also host the annual informal WTO ministerial meeting, which will be attended by Commerce Minister Suresh Prabhu and his global counterparts. According to a Swiss government statement, negotiations on a bilateral investment protection pact and the envisaged free trade agreement between India and the European Free Trade Association (EFTA), of which Switzerland is a member, will figure prominently during Modi's meeting with Berset. Modi is expected to encapsulate making of 'a new, young and innovative India', while he is also expected to talk about his experience with 'cooperative federalism' in India, while urging the world for a collective crackdown on terrorism, economic imbalances, cyber threats and various societal ills. According to officials, Modi will also talk about numerous steps they have taken to make it easier to do business in India, check corruption, clamp down on black money, streamline taxation and boost sustainable growth. Another star speaker will be ex-RBI Governor Raghuram Rajan, who has been praised as well as criticised often for his vocal views on everything from politics to economics and is credited for predicting the global economic crisis of 2008. He will speak on the power of economic narratives and how policymakers can address the challenges of the 21st century. Bollywood king Shahrukh Khan, for a change, would not be seen serenading heroines with his signature 'open-arm' charm on Swiss Alps, but will rather talk about creating a change in India through women empowerment.

World Economic Forum: With desi food, yoga India gears up for Modi Mantra at Davos

Every day, tens of millions of people and trillions of dollars of goods and services flow across routes known as global commons &mdash; aboard ships, underwater, by air and in space.

No country exercises sovereignty over most of these global commons routes, and yet everyone abides by the rules.

That means there&rsquo;s little need for self-protection or armed escorts against pirates or privateers and no one has to pay protection money to warlords en route.

It was not always this way. As recently as the mid-19th century, high-value cargo on the High Seas was transported by heavily armed merchant ships like East Indiaman. On land, many routes required travellers to be armed and protected from bandits or highwaymen. Taxes were routinely paid to warlords or local chiefs for safe passage.

The communist regime of China, however, has staked a sovereign claim to most of the South China Sea, where there was $3.4 trillion in trade transit in 2016. If allowed to stand, this will enable China to ban or embargo shipping, or to levy fees for passage like 19th-century potentates.

Yet power brokers meeting in Davos this week are barely acknowledging this grave threat to free trade.

Ottoman Empire amassed wealth

Prior to Pax Britannica, a period of relative peace in Europe from 1815 to 1914, the cost of tariffs and other protectionist measures paled in comparison to the cost of privately protecting and insuring commerce or paying tariffs levied by kingdoms en route.

For example, the Ottoman Empire became wealthy by monopolizing and controlling the overland trade route between Europe and India and levying taxes on the spice trade.

The Portuguese monopolized the sea route to Cathay before their hold was broken by the Dutch and English.

Indeed, centuries of European innovation centred around either gaining control of, or bypassing, existing trade routes to avoid these levies.

Those acting on behalf of potentates routinely preyed upon insufficiently-armed merchants and seized their cargo and crew for ransom unless they were under the protection of another empire.

Piracy eventually curbed

The U.S. Navy, in fact, was expressly created in 1794 because North African Barbary pirates seized and ransomed American ships and crews after the British Royal Navy stopped protecting the U.S. following the War of Independence.

<figure class="align-center "><img alt="" src="https://images.theconversation.com/files/203075/original/file-20180123-182959-1ivjuuu.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" />
<figcaption>
In this oil painting from the 1600s by Dutch marine painter Aert Anthoniszoon, a French ship is seen being bombarded by Barbary Pirates. (Creative Commons)

Aggressive enforcement of &ldquo;freedom of navigation&rdquo; eventually curbed piracy, first on British routes and then on all western shipping routes via reciprocal agreements with other imperial powers.

After Lord Nelson&rsquo;s victory at Trafalgar and during the Napoleonic Wars, the Royal Navy provided protection of commerce and merchant shipping, making free trade possible with security provided as a public good.

As transportation costs fell, trade, especially within the British Empire, flourished.

By the 20th century, a global system emerged where imperial powers guarded trade routes and offered assistance to each other on a reciprocal basis. Tariffs, or &ldquo;protection fees&rdquo; levied en route by potentates, were largely abolished &mdash; by force when necessary &mdash; except for the use of purpose-built infrastructure like the Suez and Panama canals.
</figcaption>
</figure>

Freedom of navigation expands

The golden age of free trade ushered in after the First World War owes its success to Pax Americana, a period of relative peace in the Western Hemisphere around the middle of the 20th century. It took over from the British model and expanded freedom of navigation worldwide. Allied naval power underwrote free trade by providing protection.

Freedom of navigation is about limiting and regulating states&rsquo; ability to assert sovereignty at sea and use it to tax, regulate, embargo or blockade commerce in peacetime. In exchange for ceding those rights, states gained access to global commons from other states on a reciprocal basis.

States also assumed the responsibility to protect and respect shipping and provide security for trade routes without charge, though this remained, to this day, the responsibility of wealthier and more capable states.

These rules and practices were modernized and codified in the United Nations Law of the Sea (UNCLOS) convention in 1982 that defined rules on what are territorial waters, exclusive economic zones and rights of vessels in peacetime for innocent passage and transit.

States that signed and ratified UNCLOS agreed to a set of rules that facilitated navigation and trade. Historical or prior claims that states may have had to territorial waters beyond UNCLOS were extinguished after it came into force in 1994.

Most countries, including China, signed and ratified UNCLOS. The United States signed but did not ratify, though it voluntarily abides by most of its provisions.

Free trade thrives

More than anything else, freedom of navigation has allowed globalization and free trade to flourish.

And yet it&rsquo;s now being threatened by China which, in violation of UNCLOS treaty obligations, has staked claims to an area of the South China Sea (the so-called nine-dash line) that&rsquo;s larger than Western Europe from Poland&rsquo;s eastern border to the English Channel.

What are the implications?

Potentially, Chinese claims on the South China Sea can expand to the East China Sea and the Yellow Sea. A modest fee or tax on trade that is currently free could yield a fortune in revenues for China.

Ships from countries that include the U.S., Canada, Japan, South Korea and Taiwan could be forced to pay up or reroute around Chinese claims.

If the precedent set by China spreads, it could lead to other regimes seeking control of choke points like the Persian Gulf&rsquo;s Strait of Hormuz, the Bab al-Mandab Strait between Yemen and the Horn of Africa, and other waterways through which the vast majority of global commerce flows.

Globalization and free trade, in effect, will revert back to the pre-19th century, when pirates and shakedown artists ruled the High Seas.

Davos focused on wrong issues

This year&rsquo;s theme at the World Economic Forum gathering in Davos, Switzerland is &ldquo;Creating a Shared Future in a Fractured World.&rdquo;

Yet scant attention is being paid to the importance and value of freedom of navigation to free trade and global commerce. Little concern has been shown by global elites about the erosion of the UNCLOS regime caused by China&rsquo;s sea grab.

<figure class="align-center "><img alt="" src="https://images.theconversation.com/files/203074/original/file-20180123-182973-82xcyy.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" />
<figcaption>
Armed Swiss police officers stand guard on the roof of a hotel near the congress center where the annual meeting of the World Economic Forum takes place in Davos, Switzerland on Jan. 23, 2018. (AP Photo/Markus Schreiber)

Instead, rising U.S. protectionism under President Donald Trump, and China&rsquo;s mercantilism, are in the spotlight for now, even as core institutions for free trade &mdash;like freedom of navigation and security in the global commons &mdash; are in serious peril.

If the world returns to a pre-19th century system of enforced territorial claims on global commons routes, then tariffs and subsidies will be nothing compared to these profound hindrances to trade.

Imagine a world in which commerce is heavily taxed by authorities en route, or in which shippers must directly bear the cost of protecting their cargo. That&rsquo;s the world China is leading us to.

Davos participants have yet to demonstrate the courage to defend core free-trade institutions.

Next year, perhaps?
</figcaption>
</figure>

This article was originally published on <a href="http://theconversation.com" rel="nofollow" target="blank">The Conversation</a>. Read the <a href="https://theconversation.com/davos-oblivious-to-one-of-free-trades-gravest-threats-90506" rel="nofollow" target="blank">original article</a>.

China has staked a sovereign claim to most of the South China Sea. If allowed to stand, this will enable China to ban or embargo shipping, or to levy fees for passage like 19th-century potentates.

Every day, tens of millions of people and trillions of dollars of goods and services flow across routes known as global commons — aboard ships, underwater, by air and in space. No country exercises sovereignty over most of these global commons routes, and yet everyone abides by the rules. That means there’s little need for self-protection or armed escorts against pirates or privateers and no one has to pay protection money to warlords en route. It was not always this way. As recently as the mid-19th century, high-value cargo on the High Seas was transported by heavily armed merchant ships like East Indiaman. On land, many routes required travellers to be armed and protected from bandits or highwaymen. Taxes were routinely paid to warlords or local chiefs for safe passage. The communist regime of China, however, has staked a sovereign claim to most of the South China Sea, where there was $3.4 trillion in trade transit in 2016. If allowed to stand, this will enable China to ban or embargo shipping, or to levy fees for passage like 19th-century potentates. Yet power brokers meeting in Davos this week are barely acknowledging this grave threat to free trade. Ottoman Empire amassed wealth Prior to Pax Britannica, a period of relative peace in Europe from 1815 to 1914, the cost of tariffs and other protectionist measures paled in comparison to the cost of privately protecting and insuring commerce or paying tariffs levied by kingdoms en route. For example, the Ottoman Empire became wealthy by monopolizing and controlling the overland trade route between Europe and India and levying taxes on the spice trade. The Portuguese monopolized the sea route to Cathay before their hold was broken by the Dutch and English. Indeed, centuries of European innovation centred around either gaining control of, or bypassing, existing trade routes to avoid these levies. Those acting on behalf of potentates routinely preyed upon insufficiently-armed merchants and seized their cargo and crew for ransom unless they were under the protection of another empire. Piracy eventually curbed The U.S. Navy, in fact, was expressly created in 1794 because North African Barbary pirates seized and ransomed American ships and crews after the British Royal Navy stopped protecting the U.S. following the War of Independence. In this oil painting from the 1600s by Dutch marine painter Aert Anthoniszoon, a French ship is seen being bombarded by Barbary Pirates. (Creative Commons) Aggressive enforcement of “freedom of navigation” eventually curbed piracy, first on British routes and then on all western shipping routes via reciprocal agreements with other imperial powers. After Lord Nelson’s victory at Trafalgar and during the Napoleonic Wars, the Royal Navy provided protection of commerce and merchant shipping, making free trade possible with security provided as a public good. As transportation costs fell, trade, especially within the British Empire, flourished. By the 20th century, a global system emerged where imperial powers guarded trade routes and offered assistance to each other on a reciprocal basis. Tariffs, or “protection fees” levied en route by potentates, were largely abolished — by force when necessary — except for the use of purpose-built infrastructure like the Suez and Panama canals. Freedom of navigation expands The golden age of free trade ushered in after the First World War owes its success to Pax Americana, a period of relative peace in the Western Hemisphere around the middle of the 20th century. It took over from the British model and expanded freedom of navigation worldwide. Allied naval power underwrote free trade by providing protection. Freedom of navigation is about limiting and regulating states’ ability to assert sovereignty at sea and use it to tax, regulate, embargo or blockade commerce in peacetime. In exchange for ceding those rights, states gained access to global commons from other states on a reciprocal basis. States also assumed the responsibility to protect and respect shipping and provide security for trade routes without charge, though this remained, to this day, the responsibility of wealthier and more capable states. These rules and practices were modernized and codified in the United Nations Law of the Sea (UNCLOS) convention in 1982 that defined rules on what are territorial waters, exclusive economic zones and rights of vessels in peacetime for innocent passage and transit. States that signed and ratified UNCLOS agreed to a set of rules that facilitated navigation and trade. Historical or prior claims that states may have had to territorial waters beyond UNCLOS were extinguished after it came into force in 1994. Most countries, including China, signed and ratified UNCLOS. The United States signed but did not ratify, though it voluntarily abides by most of its provisions. Free trade thrives More than anything else, freedom of navigation has allowed globalization and free trade to flourish. And yet it’s now being threatened by China which, in violation of UNCLOS treaty obligations, has staked claims to an area of the South China Sea (the so-called nine-dash line) that’s larger than Western Europe from Poland’s eastern border to the English Channel. What are the implications? Potentially, Chinese claims on the South China Sea can expand to the East China Sea and the Yellow Sea. A modest fee or tax on trade that is currently free could yield a fortune in revenues for China. Ships from countries that include the U.S., Canada, Japan, South Korea and Taiwan could be forced to pay up or reroute around Chinese claims. If the precedent set by China spreads, it could lead to other regimes seeking control of choke points like the Persian Gulf’s Strait of Hormuz, the Bab al-Mandab Strait between Yemen and the Horn of Africa, and other waterways through which the vast majority of global commerce flows. Globalization and free trade, in effect, will revert back to the pre-19th century, when pirates and shakedown artists ruled the High Seas. Davos focused on wrong issues This year’s theme at the World Economic Forum gathering in Davos, Switzerland is “Creating a Shared Future in a Fractured World.” Yet scant attention is being paid to the importance and value of freedom of navigation to free trade and global commerce. Little concern has been shown by global elites about the erosion of the UNCLOS regime caused by China’s sea grab. Armed Swiss police officers stand guard on the roof of a hotel near the congress center where the annual meeting of the World Economic Forum takes place in Davos, Switzerland on Jan. 23, 2018. (AP Photo/Markus Schreiber) Instead, rising U.S. protectionism under President Donald Trump, and China’s mercantilism, are in the spotlight for now, even as core institutions for free trade —like freedom of navigation and security in the global commons — are in serious peril. If the world returns to a pre-19th century system of enforced territorial claims on global commons routes, then tariffs and subsidies will be nothing compared to these profound hindrances to trade. Imagine a world in which commerce is heavily taxed by authorities en route, or in which shippers must directly bear the cost of protecting their cargo. That’s the world China is leading us to. Davos participants have yet to demonstrate the courage to defend core free-trade institutions. Next year, perhaps? This article was originally published on The Conversation. Read the original article.

Opinion: At Davos, China's effort to grab sea routes was ignored by world leaders

China welcomed Prime Minister Narendra Modi&#39;s<a href="http://www.wionews.com/india-news/live-world-economic-forum-pm-modi-arrives-in-zurich-set-to-land-in-davos-shortly-30369"> Davos speech</a> against protectionism as being &ldquo;as dangerous as terrorism,&rdquo; saying that the two countries can fight this practice together.

Modi, while addressing the annual summit of the World Economic Forum in Davos on Tuesday, compared protectionism to terrorism and talked about the sever concerns facing the world, including terrorism and climate change.

&ldquo;Many countries are becoming inward focused and globalisation is shrinking and such tendencies can&rsquo;t be considered lesser risk than terrorism or climate change,&rdquo; he had said.

&ldquo;I noticed that Prime Minister Modi made some remarks on protectionism and his remarks showed that globalisation is the trend of the times and serves the interests of all the countries including developing countries and the fight against protectionism and promoting globalisation,&rdquo; Chinese foreign ministry spokesperson Hua Chunying said.

Also read:&nbsp;<a href="http://www.wionews.com/world/at-davos-chinas-xi-jinping-says-no-point-blaming-economic-globalisation-for-the-worlds-problems-11392">At Davos, China&#39;s Xi Jinping says &#39;no point blaming economic globalisation for the world&#39;s problems&#39; </a>

She further mentioned that China looks forward to working with India and other countries to strengthen globalisation process for the benefit of all countries.&nbsp;

&ldquo;China and India share a lot of common interests. China would like to enhance coordination and cooperation with all countries including India to steer the economic globalisation towards benefiting world economic growth and well-being of all countries,&rdquo; Hua said.

Asked whether the common position of India and China in opposing protectionism could help improve strained bilateral ties, Hua said &ldquo;Our position is clear. India is a big neighbour of China. As the two largest developing countries and as two close neighbours, of course we hope that we can maintain steady development of bilateral relations. It serves the interests of our two sides&rdquo;.

&ldquo;We look forward to working with India to enhance our communication and our mutual trust, properly handle our differences and ensure sound and steady development of our bilateral ties. I believe this is the aspiration of the people of our countries,&rdquo; she said.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/india-to-become-5-trillion-economy-by-2025-pm-modi-30550">India to become $5 trillion </a><a href="http://www.wionews.com/business-economy/india-to-become-5-trillion-economy-by-2025-pm-modi-30550">economy</a><a href="http://www.wionews.com/business-economy/india-to-become-5-trillion-economy-by-2025-pm-modi-30550">&nbsp;by 2025: PM Modi</a>

Prime Minister Narendra Modi on Tuesday<a href="http://www.wionews.com/india-news/pm-modi-in-davos-highlights-of-his-speech-at-wef-30514"> addressed the plenary session</a> of the 48th edition of the World Economic Forum at Davos in Switzerland.

Modi is the first Indian prime minister to attend Davos summit in 20 years.

&nbsp;

(With PTI inputs)

Modi, while addressing the annual summit of the World Economic Forum in Davos on Tuesday, compared protectionism to terrorism and talked about the sever concerns facing the world, including terrorism and climate change

China welcomed Prime Minister Narendra Modi's Davos speech against protectionism as being “as dangerous as terrorism,” saying that the two countries can fight this practice together. Modi, while addressing the annual summit of the World Economic Forum in Davos on Tuesday, compared protectionism to terrorism and talked about the sever concerns facing the world, including terrorism and climate change. “Many countries are becoming inward focused and globalisation is shrinking and such tendencies can’t be considered lesser risk than terrorism or climate change,” he had said. “I noticed that Prime Minister Modi made some remarks on protectionism and his remarks showed that globalisation is the trend of the times and serves the interests of all the countries including developing countries and the fight against protectionism and promoting globalisation,” Chinese foreign ministry spokesperson Hua Chunying said. Also read: At Davos, China's Xi Jinping says 'no point blaming economic globalisation for the world's problems' She further mentioned that China looks forward to working with India and other countries to strengthen globalisation process for the benefit of all countries. “China and India share a lot of common interests. China would like to enhance coordination and cooperation with all countries including India to steer the economic globalisation towards benefiting world economic growth and well-being of all countries,” Hua said. Asked whether the common position of India and China in opposing protectionism could help improve strained bilateral ties, Hua said “Our position is clear. India is a big neighbour of China. As the two largest developing countries and as two close neighbours, of course we hope that we can maintain steady development of bilateral relations. It serves the interests of our two sides”. “We look forward to working with India to enhance our communication and our mutual trust, properly handle our differences and ensure sound and steady development of our bilateral ties. I believe this is the aspiration of the people of our countries,” she said. Also read: India to become $5 trillion economy by 2025: PM Modi Prime Minister Narendra Modi on Tuesday addressed the plenary session of the 48th edition of the World Economic Forum at Davos in Switzerland. Modi is the first Indian prime minister to attend Davos summit in 20 years. (With PTI inputs)

China welcomes PM Modi's speech at Davos, looks forward to working with India

Thanks to medical innovations, people will live till the age of 140 and hospitals will get transformed into mere casualty rooms, according to experts at the World Economic Forum (WEF) summit.

Participating in a session on fourth industrial revolution technologies that are transforming healthcare, Microsoft CEO Satya Nadella said the artificial intelligence techniques working with data enable medical scientists to stand on the shoulders of giants as they can instantly access best-case history.

&quot;Even the mundane -but vital -&nbsp;area of hospital administration is being transformed, with real-time interactive recording of patient outcomes dramatically reducing bureaucracy and costs,&quot; he said.

According to the experts, the world is getting healthier as technology and medicine are colliding, as per a release issued by the WEF.

&quot;People will live to the age of 140 within a few decades, hospitals will be transformed into mere casualty rooms as patient self-management of health becomes the norm, 5G- connected ambulances will save millions of lives by accessing digitised trauma data and performing procedures in transit,&quot; the release said, quoting the experts.

Noting that these exciting developments are coming soon, the experts said that cancers are already being detected months earlier than before with the help of small, wearable health-monitoring devices.

Nokia Corporation&#39;s President and CEO Rajeev Suri said chronic diseases are the leading cause of morbidity in the world, accounting for more than 60 per cent of all deaths. Yet most of these diseases are preventable and many are reversible with accurate and early diagnosis, he added.

He also said that Nokia is working on non-invasive, wearable devices that would continuously monitor vital signs ?- such as cortisol and glucose levels -- and immediately pick up irregularities.

Collection of this personal data is filling the void between medical consultations, eliminating the need for repeated blood testing, for example, he observed.

Pfizer&#39;s Chief Operating Officer Albert Bourla said technology and healthcare have long existed in their own metaphorical silos but now these two worlds are colliding.

This collision means more and better medicines are being delivered faster to sick people, while biological sensors have dramatically improved diagnosis, he noted.

According to the experts, the world is getting healthier as technology and medicine are colliding, as per a release issued by the WEF

Thanks to medical innovations, people will live till the age of 140 and hospitals will get transformed into mere casualty rooms, according to experts at the World Economic Forum (WEF) summit. Participating in a session on fourth industrial revolution technologies that are transforming healthcare, Microsoft CEO Satya Nadella said the artificial intelligence techniques working with data enable medical scientists to stand on the shoulders of giants as they can instantly access best-case history. "Even the mundane -but vital - area of hospital administration is being transformed, with real-time interactive recording of patient outcomes dramatically reducing bureaucracy and costs," he said. According to the experts, the world is getting healthier as technology and medicine are colliding, as per a release issued by the WEF. "People will live to the age of 140 within a few decades, hospitals will be transformed into mere casualty rooms as patient self-management of health becomes the norm, 5G- connected ambulances will save millions of lives by accessing digitised trauma data and performing procedures in transit," the release said, quoting the experts. Noting that these exciting developments are coming soon, the experts said that cancers are already being detected months earlier than before with the help of small, wearable health-monitoring devices. Nokia Corporation's President and CEO Rajeev Suri said chronic diseases are the leading cause of morbidity in the world, accounting for more than 60 per cent of all deaths. Yet most of these diseases are preventable and many are reversible with accurate and early diagnosis, he added. He also said that Nokia is working on non-invasive, wearable devices that would continuously monitor vital signs ?- such as cortisol and glucose levels -- and immediately pick up irregularities. Collection of this personal data is filling the void between medical consultations, eliminating the need for repeated blood testing, for example, he observed. Pfizer's Chief Operating Officer Albert Bourla said technology and healthcare have long existed in their own metaphorical silos but now these two worlds are colliding. This collision means more and better medicines are being delivered faster to sick people, while biological sensors have dramatically improved diagnosis, he noted.

People will live to the age of 140 within a few decades : Experts at WEF

PM Modi left for Davos today <a href="http://www.wionews.com/india-news/pm-modi-leaves-for-davos-for-world-economic-forum-30284">to attend the World Economic Forum</a>. The Indian prime minister will be arriving on Monday evening(local time in India) and will be meeting the Swiss President Alain Berset.

PM Modi and President Berset are expected to discuss investment opportunities for Switzerland in India and the free trade agreement between India and European Free Trade Association(EFTA).

A welcome reception for the Indian prime minister will also be held after his talks with the Swiss president.

The highlight of the evening is expected to be PM Modi&#39;s roundtable meeting with the CEOs in the evening. 
&nbsp;

A welcome reception for the Indian prime minister will also be held after his talks with the Swiss president

PM Modi left for Davos today to attend the World Economic Forum. The Indian prime minister will be arriving on Monday evening(local time in India) and will be meeting the Swiss President Alain Berset. PM Modi and President Berset are expected to discuss investment opportunities for Switzerland in India and the free trade agreement between India and European Free Trade Association(EFTA). A welcome reception for the Indian prime minister will also be held after his talks with the Swiss president. The highlight of the evening is expected to be PM Modi's roundtable meeting with the CEOs in the evening.

PM Modi to meet Swiss president Berset today at Davos

There are no &quot;plans&quot; of a bilateral meeting between Prime Minister Narendra Modi and his Pakistani counterpart Shahid Khaqan Abbasi on the sidelines of the World Economic Forum (WEF) meeting at Davos next week, the external affairs ministry said today.

The annual meet of the WEF would be beginning on January 22. Modi would address the opening plenary on January 23.

&quot;As far as I am concerned there are no plans for meeting with the Pakistan Prime Minister,&quot; Secretary (Economic Relations) at the External Affairs Ministry Vijay Gokhale told reporters here.

He was responding to a query on whether Modi would be meeting his Pakistani counterpart as the latter would also be there at WEF on the same day.

The relations between India and Pakistan are strained following series of attacks by Pakistan-based terror groups and incidents of ceasefire violations, causing casualties on both sides.

When asked whether Modi would be meeting US President Donald Trump, he said the two will not be there on the same day.

This would be Modi&#39;s first Davos visit and also the first by an Indian prime minister since the one by H D Deve Gowda in 1997. In case of Trump, he would be the first US President to attend since Bill Clinton in 2000.

To a question on whether Modi is sending a message by not meeting Trump at the event, which has the theme of &#39;Creating a Shared Future in a Fractured World&#39;, Gokhale said there were never any plans for the two leaders to meet.

&quot;Besides, this is a multilateral event and the Prime Minister&#39;s central message will be that we are an economy that can be an engine of global growth. We want others to participate in our growth and we also want to participate in others&#39; growth,&quot; he said.

There were never any plans for the two leaders to meet and therefore whether they are present at the same event and are not meeting is not important, he said, adding, &quot;Our focus has always been in a global economy that is open and inclusive&quot;.&nbsp;

The annual meet of the WEF would be beginning on January 22. Modi would address the opening plenary on January 23

There are no "plans" of a bilateral meeting between Prime Minister Narendra Modi and his Pakistani counterpart Shahid Khaqan Abbasi on the sidelines of the World Economic Forum (WEF) meeting at Davos next week, the external affairs ministry said today. The annual meet of the WEF would be beginning on January 22. Modi would address the opening plenary on January 23. "As far as I am concerned there are no plans for meeting with the Pakistan Prime Minister," Secretary (Economic Relations) at the External Affairs Ministry Vijay Gokhale told reporters here. He was responding to a query on whether Modi would be meeting his Pakistani counterpart as the latter would also be there at WEF on the same day. The relations between India and Pakistan are strained following series of attacks by Pakistan-based terror groups and incidents of ceasefire violations, causing casualties on both sides. When asked whether Modi would be meeting US President Donald Trump, he said the two will not be there on the same day. This would be Modi's first Davos visit and also the first by an Indian prime minister since the one by H D Deve Gowda in 1997. In case of Trump, he would be the first US President to attend since Bill Clinton in 2000. To a question on whether Modi is sending a message by not meeting Trump at the event, which has the theme of 'Creating a Shared Future in a Fractured World', Gokhale said there were never any plans for the two leaders to meet. "Besides, this is a multilateral event and the Prime Minister's central message will be that we are an economy that can be an engine of global growth. We want others to participate in our growth and we also want to participate in others' growth," he said. There were never any plans for the two leaders to meet and therefore whether they are present at the same event and are not meeting is not important, he said, adding, "Our focus has always been in a global economy that is open and inclusive".

No plans of bilateral meeting between Modi and Pakistan PM in Davos: MEA

Prime Minister Narendra Modi will address the opening plenary at the WEF&#39;s Davos summit next week, while the keynote address will be given by US President Donald Trump at the annual jamboree of the global elite to be attended by 70 state heads.

Besides, 38 heads of major international organisations such as the WTO, the IMF and the World Bank, as also nearly 2,000 CEOs including over 100 from India will be present at the five-day World Economic Forum (WEF) Annual Meeting 2018, beginning on January 22 with a welcome reception to be hosted by India.

Announcing the official programme in Geneva today, the WEF said the summit will see the largest ever engagement of global leaders this year where the key talking points would include international security, environment and the global economy.

The theme of the meeting, spread over 400 sessions, would be &#39;Creating a Shared Future in a Fractured World&#39;, while the meeting would also see the largest ever proportion of women leaders (21 per cent) including all co-chairs being women this time including social entrepreneur Chetna Sinha from India and IMF&#39;s Christine Lagarde, the WEF said.

Modi will be accompanied by six union ministers, including Finance Minister Arun Jaitley, Piyush Goyal, Suresh Prabhu, Dharmendra Pradhan, M J Akbar and Jitendra Singh.

Besides, two chief ministers (Devendra Fadnavis and Chandrababu Naidu) and over 100 CEOs would take India&#39;s total presence to 129 -- the fourth highest after the US (780), the UK (266) and Switzerland (233 people). China will have 118 participants.

Women participants would account for 12 per cent of total Indian presence, compared to 27 per cent from the US, 24 per cent from the UK, 22 per cent from Germany, 20 per cent from Switzerland, 19 per cent for China and 18 per cent for France.

The WEF said its 48th Annual Meeting will focus on finding ways to reaffirm international cooperation on crucial shared interests, such as international security, the environment and the global economy.

The meeting comes at a time when geostrategic competition among states is generally seen to be on the rise.

Alongside international cooperation, an additional priority of the meeting will be to overcome divisions within countries, said the WEF which describes itself as an international public-private organisation focussed on improving the state of the world.

The WEF said divisions have often been caused by breakdowns in the social contract as a result of failure to protect societies from the transformational impacts of a succession of shocks, from globalisation to the proliferation of social media and the birth of the Fourth Industrial Revolution.

&quot;Collectively, these shocks have caused a loss of trust in institutions and damaged the relationship between business and society,&quot; it added.

&quot;Our world has become fractured by increasing competition between nations and deep divides within societies. Yet the sheer scale of the challenges our world faces makes concerted, collaborative and integrated action more essential than ever,&quot; WEF&#39;s Founder and Executive Chairman Klaus Schwab said.

He further said the summit aims to overcome these fault lines by reasserting shared interests among nations and securing multistakeholder commitment to renewing social contracts through inclusive growth.

This year&#39;s opening plenary will be delivered by Modi on January 23, Prime Minister of India, while Trump will deliver a keynote address before the close of the meeting on January 26, the WEF said.

This year a record number of leaders from G7 economies will participate, including Paolo Gentiloni, Prime Minister of Italy; Jean-Claude Juncker, President of the European Commission; Emmanuel

Macron, President of France; Theresa May, Prime Minister of the United Kingdom; and Justin Trudeau, Prime Minister of Canada, in addition to President Trump.

Other leaders from the G20 countries would include Liu He, Member of Political Bureau and General Director of CPC Central Committee of the People&#39;s Republic of China; Argentina President Mauricio Macri, South Africa Deputy President Cyril Ramaphosa and Brazil President Michel Temer.

From the host country, Alain Berset, President of the Swiss Confederation, will also participate.

Overall, the summit will have over 340 top political leaders with 10 heads of state/government from Africa, nine from Middle East and North Africa and six from Latin America.

These include Ethiopia Prime Minister Hailemariam Dessalegn, Zimbabwe President Emmerson Mnangagwa, Nigeria Vice President Yemi Osinbajo, Lebanon President Saad Al Hariri, Jordan King

Abdullah II Bin Al Hussein, Israel Prime Minister Benjamin Netanyahu and Columbia President Juan Manuel Santos.

The summit will also be attended by 40 arts and culture leaders, including Bollywood star Shahrukh Khan, Cate Blanchett and Elton John.

One of the key issues to be discussed would be navigating a multipolar and multiconceptual world and the balance between global cooperation and local autonomy to prevent the disintegration of the world order.

Besides, the leaders will also discuss how to overcome divisions in society and if outrage cycles in media and political rhetoric are widening societal fault lines and undermining tolerance, then what solutions can be jointly developed to restore the social compact, the WEF said.

Besides, 38 heads of major international organisations such as the WTO, the IMF and the World Bank, as also nearly 2,000 CEOs including over 100 from India will be present at the World Economic Forum (WEF) Annual Meeting 2018

Prime Minister Narendra Modi will address the opening plenary at the WEF's Davos summit next week, while the keynote address will be given by US President Donald Trump at the annual jamboree of the global elite to be attended by 70 state heads. Besides, 38 heads of major international organisations such as the WTO, the IMF and the World Bank, as also nearly 2,000 CEOs including over 100 from India will be present at the five-day World Economic Forum (WEF) Annual Meeting 2018, beginning on January 22 with a welcome reception to be hosted by India. Announcing the official programme in Geneva today, the WEF said the summit will see the largest ever engagement of global leaders this year where the key talking points would include international security, environment and the global economy. The theme of the meeting, spread over 400 sessions, would be 'Creating a Shared Future in a Fractured World', while the meeting would also see the largest ever proportion of women leaders (21 per cent) including all co-chairs being women this time including social entrepreneur Chetna Sinha from India and IMF's Christine Lagarde, the WEF said. Modi will be accompanied by six union ministers, including Finance Minister Arun Jaitley, Piyush Goyal, Suresh Prabhu, Dharmendra Pradhan, M J Akbar and Jitendra Singh. Besides, two chief ministers (Devendra Fadnavis and Chandrababu Naidu) and over 100 CEOs would take India's total presence to 129 -- the fourth highest after the US (780), the UK (266) and Switzerland (233 people). China will have 118 participants. Women participants would account for 12 per cent of total Indian presence, compared to 27 per cent from the US, 24 per cent from the UK, 22 per cent from Germany, 20 per cent from Switzerland, 19 per cent for China and 18 per cent for France. The WEF said its 48th Annual Meeting will focus on finding ways to reaffirm international cooperation on crucial shared interests, such as international security, the environment and the global economy. The meeting comes at a time when geostrategic competition among states is generally seen to be on the rise. Alongside international cooperation, an additional priority of the meeting will be to overcome divisions within countries, said the WEF which describes itself as an international public-private organisation focussed on improving the state of the world. The WEF said divisions have often been caused by breakdowns in the social contract as a result of failure to protect societies from the transformational impacts of a succession of shocks, from globalisation to the proliferation of social media and the birth of the Fourth Industrial Revolution. "Collectively, these shocks have caused a loss of trust in institutions and damaged the relationship between business and society," it added. "Our world has become fractured by increasing competition between nations and deep divides within societies. Yet the sheer scale of the challenges our world faces makes concerted, collaborative and integrated action more essential than ever," WEF's Founder and Executive Chairman Klaus Schwab said. He further said the summit aims to overcome these fault lines by reasserting shared interests among nations and securing multistakeholder commitment to renewing social contracts through inclusive growth. This year's opening plenary will be delivered by Modi on January 23, Prime Minister of India, while Trump will deliver a keynote address before the close of the meeting on January 26, the WEF said. This year a record number of leaders from G7 economies will participate, including Paolo Gentiloni, Prime Minister of Italy; Jean-Claude Juncker, President of the European Commission; Emmanuel Macron, President of France; Theresa May, Prime Minister of the United Kingdom; and Justin Trudeau, Prime Minister of Canada, in addition to President Trump. Other leaders from the G20 countries would include Liu He, Member of Political Bureau and General Director of CPC Central Committee of the People's Republic of China; Argentina President Mauricio Macri, South Africa Deputy President Cyril Ramaphosa and Brazil President Michel Temer. From the host country, Alain Berset, President of the Swiss Confederation, will also participate. Overall, the summit will have over 340 top political leaders with 10 heads of state/government from Africa, nine from Middle East and North Africa and six from Latin America. These include Ethiopia Prime Minister Hailemariam Dessalegn, Zimbabwe President Emmerson Mnangagwa, Nigeria Vice President Yemi Osinbajo, Lebanon President Saad Al Hariri, Jordan King Abdullah II Bin Al Hussein, Israel Prime Minister Benjamin Netanyahu and Columbia President Juan Manuel Santos. The summit will also be attended by 40 arts and culture leaders, including Bollywood star Shahrukh Khan, Cate Blanchett and Elton John. One of the key issues to be discussed would be navigating a multipolar and multiconceptual world and the balance between global cooperation and local autonomy to prevent the disintegration of the world order. Besides, the leaders will also discuss how to overcome divisions in society and if outrage cycles in media and political rhetoric are widening societal fault lines and undermining tolerance, then what solutions can be jointly developed to restore the social compact, the WEF said.

WEF@Davos: Modi to address opening plenary; Trump on final day

The world will see risks related to the environment, economy and international relations intensify this year with a majority of stakeholders expecting political or economic confrontations between major powers to worsen, a new survey showed today.

Referring to contentious issues between various nations, the World Economic Forum (WEF) said in its annual Global Risks Report that China&#39;s determination to press territorial and maritime claims and its extension of the Belt and Road Initiative (BRI) have triggered responses among neighbouring powers, with Japan and India exploring more structured forms of strategic cooperation in both economic and military affairs.

&quot;This initiative could become more significant if additional partners -- such as Australia, the US, or even European states -- were to take part. However, most of these countries are currently cautious and would be wary of allowing such a hedging policy to cause tensions with China,&quot; it said.

However, the biggest risks in South Asia overall would be in areas like employment, governance and infrastructure, as per the survey that would be discussed in detail next week at Geneva-based WEF&#39;s annual summit, to be attended by 70 heads of states/governments including Indian Prime Minister Narendra Modi and US President Donald Trump.

Globally, the environment-related risks top the charts, as per the survey of around 1,000 global leaders described by the WEF as members of its &quot;multi-stakeholder communities&quot;.

The WEF, which describes itself as an international organisation for public-private cooperation and hosts over 3,000 world leaders from politics, business and civil society every year in Swiss ski resort town Davos for an annual talkfest, said structural and interconnected nature of risks in 2018 threaten the very system on which societies, economies and international relations are based.

The report, which found environmental risks to be dominating the Global Risk Perception Survey for the second year running, said a deteriorating geopolitical landscape is partly to blame for the pessimistic outlook in 2018.

As per the survey, 93 per cent of respondents said they expect political or economic confrontations between major powers to worsen, while nearly 80 per cent expect an increase in risks associated with war involving major powers.

Overall, 59 per cent of the respondents pointed to increased level of risks this year, the WEF said while hoping that a positive economic outlook would give leaders the opportunity to tackle systemic fragility affecting societies, economies, international relations and the environment. Only 7 per cent saw the risks declining in 2018.

The report further said that amid geopolitical flux, national identity becomes a growing source of tension around contested borders, while clashes related to identity and community continue to drive political dislocations in many countries and are increasingly fuelling cross-border tensions.

Talking about &#39;major power tensions&#39;, WEF said relations between the world&#39;s major powers are changing, &quot;mostly for worse&quot;, while shifting relations between global and regional powers is creating increased uncertainty for smaller states.

Listing examples, it referred to Bhutan last year finding itself &quot;at the centre of a stand-off between India and China&quot;.

It also talked about some countries planning to extend and deepen networks of economic corridors and spurring huge infrastructure investments, while naming China&#39;s BRI as the most ambitious one.

Besides, it referred to China Pakistan Economic Corridor (CPEC); Bangladesh-China-India-Myanmar Economic Corridor (BCIM-EC); International North-South Transport Corridor (INSTC), which links India, Iran and Russia; and Asia-Africa Growth Corridor (AAGC), a joint initiative by India and Japan.

The report further said one potential trigger for disruption related to economic corridors might be push-back from a country that feels its sovereignty is being undermined and gave the example of the economic corridors crossing contested territory including of the CPEC running through Gilgit-Baltistan.

The study highlighted numerous areas where systems are being pushed to the brink -- from extinction-level rates of biodiversity loss to mounting concerns about the possibility of new wars.

The top ten risks in terms of likelihood include extreme weather events, natural disasters, cyber attacks, data fraud or theft, climate change, involuntary migration, man-made environmental disasters, terrorist attacks, illicit trade and asset bubbles in major economies.

The biggest risks in terms of impact would be weapons of mass destruction, extreme weather events, natural disasters, climate change, water crises, cyber attacks, food crises, biodiversity loss and ecosystem collapse, involuntary migration and spread of infectious diseases.

&quot;A widening economic recovery presents us with an opportunity that we cannot afford to squander, to tackle the fractures that we have allowed to weaken the world&#39;s institutions, societies and environment. We must take seriously the risk of a global systems breakdown,&quot; WEF Founder and Executive Chairman Klaus Schwab said.

Economic risks feature less prominently this year but there are worries that the improvement in global GDP growth rates may lead to complacency about persistent structural risks in the global economic and financial systems.

Inequality continues to be ranked high among the underlying risk drivers.

The biggest risks in South Asia would be in areas like employment, governance and infrastructure, as per the survey

The world will see risks related to the environment, economy and international relations intensify this year with a majority of stakeholders expecting political or economic confrontations between major powers to worsen, a new survey showed today. Referring to contentious issues between various nations, the World Economic Forum (WEF) said in its annual Global Risks Report that China's determination to press territorial and maritime claims and its extension of the Belt and Road Initiative (BRI) have triggered responses among neighbouring powers, with Japan and India exploring more structured forms of strategic cooperation in both economic and military affairs. "This initiative could become more significant if additional partners -- such as Australia, the US, or even European states -- were to take part. However, most of these countries are currently cautious and would be wary of allowing such a hedging policy to cause tensions with China," it said. However, the biggest risks in South Asia overall would be in areas like employment, governance and infrastructure, as per the survey that would be discussed in detail next week at Geneva-based WEF's annual summit, to be attended by 70 heads of states/governments including Indian Prime Minister Narendra Modi and US President Donald Trump. Globally, the environment-related risks top the charts, as per the survey of around 1,000 global leaders described by the WEF as members of its "multi-stakeholder communities". The WEF, which describes itself as an international organisation for public-private cooperation and hosts over 3,000 world leaders from politics, business and civil society every year in Swiss ski resort town Davos for an annual talkfest, said structural and interconnected nature of risks in 2018 threaten the very system on which societies, economies and international relations are based. The report, which found environmental risks to be dominating the Global Risk Perception Survey for the second year running, said a deteriorating geopolitical landscape is partly to blame for the pessimistic outlook in 2018. As per the survey, 93 per cent of respondents said they expect political or economic confrontations between major powers to worsen, while nearly 80 per cent expect an increase in risks associated with war involving major powers. Overall, 59 per cent of the respondents pointed to increased level of risks this year, the WEF said while hoping that a positive economic outlook would give leaders the opportunity to tackle systemic fragility affecting societies, economies, international relations and the environment. Only 7 per cent saw the risks declining in 2018. The report further said that amid geopolitical flux, national identity becomes a growing source of tension around contested borders, while clashes related to identity and community continue to drive political dislocations in many countries and are increasingly fuelling cross-border tensions. Talking about 'major power tensions', WEF said relations between the world's major powers are changing, "mostly for worse", while shifting relations between global and regional powers is creating increased uncertainty for smaller states. Listing examples, it referred to Bhutan last year finding itself "at the centre of a stand-off between India and China". It also talked about some countries planning to extend and deepen networks of economic corridors and spurring huge infrastructure investments, while naming China's BRI as the most ambitious one. Besides, it referred to China Pakistan Economic Corridor (CPEC); Bangladesh-China-India-Myanmar Economic Corridor (BCIM-EC); International North-South Transport Corridor (INSTC), which links India, Iran and Russia; and Asia-Africa Growth Corridor (AAGC), a joint initiative by India and Japan. The report further said one potential trigger for disruption related to economic corridors might be push-back from a country that feels its sovereignty is being undermined and gave the example of the economic corridors crossing contested territory including of the CPEC running through Gilgit-Baltistan. The study highlighted numerous areas where systems are being pushed to the brink -- from extinction-level rates of biodiversity loss to mounting concerns about the possibility of new wars. The top ten risks in terms of likelihood include extreme weather events, natural disasters, cyber attacks, data fraud or theft, climate change, involuntary migration, man-made environmental disasters, terrorist attacks, illicit trade and asset bubbles in major economies. The biggest risks in terms of impact would be weapons of mass destruction, extreme weather events, natural disasters, climate change, water crises, cyber attacks, food crises, biodiversity loss and ecosystem collapse, involuntary migration and spread of infectious diseases. "A widening economic recovery presents us with an opportunity that we cannot afford to squander, to tackle the fractures that we have allowed to weaken the world's institutions, societies and environment. We must take seriously the risk of a global systems breakdown," WEF Founder and Executive Chairman Klaus Schwab said. Economic risks feature less prominently this year but there are worries that the improvement in global GDP growth rates may lead to complacency about persistent structural risks in the global economic and financial systems. Inequality continues to be ranked high among the underlying risk drivers.

World to be riskier place in 2018: World Economic Forum

German Chancellor Angela Merkel is considering joining French President Emmanuel Macron at the World Economic Forum in Davos next week in what could turn into an epic clash of competing world views with U.S. President Donald Trump.

Merkel, who has been struggling to put together a government since a German election in September, had been expected to skip the annual gathering of leaders, CEOs, bankers and celebrities in the Swiss Alps for a third straight year.

But after clinching a preliminary coalition agreement with the centre-left Social Democrats (SPD) on Friday, German officials said Merkel could travel to Davos after all, possibly setting up a major confrontation with Trump, who is expected to speak on the final day of the forum.

An appearance would signal Merkel&#39;s return to the world stage after months of political limbo in which she has avoided the limelight and been dismissed by some in the German and international media as a spent force.

It would also allow her and Macron, who is scheduled to speak at the forum on Jan. 24, two days before Trump, to reaffirm their commitment to reforming the European Union after Britain&#39;s decision to leave, and to defend liberal democratic values in the face of Trump&#39;s &quot;America First&quot; policies.

Merkel&#39;s spokesman Steffen Seibert was coy last week when asked whether she might attend the WEF, which will run from Jan. 23-26 under the banner &quot;Creating a Shared Future in a Fractured World&quot; and will attract some 60 heads of state and government.

But after clinching a preliminary deal with the SPD, the chances that she could attend appear to have risen. German officials said no final decision had been taken and that Merkel may wait for the outcome of an SPD congress in Bonn next Sunday - where the party will formally decide whether to enter coalition talks with her conservatives - before committing.

Officials at the WEF said they believed Merkel was still considering whether to attend. If she does, it is unlikely that she or Macron would overlap with Trump, who is expected to arrive on the afternoon of Jan. 25.

This year&#39;s forum will be opened by Indian Prime Minister Narendra Modi on Jan. 23. Britain&#39;s Theresa May, Canada&#39;s Justin Trudeau and Israel&#39;s Benjamin Netanyahu are also expected, as well as celebrities such as actress Cate Blanchett and musician Elton John.

Last year&#39;s gathering took place in the week leading up to Trump&#39;s inauguration and was headlined by Chinese President Xi Jinping, who signalled his readiness to fill the vacuum in global leadership created by America&#39;s shift inward.

United in antipathy

Since then, Trump has pulled the United States out of the Trans-Pacific Partnership, a free trade deal with Asian countries, announced a withdrawal from the Paris climate accord and threatened to torpedo an agreement between Western powers and Iran aimed at curbing its nuclear programme.

He has stirred fears of conflict with North Korea by engaging in an escalating war of words with its leader Kim Jong Un. Last week, he stirred international outrage by referring to Haiti and African nations as &quot;shithole countries&quot;, according to members of Congress who attended a meeting in the White House.

On Saturday, some 500 demonstrators marched in the Swiss capital Bern to protest against Trump&#39;s plans to attend the WEF.

&quot;There are very few things in the world that unite countries as much as their antipathy towards Trump and what he is doing,&quot; said Ian Bremmer, president of political risk consultancy Eurasia Group, and a regular at Davos.

&quot;In the United States he may have 40 percent who approve of what he&#39;s doing. In the Davos crowd it is closer to 5 percent.&quot;

The visit by Trump will be the first by a U.S. president since Bill Clinton in 2000. He will be accompanied by a large delegation that is expected to include his son-in-law Jared Kushner, Treasury Secretary Steve Mnuchin and Secretary of State Rex Tillerson.

Merkel has had a frosty relationship with Trump, who accused her during his campaign for the presidency of &quot;ruining Germany&quot; by allowing hundreds of thousands of refugees, many fleeing war in the Middle East, into the country in 2015.

She was hailed in some Western media as the last defender of liberal democratic values after Trump&#39;s victory. Since then, the election of Macron, a pro-European centrist who, like Merkel, supports free trade and the global rules-based order, has given her a powerful ally in the confrontation with Trump.

Macron is slated to speak for 45 minutes in the evening of Jan. 24 in Davos, a ski resort in eastern Switzerland.

&quot;My instinct tells me that Macron will go big,&quot; said Robin Niblett, director of the Chatham House think tank in London. &quot;He won&#39;t just talk about Europe. He will try to take up the mantle of the free world under Europe&#39;s wing.&quot;

If he is joined by Merkel, who has made seven appearances at the WEF since becoming chancellor in 2005, that message may resonate even louder.

Merkel had been expected to skip the annual gathering of leaders, CEOs, bankers and celebrities in the Swiss Alps for a third straight year.

German Chancellor Angela Merkel is considering joining French President Emmanuel Macron at the World Economic Forum in Davos next week in what could turn into an epic clash of competing world views with U.S. President Donald Trump. Merkel, who has been struggling to put together a government since a German election in September, had been expected to skip the annual gathering of leaders, CEOs, bankers and celebrities in the Swiss Alps for a third straight year. But after clinching a preliminary coalition agreement with the centre-left Social Democrats (SPD) on Friday, German officials said Merkel could travel to Davos after all, possibly setting up a major confrontation with Trump, who is expected to speak on the final day of the forum. An appearance would signal Merkel's return to the world stage after months of political limbo in which she has avoided the limelight and been dismissed by some in the German and international media as a spent force. It would also allow her and Macron, who is scheduled to speak at the forum on Jan. 24, two days before Trump, to reaffirm their commitment to reforming the European Union after Britain's decision to leave, and to defend liberal democratic values in the face of Trump's "America First" policies. Merkel's spokesman Steffen Seibert was coy last week when asked whether she might attend the WEF, which will run from Jan. 23-26 under the banner "Creating a Shared Future in a Fractured World" and will attract some 60 heads of state and government. But after clinching a preliminary deal with the SPD, the chances that she could attend appear to have risen. German officials said no final decision had been taken and that Merkel may wait for the outcome of an SPD congress in Bonn next Sunday - where the party will formally decide whether to enter coalition talks with her conservatives - before committing. Officials at the WEF said they believed Merkel was still considering whether to attend. If she does, it is unlikely that she or Macron would overlap with Trump, who is expected to arrive on the afternoon of Jan. 25. This year's forum will be opened by Indian Prime Minister Narendra Modi on Jan. 23. Britain's Theresa May, Canada's Justin Trudeau and Israel's Benjamin Netanyahu are also expected, as well as celebrities such as actress Cate Blanchett and musician Elton John. Last year's gathering took place in the week leading up to Trump's inauguration and was headlined by Chinese President Xi Jinping, who signalled his readiness to fill the vacuum in global leadership created by America's shift inward. United in antipathy Since then, Trump has pulled the United States out of the Trans-Pacific Partnership, a free trade deal with Asian countries, announced a withdrawal from the Paris climate accord and threatened to torpedo an agreement between Western powers and Iran aimed at curbing its nuclear programme. He has stirred fears of conflict with North Korea by engaging in an escalating war of words with its leader Kim Jong Un. Last week, he stirred international outrage by referring to Haiti and African nations as "shithole countries", according to members of Congress who attended a meeting in the White House. On Saturday, some 500 demonstrators marched in the Swiss capital Bern to protest against Trump's plans to attend the WEF. "There are very few things in the world that unite countries as much as their antipathy towards Trump and what he is doing," said Ian Bremmer, president of political risk consultancy Eurasia Group, and a regular at Davos. "In the United States he may have 40 percent who approve of what he's doing. In the Davos crowd it is closer to 5 percent." The visit by Trump will be the first by a U.S. president since Bill Clinton in 2000. He will be accompanied by a large delegation that is expected to include his son-in-law Jared Kushner, Treasury Secretary Steve Mnuchin and Secretary of State Rex Tillerson. Merkel has had a frosty relationship with Trump, who accused her during his campaign for the presidency of "ruining Germany" by allowing hundreds of thousands of refugees, many fleeing war in the Middle East, into the country in 2015. She was hailed in some Western media as the last defender of liberal democratic values after Trump's victory. Since then, the election of Macron, a pro-European centrist who, like Merkel, supports free trade and the global rules-based order, has given her a powerful ally in the confrontation with Trump. Macron is slated to speak for 45 minutes in the evening of Jan. 24 in Davos, a ski resort in eastern Switzerland. "My instinct tells me that Macron will go big," said Robin Niblett, director of the Chatham House think tank in London. "He won't just talk about Europe. He will try to take up the mantle of the free world under Europe's wing." If he is joined by Merkel, who has made seven appearances at the WEF since becoming chancellor in 2005, that message may resonate even louder.

Merkel could join Macron in Davos for epic clash with Trump

Donald Trump will take his populist message directly to the world&#39;s political and business elite later this month, becoming the first US president to attend the World Economic Forum in Davos in nearly 20 years.

Trump -- who ran for president on a nationalist &quot;America First&quot; platform -- will mingle at the annual Alpine festival of globalism in Switzerland, and perhaps offer a few views of his own, the White House said.

&quot;The president welcomes opportunities to advance his America First agenda with world leaders,&quot; White House spokeswoman Sarah Sanders said.

&quot;At this year&#39;s World Economic Forum, the president looks forward to promoting his policies to strengthen American businesses, American industries and American workers.&quot;

A string of US presidents have avoided attending the annual upscale event, fearing a sojourn to a European ski resort would make them look out of touch.&nbsp;

The last president to go was Bill Clinton, who attended in 2000.

The gathering might seem antithetical to Trump&#39;s brand of politics, but the White House insists his message will be the same surrounded by chalets as it would be in Washington.

Looking to make his mark

Trump, a real estate mogul-turned-president, has rarely shied away from the rich and famous but may have an additional geopolitical incentive to attend.

Last year, the forum was dominated by the appearance of Chinese President Xi Jinping.

Xi became the first Chinese leader to go, picking up the mantle of defender of free trade and globalization in the face of Trump&#39;s protectionist rhetoric.&nbsp;

&quot;No one will emerge as a winner in a trade war,&quot; Xi warned, fueling a sense of rapidly growing China stepping into a space vacated by the United States.

During a decades-long spending spree, China has bankrolled infrastructure projects from Sri Lanka to Zambia, often earning political influence in the process.

Last year, the Trump administration was represented by informal emissary Anthony Scaramucci, who challenged Beijing to match words and deeds.

Firms were also quick to point out the gap between Xi&#39;s rhetoric and the realities of doing business in China, which is a frequently tortuous affair.

America First

But it is unclear how Trump&#39;s pitch for &quot;America First&quot; trade will play among the disciples of a global rules-based order.

&quot;The question appears to be whether he&#39;ll play to the global Davos audience or use his speech to shock the crowd with the anti-globalization rhetoric he loves to use back home,&quot; said Scott Mulhauser, former chief of staff at the US Embassy in Beijing.&nbsp;

&quot;The two sides of Trump stand in particular contrast on trade and globalization and may even both appear in the same speech,&quot; added Mulhauser.&nbsp;

&quot;So this one should be fascinating -- and the signals he sends will be heard at home and across the globe.&quot;

Since coming to office in January 2017, Trump has ripped up or sought to renegotiate a series of trade pacts that underpin global commerce.

A series of investigations into Chinese trade practices have put his administration on a collision course with Beijing.

This year&#39;s Davos gathering takes place January 23-26, with a theme of &quot;Creating a Shared Future in a Fractured World.&quot;

It is not yet clear when precisely Trump will attend.

US president Donald Trump would be the first US president to attend the World Economic Forum in Davos in nearly 20 years

Donald Trump will take his populist message directly to the world's political and business elite later this month, becoming the first US president to attend the World Economic Forum in Davos in nearly 20 years. Trump -- who ran for president on a nationalist "America First" platform -- will mingle at the annual Alpine festival of globalism in Switzerland, and perhaps offer a few views of his own, the White House said. "The president welcomes opportunities to advance his America First agenda with world leaders," White House spokeswoman Sarah Sanders said. "At this year's World Economic Forum, the president looks forward to promoting his policies to strengthen American businesses, American industries and American workers." A string of US presidents have avoided attending the annual upscale event, fearing a sojourn to a European ski resort would make them look out of touch. The last president to go was Bill Clinton, who attended in 2000. The gathering might seem antithetical to Trump's brand of politics, but the White House insists his message will be the same surrounded by chalets as it would be in Washington. Looking to make his mark Trump, a real estate mogul-turned-president, has rarely shied away from the rich and famous but may have an additional geopolitical incentive to attend. Last year, the forum was dominated by the appearance of Chinese President Xi Jinping. Xi became the first Chinese leader to go, picking up the mantle of defender of free trade and globalization in the face of Trump's protectionist rhetoric. "No one will emerge as a winner in a trade war," Xi warned, fueling a sense of rapidly growing China stepping into a space vacated by the United States. During a decades-long spending spree, China has bankrolled infrastructure projects from Sri Lanka to Zambia, often earning political influence in the process. Last year, the Trump administration was represented by informal emissary Anthony Scaramucci, who challenged Beijing to match words and deeds. Firms were also quick to point out the gap between Xi's rhetoric and the realities of doing business in China, which is a frequently tortuous affair. America First But it is unclear how Trump's pitch for "America First" trade will play among the disciples of a global rules-based order. "The question appears to be whether he'll play to the global Davos audience or use his speech to shock the crowd with the anti-globalization rhetoric he loves to use back home," said Scott Mulhauser, former chief of staff at the US Embassy in Beijing. "The two sides of Trump stand in particular contrast on trade and globalization and may even both appear in the same speech," added Mulhauser. "So this one should be fascinating -- and the signals he sends will be heard at home and across the globe." Since coming to office in January 2017, Trump has ripped up or sought to renegotiate a series of trade pacts that underpin global commerce. A series of investigations into Chinese trade practices have put his administration on a collision course with Beijing. This year's Davos gathering takes place January 23-26, with a theme of "Creating a Shared Future in a Fractured World." It is not yet clear when precisely Trump will attend.

Trump to make surprise appearance at Davos

The proportion of &quot;unpaid work&quot; per day is far higher for women than men globally, while in case of India on average 66 per cent of women&#39;s work is unpaid, says a <a href="http://www.wionews.com/india-news/a-bridge-too-far-india-slips-21-slots-on-world-economic-forum-gender-gap-index-23375">World Economic Forum report</a>.

Unpaid work measures the average minutes spent per day on routine housework, shopping, care for household members, care for non-household members volunteering, travel related to household activities and other unpaid activities for men and women aged 15-64 years.

According to the WEF Global Gender Gap Report 2017, on an average 66 per cent of women&#39;s work in India is unpaid, compared to 12 per cent of men&rsquo;s.

In case of China, 44 per cent of women&#39;s work is unpaid, while for men the figure stood at 19 per cent.

Even for developed countries, like the United Kingdom, which was ranked 15th on the Global Gender Gap list, 56.7 per cent of women&#39;s work is unpaid, as against 32 per cent men&rsquo;s.

In the USA also, 50 per cent of women&#39;s work is unpaid while in case of men the figure stands at 31.5 per cent.

An analysis of Global Gender Gap Index over the past years points to a continued under-use of the ever-increasing numbers of educated women than ever before, the report said.

&quot;While much of this imbalance is explained by the discrepancy in care-giving and unpaid work, institutional and policy inertia, outdated organisational structures and discrimination, one additional explanatory factor is the skills differentials in the types of degrees women and men seek out in their education,&quot; it added.

As per the report, the global average annual earnings for a female stood at US $12,000, while for a male it was as high as US $21,000.

India has slipped 21 places on the World Economic Forum&#39;s Global Gender Gap index to a lowly 108.

Globally also for the first time since the WEF began measuring the gap across four pillars - health, education, the workplace and political representation - the global gap has actually widened.

&nbsp;

The proportion of "unpaid work" per day is far higher for women than men globally, while in case of India on average 66 per cent of women's work is unpaid, says a World Economic Forum report.

The proportion of "unpaid work" per day is far higher for women than men globally, while in case of India on average 66 per cent of women's work is unpaid, says a World Economic Forum report. Unpaid work measures the average minutes spent per day on routine housework, shopping, care for household members, care for non-household members volunteering, travel related to household activities and other unpaid activities for men and women aged 15-64 years. According to the WEF Global Gender Gap Report 2017, on an average 66 per cent of women's work in India is unpaid, compared to 12 per cent of men’s. In case of China, 44 per cent of women's work is unpaid, while for men the figure stood at 19 per cent. Even for developed countries, like the United Kingdom, which was ranked 15th on the Global Gender Gap list, 56.7 per cent of women's work is unpaid, as against 32 per cent men’s. In the USA also, 50 per cent of women's work is unpaid while in case of men the figure stands at 31.5 per cent. An analysis of Global Gender Gap Index over the past years points to a continued under-use of the ever-increasing numbers of educated women than ever before, the report said. "While much of this imbalance is explained by the discrepancy in care-giving and unpaid work, institutional and policy inertia, outdated organisational structures and discrimination, one additional explanatory factor is the skills differentials in the types of degrees women and men seek out in their education," it added. As per the report, the global average annual earnings for a female stood at US $12,000, while for a male it was as high as US $21,000. India has slipped 21 places on the World Economic Forum's Global Gender Gap index to a lowly 108. Globally also for the first time since the WEF began measuring the gap across four pillars - health, education, the workplace and political representation - the global gap has actually widened.

Gender gap index: 66% of women's work unpaid in India, says World Economic Forum

India slipped 21 places on the World Economic Forum&#39;s Global Gender Gap index to a lowly 108, behind neighbours China and Bangladesh, primarily due to less participation of women in the economy and low wages.

Moreover, India&#39;s latest ranking is 10 notches lower than its reading in 2006 when the WEF started measuring the gender gap.

According to the WEF Global Gender Gap Report 2017, India has closed 67 per cent of its gender gap, less than many of its international peers, and some of its neighbours like Bangladesh ranked 47th while China was placed at 100th.

Globally also, this year&#39;s story is a bleak one. For the first time since the WEF began measuring the gap across four pillars -- health, education, the workplace and political representation&nbsp;the global gap has actually widened.

&quot;A decade of slow but steady progress on improving parity between the sexes came to a halt in 2017, with the global gender gap widening for the first time since the WEF&#39;s Global Gender Gap Report was first published in 2006,&quot; it said.

The findings in this year&#39;s report, published today, showed that an overall 68 per cent of the global gender gap has been closed. This is a slight deterioration from 2016 when the gap closed was 68.3 per cent. 
At the current rate of progress, the global gender gap will take 100 years to bridge, compared to 83 last year.

The case is worse in terms of workplace gender divide, which the report estimates will take 217 years to close. On a positive note, however, a number of countries are bucking the dismal global trend as over one-half of all 144 countries measured this year have seen their score improve in the past 12 months, the report noted.

At the top of the Global Gender Gap Index is Iceland. The country has closed nearly 88 per cent of its gap. It has been the world&#39;s most gender-equal country for nine years. 
Others in the top 10 include Norway (2nd), Finland (3rd), Rwanda (4) and Sweden (5), Nicaragua (6) and Slovenia (7), Ireland (8), New Zealand (9) and the Philippines (10).

India&#39;s greatest challenges lie in the economic participation and opportunity pillar where the country is ranked 139 as well as health and survival pillar where the country is ranked 141, the WEF said.

The report attributed much of India&#39;s decline in position on the overall Global Gender Gap Index to a widening of its gender gaps in political empowerment as well as healthy life expectancy and basic literacy. 
&quot;With more than 50 years having passed since the inauguration of the nation&#39;s first female prime minister in 1966, maintaining its global top 20 ranking on the political empowerment sub-index will require India to make progress on this dimension with a new generation of female political leadership,&quot; the report said.

Moreover, the scale of India&#39;s gender gap in women&#39;s share among legislators, senior officials and managers as well as professional and technical workers highlights that continued efforts will be needed to achieve parity in economic opportunity and participation.

In India, the workplace gender gap is reinforced by extremely low participation of women in the economy (136 out of the total 144 countries covered) and low wages for those who work (136th ranking for estimated earned income), the WEF said, adding that &quot;on average, 66 per cent of women&#39;s work in India is unpaid, compared to 12 per cent of men&#39;s&quot;.

On a positive note, India succeeded in fully closing its primary and secondary education enrolment gender gaps for the second year running and for the first time has nearly closed its tertiary education gender gap. However, it continues to rank fourth-lowest in the world on health and survival, remaining the world&#39;s least-improved country on this sub-index over the past decade, the WEF stated.

&quot;Competitiveness on a national and on a business level will be decided more than ever before by the innovative capacity of a country or a company. Those will succeed best who understand to integrate women as an important force into their talent pool,&quot; said Klaus Schwab, founder and Executive Chairman, World Economic Forum (WEF).

India moved behind neighbours China and Bangladesh, primarily due to less participation of women in the economy and low wages

India slipped 21 places on the World Economic Forum's Global Gender Gap index to a lowly 108, behind neighbours China and Bangladesh, primarily due to less participation of women in the economy and low wages. Moreover, India's latest ranking is 10 notches lower than its reading in 2006 when the WEF started measuring the gender gap. According to the WEF Global Gender Gap Report 2017, India has closed 67 per cent of its gender gap, less than many of its international peers, and some of its neighbours like Bangladesh ranked 47th while China was placed at 100th. Globally also, this year's story is a bleak one. For the first time since the WEF began measuring the gap across four pillars -- health, education, the workplace and political representation the global gap has actually widened. "A decade of slow but steady progress on improving parity between the sexes came to a halt in 2017, with the global gender gap widening for the first time since the WEF's Global Gender Gap Report was first published in 2006," it said. The findings in this year's report, published today, showed that an overall 68 per cent of the global gender gap has been closed. This is a slight deterioration from 2016 when the gap closed was 68.3 per cent. At the current rate of progress, the global gender gap will take 100 years to bridge, compared to 83 last year. The case is worse in terms of workplace gender divide, which the report estimates will take 217 years to close. On a positive note, however, a number of countries are bucking the dismal global trend as over one-half of all 144 countries measured this year have seen their score improve in the past 12 months, the report noted. At the top of the Global Gender Gap Index is Iceland. The country has closed nearly 88 per cent of its gap. It has been the world's most gender-equal country for nine years. Others in the top 10 include Norway (2nd), Finland (3rd), Rwanda (4) and Sweden (5), Nicaragua (6) and Slovenia (7), Ireland (8), New Zealand (9) and the Philippines (10). India's greatest challenges lie in the economic participation and opportunity pillar where the country is ranked 139 as well as health and survival pillar where the country is ranked 141, the WEF said. The report attributed much of India's decline in position on the overall Global Gender Gap Index to a widening of its gender gaps in political empowerment as well as healthy life expectancy and basic literacy. "With more than 50 years having passed since the inauguration of the nation's first female prime minister in 1966, maintaining its global top 20 ranking on the political empowerment sub-index will require India to make progress on this dimension with a new generation of female political leadership," the report said. Moreover, the scale of India's gender gap in women's share among legislators, senior officials and managers as well as professional and technical workers highlights that continued efforts will be needed to achieve parity in economic opportunity and participation. In India, the workplace gender gap is reinforced by extremely low participation of women in the economy (136 out of the total 144 countries covered) and low wages for those who work (136th ranking for estimated earned income), the WEF said, adding that "on average, 66 per cent of women's work in India is unpaid, compared to 12 per cent of men's". On a positive note, India succeeded in fully closing its primary and secondary education enrolment gender gaps for the second year running and for the first time has nearly closed its tertiary education gender gap. However, it continues to rank fourth-lowest in the world on health and survival, remaining the world's least-improved country on this sub-index over the past decade, the WEF stated. "Competitiveness on a national and on a business level will be decided more than ever before by the innovative capacity of a country or a company. Those will succeed best who understand to integrate women as an important force into their talent pool," said Klaus Schwab, founder and Executive Chairman, World Economic Forum (WEF).

India slips 21 slots on World Economic Forum Gender Gap index

History is tricky business. Often it requires breaking a continuum at different points to demarcate the beginning or end of eras. This week is one such inflection point that future historians are likely to look back at to mark the beginning of a new dynamic in the world order.

&nbsp;

With Donald Trump set to take charge in the Oval Office, on a bitterly cold day in the Swiss town of Davos, the leader of the world&rsquo;s largest Communist Party, Xi Jinping of China pitched himself as the next standard bearer of globalisation and the liberal economic order.

&nbsp;

Delivering the opening plenary speech at the World Economic Forum, Chinese President Xi Jinping hinted more clearly than ever before that Beijing is ready to move on from Deng Xiaoping&rsquo;s vision of tao guang yang hui &ndash; roughly meaning: keep a low profile and bide your time while things get accomplished.

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&ldquo;We must remain committed to developing global free trade and investment, promote trade and investment liberalization and facilitation through opening-up and say no to protectionism. Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air. No one will emerge as a winner in a trade war,&rdquo; Xi proclaimed to applause, chiding critics of globalisation.

&nbsp;

A day later, Xi met United Nations General Assembly President Peter Thomson and new Secretary-General Antonio Guterres at the UN office in Geneva, pledging Beijing&rsquo;s commitment to the organisation.

&nbsp;

&quot;The interests of all nations are connected, while their future is shared. The old way of chasing profits and hegemony must be banished, and should be replaced with a new pattern of using rules and institutions to better coordinate relationships and interests,&rdquo; Chinese state media quoted him as saying.

&nbsp;

Guterres and Thomson lauded those remarks as indicative of China&rsquo;s reaffirmation to multilateralism.

&nbsp;

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<h5>Ever since winning the elections, Trump has indicated that he intends to act on his protectionist campaign promises</h5>
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In both Davos and Geneva, although Xi mentioned no names, the target of his rhetoric was clear. Ever since winning the elections, Trump has indicated that he intends to act on his protectionist campaign promises.

&nbsp;

Apart from the much-talked about border wall, which Trump says Mexico will pay for, he has threatened carmakers like Toyota, General Motors, Ford and BMW with a border tax for manufacturing abroad and selling in the US. He&rsquo;s also spoken about re-negotiating NAFTA and junking the Trans-Pacific Trade Partnership agreement. Added to that, he has vowed to get tougher on immigration, even for skilled workers, by raising the bar for H1-B visa applicants.

&nbsp;

Trump&rsquo;s rhetoric has not just been protectionist but also anti-multilateralism bordering on isolationism, at least in the context of long-standing American commitments in the global arena. From terming NATO &ldquo;obsolete,&rdquo; predicting the break-up of the EU and calling it an institution that serves German interests, to dismissing the UN as a &ldquo;club&rdquo; for people to &ldquo;have a good time,&rdquo; Trump has indicated that he wants US allies to carry their own weight.

&nbsp;

It is this perceived pullback that the Chinese president is looking to capitalise on. For instance, in November, as the US was debating the outcome of the presidential election, Xi traveled to South America.

&nbsp;

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<h5>Although data shows that South America&rsquo;s trade with China creates fewer jobs per dollar worth of exports, Beijing is looking to change that.</h5>
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Beijing&rsquo;s economic ties with the region have largely been in the context of raw materials and investments in infrastructure. China buys raw materials such as oil, minerals like copper and soybeans from Latin America. Its share in overall South American trade has climbed steadily since 2000. While the US&rsquo;s share remains the largest, it has steadily declined. Moreover, although data shows that South America&rsquo;s trade with China creates fewer jobs per dollar worth of exports, Beijing is looking to change that.

&nbsp;

China is promising investments in oil and energy sectors, such as the Coca Codo Sinclair hydroelectric station in Ecuador or the Shanghai-based Envision Energy&rsquo;s proposed wind farms in Argentina, along with undertaking mega infrastructure projects, such as the proposed 3,300-mile-long transcontinental railroad.

&nbsp;

Beijing has been employing a similar approach elsewhere too. For instance, reports suggest that Africa is likely to slide down the new US administration&rsquo;s priority list, with Trump questioning aid and security commitments along with the African Growth and Opportunity Act, which eliminated US import levies on 7,000 African products. China, meanwhile, is expanding its engagement in the region, ever since it overtook the United States as Africa&rsquo;s top trade partner in 2009.

&nbsp;

Estimates value China-Africa trade to be nearly 170 billion US dollars in 2015, dipping from over 200 billion US dollars in 2014. Chinese exports to Africa in 2015 reached 103 billion US dollars, which far outstrips the 27-billion-dollars worth of exports from the US.

&nbsp;

In addition, many China-funded infrastructure projects in Africa, such as the Ethiopia-Djibouti Railway and the Abuja-Kaduna standard gauge railway in Nigeria, were completed in 2016. During his visit to the region at the beginning of 2017, Chinese Foreign Minister Wang Yi also extended an invite to African nations to join Beijing&rsquo;s foreign policy cornerstone Belt and Road initiative.

&nbsp;

Chinese media reports suggest that already 40 countries and organizations have signed deals in connection with the Belt and Road initiative, with Chinese investment in countries along the routes having surpassed 50 billion US dollars. In addition, the China-led 57-member Asian Infrastructure Investment Bank has already approved nine major projects in the last year, lending 1.7 billion US dollars, surpassing its initial target of 1.2 billion US dollars.

&nbsp;

Added to that, with Trump indicating a US reversal on the TPP, Beijing is keen on pressing ahead with the Regional Comprehensive Economic Partnership, which brings together ASEAN members and its six FTA partners - China, Japan, South Korea, India, Australia and New Zealand.

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<h5>China&rsquo;s attempts to cement its position as a leader of the multilateral liberal economic order hinge&nbsp;on crucial changes in its domestic economic policy.</h5>
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&nbsp;

However, China&rsquo;s attempts to cement its position as a leader of the multilateral liberal economic order hinge&nbsp;on crucial changes in its domestic economic policy. First, Chinese growth is slowing, with GDP growth estimates for 2017 down to 6.5 per cent - the lowest in over 25 years. If that trend continues, it will place a serious question mark on Beijing&rsquo;s ability to use its economic muscle to sway countries in its favour.

&nbsp;

Second, while Chinese banks extended a record 12.56 trillion yuan (roughly $1.83 trillion) of loans in 2016, growing debt, particularly corporate debt with state-owned enterprises, remains a major concern. In a recent assessment, the IMF warned that China&rsquo;s total debt rose to 247 per cent of its GDP in 2015. The economic slowdown and rising debt, along with external factors, are also contributing to the yuan&rsquo;s depreciation.

&nbsp;

Lastly, any attempts at leading the liberal economic order will require China to further ease access to its domestic markets. China still hasn&rsquo;t been accorded &lsquo;market economy status&rsquo; at the WTO and the recent 2016 Enabling Trade Index published by the WEF ranks China 121 out of 136 countries in terms of domestic market access, estimating average applied tariffs of 11.1 per cent.

&nbsp;

Given the above, delivering on the rhetorical flourishes in Switzerland will require Xi Jinping to addresses domestic economic challenges, along with managing political tensions with countries like India, Japan and claimants in the South China Sea dispute.

China chides critics of globalisation, 'No one will emerge as a winner in a trade war'

History is tricky business. Often it requires breaking a continuum at different points to demarcate the beginning or end of eras. This week is one such inflection point that future historians are likely to look back at to mark the beginning of a new dynamic in the world order. With Donald Trump set to take charge in the Oval Office, on a bitterly cold day in the Swiss town of Davos, the leader of the world’s largest Communist Party, Xi Jinping of China pitched himself as the next standard bearer of globalisation and the liberal economic order. Delivering the opening plenary speech at the World Economic Forum, Chinese President Xi Jinping hinted more clearly than ever before that Beijing is ready to move on from Deng Xiaoping’s vision of tao guang yang hui – roughly meaning: keep a low profile and bide your time while things get accomplished. Beijing is ready to move on from Deng Xiaoping’s vision of tao guang yang hui – roughly meaning: keep a low profile and bide your time while things get accomplished × “We must remain committed to developing global free trade and investment, promote trade and investment liberalization and facilitation through opening-up and say no to protectionism. Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air. No one will emerge as a winner in a trade war,” Xi proclaimed to applause, chiding critics of globalisation. A day later, Xi met United Nations General Assembly President Peter Thomson and new Secretary-General Antonio Guterres at the UN office in Geneva, pledging Beijing’s commitment to the organisation. "The interests of all nations are connected, while their future is shared. The old way of chasing profits and hegemony must be banished, and should be replaced with a new pattern of using rules and institutions to better coordinate relationships and interests,” Chinese state media quoted him as saying. Guterres and Thomson lauded those remarks as indicative of China’s reaffirmation to multilateralism. Ever since winning the elections, Trump has indicated that he intends to act on his protectionist campaign promises × In both Davos and Geneva, although Xi mentioned no names, the target of his rhetoric was clear. Ever since winning the elections, Trump has indicated that he intends to act on his protectionist campaign promises. Apart from the much-talked about border wall, which Trump says Mexico will pay for, he has threatened carmakers like Toyota, General Motors, Ford and BMW with a border tax for manufacturing abroad and selling in the US. He’s also spoken about re-negotiating NAFTA and junking the Trans-Pacific Trade Partnership agreement. Added to that, he has vowed to get tougher on immigration, even for skilled workers, by raising the bar for H1-B visa applicants. Trump’s rhetoric has not just been protectionist but also anti-multilateralism bordering on isolationism, at least in the context of long-standing American commitments in the global arena. From terming NATO “obsolete,” predicting the break-up of the EU and calling it an institution that serves German interests, to dismissing the UN as a “club” for people to “have a good time,” Trump has indicated that he wants US allies to carry their own weight. It is this perceived pullback that the Chinese president is looking to capitalise on. For instance, in November, as the US was debating the outcome of the presidential election, Xi traveled to South America. Although data shows that South America’s trade with China creates fewer jobs per dollar worth of exports, Beijing is looking to change that. × Beijing’s economic ties with the region have largely been in the context of raw materials and investments in infrastructure. China buys raw materials such as oil, minerals like copper and soybeans from Latin America. Its share in overall South American trade has climbed steadily since 2000. While the US’s share remains the largest, it has steadily declined. Moreover, although data shows that South America’s trade with China creates fewer jobs per dollar worth of exports, Beijing is looking to change that. China is promising investments in oil and energy sectors, such as the Coca Codo Sinclair hydroelectric station in Ecuador or the Shanghai-based Envision Energy’s proposed wind farms in Argentina, along with undertaking mega infrastructure projects, such as the proposed 3,300-mile-long transcontinental railroad. Beijing has been employing a similar approach elsewhere too. For instance, reports suggest that Africa is likely to slide down the new US administration’s priority list, with Trump questioning aid and security commitments along with the African Growth and Opportunity Act, which eliminated US import levies on 7,000 African products. China, meanwhile, is expanding its engagement in the region, ever since it overtook the United States as Africa’s top trade partner in 2009. Estimates value China-Africa trade to be nearly 170 billion US dollars in 2015, dipping from over 200 billion US dollars in 2014. Chinese exports to Africa in 2015 reached 103 billion US dollars, which far outstrips the 27-billion-dollars worth of exports from the US. In addition, many China-funded infrastructure projects in Africa, such as the Ethiopia-Djibouti Railway and the Abuja-Kaduna standard gauge railway in Nigeria, were completed in 2016. During his visit to the region at the beginning of 2017, Chinese Foreign Minister Wang Yi also extended an invite to African nations to join Beijing’s foreign policy cornerstone Belt and Road initiative. Chinese media reports suggest that already 40 countries and organizations have signed deals in connection with the Belt and Road initiative, with Chinese investment in countries along the routes having surpassed 50 billion US dollars. In addition, the China-led 57-member Asian Infrastructure Investment Bank has already approved nine major projects in the last year, lending 1.7 billion US dollars, surpassing its initial target of 1.2 billion US dollars. Added to that, with Trump indicating a US reversal on the TPP, Beijing is keen on pressing ahead with the Regional Comprehensive Economic Partnership, which brings together ASEAN members and its six FTA partners - China, Japan, South Korea, India, Australia and New Zealand. China’s attempts to cement its position as a leader of the multilateral liberal economic order hinge on crucial changes in its domestic economic policy. × However, China’s attempts to cement its position as a leader of the multilateral liberal economic order hinge on crucial changes in its domestic economic policy. First, Chinese growth is slowing, with GDP growth estimates for 2017 down to 6.5 per cent - the lowest in over 25 years. If that trend continues, it will place a serious question mark on Beijing’s ability to use its economic muscle to sway countries in its favour. Second, while Chinese banks extended a record 12.56 trillion yuan (roughly $1.83 trillion) of loans in 2016, growing debt, particularly corporate debt with state-owned enterprises, remains a major concern. In a recent assessment, the IMF warned that China’s total debt rose to 247 per cent of its GDP in 2015. The economic slowdown and rising debt, along with external factors, are also contributing to the yuan’s depreciation. Lastly, any attempts at leading the liberal economic order will require China to further ease access to its domestic markets. China still hasn’t been accorded ‘market economy status’ at the WTO and the recent 2016 Enabling Trade Index published by the WEF ranks China 121 out of 136 countries in terms of domestic market access, estimating average applied tariffs of 11.1 per cent. Given the above, delivering on the rhetorical flourishes in Switzerland will require Xi Jinping to addresses domestic economic challenges, along with managing political tensions with countries like India, Japan and claimants in the South China Sea dispute.

China: The new face of globalisation

At the World Economic Forum in Davos on Thursday, the chief executive of Russia&#39;s second-largest Russian bank, VTB,&nbsp;called for US President-elect Donald&nbsp;Trump to scrap penalties&nbsp;against Russian banks when considering lifting other sanctions against Moscow.

Obama&#39;s administration&nbsp;and other European countries had imposed sanctions against Russian businesses, officials and individuals after Russia&#39;s annexation of Crimea&nbsp;in 2014.

The Russian banker&#39;s&nbsp;request to&nbsp;Trump&nbsp;comes as 17 US&nbsp;Intelligence agencies all agree that Russia interfered with the US election to benefit trump in a multifaceted cyber attack, including the&nbsp;spread of misinformation, fake news, and hacking the Democrats.

Trump has denied claims of his ties with the Kremlin.

In his final news conference at the White House on January 18, Obama advised Trump to keep the issue of economic sanctions on Russia separate from talks to reduce nuclear stockpiles. &quot;Russia continues to occupy Ukrainian territory and meddle in Ukrainian affairs,&quot; Obama told reporters.

&quot;I think it would probably best serve, not only American interests, but also the interests of preserving international norms if we made sure that we don&#39;t confuse why these sanctions have been imposed with a whole set of other issues,&quot; he said.&nbsp;

Obama also said that while it&nbsp;was in the world&#39;s interest for US and Russia to have a &quot;constructive relationship&quot;,&nbsp;Russia&#39;s return to an &quot;adversarial spirit&quot; under President Vladimir Putin made that difficult. Obama&nbsp;said the reason the sanctions were imposed was&nbsp;not because of nuclear weapons&nbsp;but because the independence and sovereignty of a country, Ukraine, had been encroached upon by force by Russia.&nbsp;

In an interview with the Times of London published on Monday Trump&nbsp;said he would bargain with Moscow over ending sanctions on Russia in return for a nuclear arms reduction deal.

Obama had also clarified that the US negotiated the Strategic Arms Reduction Treaty (START) with Russia in his first term and that both countries &quot;substantially reduced our nuclear stockpiles&quot;, but further progress was stalled because Putin was unwilling to negotiate. &nbsp;

(WION with inputs from Reuters)

The US imposed sanctions against Russian businesses, officials and individuals following Russia's annexation of Crimea in 2014

At the World Economic Forum in Davos on Thursday, the chief executive of Russia's second-largest Russian bank, VTB, called for US President-elect Donald Trump to scrap penalties against Russian banks when considering lifting other sanctions against Moscow. Obama's administration and other European countries had imposed sanctions against Russian businesses, officials and individuals after Russia's annexation of Crimea in 2014. The Russian banker's request to Trump comes as 17 US Intelligence agencies all agree that Russia interfered with the US election to benefit trump in a multifaceted cyber attack, including the spread of misinformation, fake news, and hacking the Democrats. Trump has denied claims of his ties with the Kremlin. In his final news conference at the White House on January 18, Obama advised Trump to keep the issue of economic sanctions on Russia separate from talks to reduce nuclear stockpiles. "Russia continues to occupy Ukrainian territory and meddle in Ukrainian affairs," Obama told reporters. "I think it would probably best serve, not only American interests, but also the interests of preserving international norms if we made sure that we don't confuse why these sanctions have been imposed with a whole set of other issues," he said. Obama also said that while it was in the world's interest for US and Russia to have a "constructive relationship", Russia's return to an "adversarial spirit" under President Vladimir Putin made that difficult. Obama said the reason the sanctions were imposed was not because of nuclear weapons but because the independence and sovereignty of a country, Ukraine, had been encroached upon by force by Russia. In an interview with the Times of London published on Monday Trump said he would bargain with Moscow over ending sanctions on Russia in return for a nuclear arms reduction deal. Obama had also clarified that the US negotiated the Strategic Arms Reduction Treaty (START) with Russia in his first term and that both countries "substantially reduced our nuclear stockpiles", but further progress was stalled because Putin was unwilling to negotiate. (WION with inputs from Reuters)

CEO of Russian bank asks Trump to lift sanctions at World Economic Forum

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