WEF Davos 2016 News

India features among top six for global executives when it comes to overall growth prospects over the next 12 months, but enthusiasm for investing in the country has dropped from three years ago, finds out a survey.

World's rich and powerful people, including over 100 from India, as well as government heads from the UK, China, Pakistan and Bangladesh will be in this Swiss ski resort for 5-day WEF Annual Meeting beginning on Moday to hold discussions on global economy and need for a 'responsive and responsible leadership'.

Eight men own the same wealth as half the world's population, a level of inequality which "threatens to pull our societies apart", Oxfam said on Monday ahead of the World Economic Forum opening in Davos.

Reserve Bank Governor Raghuram Rajan has joined a task force of the World Economic Forum (WEF) to study the future of global financial system, whose members include bankers and policymakers from across the world.

Urging private sector to give up caution and make investments, Finance Minister Arun Jaitley has said it has become absolutely imperative to add to the credibility of the Indian economy, with the world looking up to the country as a bright spot amid global headwinds.

The 44-year-old used a quota to achieve a gender-balanced cabinet.

The 5-day annual jamboree of the world's rich and powerful came to a close in this Alpine resort Saturday, with leaders raising concerns about economic headwinds from China, geo-political risks arising from the refugee crisis in Europe and terror attacks in various parts of the world.  

Stating that he remains optimistic about Indian as well as the global economy, the Co-chairman of diversified Hinduja Group called for the Indian policymakers to grab the opportunity to grow faster in the wake of prevailing problems in other markets, including China.

Chief executives need to move away from short-term thinking and take bold measures to promote diversity, according to leaders gathered at the WEF annual meet.

She also said the fourth industrial revolution currently underway would bring about a major change in the world and would require change in the way GDP is calculated.

On the last day of the World Economic Forum (WEF) meet Saturday, Finance Minister Arun Jaitley said the reform process would continue unhindered and without any impact of political opposition.

Jaitley also said the political opposition is unlikely to obstruct the reform process, including on the direct and indirect tax reforms, and he was hopeful about the GST getting through as well which is one of the few reforms that has been held up.  

There has been a growing concern that the Internet may be in danger of splintering into a series of bordered cyberspace segments, according to a new report by the World Economic Forum.  

Referring to Finance Minister Arun Jaitley's statement here at WEF that "any economy needs multiple engines of growth", Agarwal said it is now becoming increasingly clear that services alone cannot drive India.

Stating that the meaning of the maximising of shareholders' value has gone through a change, Rajan gave example of "a bunch of employees contributing a huge value to a firm", but the benefits of the value actually going to the shareholders.

Emphasising that India is taking steps to address problems in the infrastructure sector, Finance Minister Arun Jaitley on Friday said multiple institutions are required to meet the funding requirements in this space.  

India has finally taken on the mantle of the world`s fastest growing big economy; its equities and bonds are favourites with emerging market investors who are betting that growth will accelerate further.

The Reserve Bank of India has reduced repo rate by 125 basis points in about past one year, but demands continue to mount for further cuts to stimulate economy.

India can stand out in the gloomy global economic situation with headwinds from China and the US if it continues with "reforms and responsible economic planning", Finance Minister Arun Jaitley Friday said expressing confidence that the country will prove its resilience.

The European Union is "falling apart", American financier George Soros warned as part of wide-ranging remarks at the World Economic Forum in Davos, Switzerland, on Thursday.