Brain Booster for UPSC & State PCS Examination (Topic: World Economic Forum)

Why in Broadcast?

  • The five-day annual meeting of the World Economic Forum (WEF) was held between January 16, 2023, and 20th January 2023, in the highest city in Europe, Davos. During the meeting, the forum brought together governments, businesses, and civil society on a common platform to discuss this year’s challenges and priorities.

Major Takeaways

  • The World Economic Forum’s theme this year is ‘Cooperation in a Fragmented World.”
  • The forum has called on leaders from across the globe to address the emerging economic crisis, energy, and food crisis, growing population, and climate change while laying the groundwork for a more sustainable and resilient world.
  • The event brought together world leaders and representatives of various industries, NGOs, think tanks, and academia to share knowledge, collaborate, and create innovative solutions to global problems.

The Davos Manifesto

  • Davos Manifesto is a set of ethical principles that envisages to guide companies in the age of the Fourth Industrial Revolution.
  • It was created in 1973 and renewed in 2020 and it lays out the principles of stakeholder capitalism - or a system of shared goals for businesses.
  • Its new manifesto 2020 seeks WEF to be formally guided by stakeholder capitalism, which posits that a corporation should deliver value not only to shareholders but to all those who have a stake in the destiny of the company, including employees, society, and the planet.
  • Its goals include a commitment to “improve the state of the world.”

WEF Mission

  • The 53rd Annual Meeting of the World Economic Forum focuses on solutions and public-private cooperation to tackle the world’s most pressing challenges.
  • It encourages global leaders to work together on the interconnected issues of:
  • Energy, climate, and environment;
  • Investment, trade, and infrastructure;
  • Technologies and innovation;
  • Jobs, skills, social mobility, and health;
  • Geopolitical cooperation in a multipolar world.

India at Davos 2023

  • The year 2023 marks the 36th year of collaboration between India and WEF.
  • As per the Indian government, the theme of this year’s WEF Annual Meeting, i.e., ‘Cooperation in a Fragmented World,’ corresponded to India’s G20 theme of ‘Vasudhaiva Kutumbakam’ or ‘One Earth, One Family, One Future.’
  • India, which has emerged as the representative of ‘Global South’ aims to play a key role in finding practical global solutions for the well-being of all.
  • Its main agenda revolved around enhancing India’s start-up ecosystem, women’s leadership, digital economy, Fintech, LiFE Mission, Green India etc.