With India emerging as one of the fastest growing economies in the world, all eyes are set on what role India will play in 'Globalization 4.0', for that's the agenda for the World Economic Forum 2019 annual meet in Davos. The four-day jamboree is all set to take place from the 22nd to 25th of January. Republic caught up with Professor Klaus Schwab, the Founder and Executive Chairman of the WEF who shared the importance of shaping a global architecture in the age of the what he calls the 'fourth Industrial Revolution' and the challenges faced by the world. "We are living in a time where a technological change will have a tremendous impact, which will define which countries will be most competitive in the future and integrated developments are ushering in a new era of globalization", says Prof Schwab.
Talking about India, Schwab says, "India has a positive opportunity in this new world as it is growing in terms of its technological reach. With its curious and entrepreneurial youth, it has a huge potential if certain policies are put in place." Schwab also spoke about the major shift in job change that the world will experience and how India will have to upgrade its education system which still remains traditional in many ways.
Talking about the challenges that the fourth Industrial Revolution entails, he said Artificial Intelligence is the key area to focus upon. In order to be recognised as a major economic power, India will have to advance its research and functionality when it comes to Artificial Intelligence so it can keep up with China & the U.S in the race.
Last year, Prime Minister Narendra Modi had reiterated upon the same aspect in his keynote speech at Davos, when he spoke about the importance of Globalization. He mentioned how many countries, despite talking about an interconnected world are focussing more on themselves and how Globalization, as a concept, was losing its lustre. Schwab shared a similar thought when he spoke about global-governance architecture. He said, "with more and more voters demanding to “take back control” from “global forces,” the challenge is to restore sovereignty in a world that requires cooperation."
The WEF annual meet will once again see top leaders, CEO's, bureaucrats and government organisations from across the world come together in Davos to discuss the global agenda. To fulfill the primary aim, Schwab spoke about a new framework for global public-private cooperation has been taking shape. He said, "public-private cooperation is extremely crucial to harness the private sector and open markets in order to drive economic growth for the larger public good. But to determine public good, we first must identify the root causes of inequality and that will be the most important point of discussion."
Reiterating its faith in India, Prof Schwab ended by saying that India has always been an interesting investment hub and with the new reforms that have been implemented more investment opportunities will come its way if the bureaucratic obstacles are worked upon and India adopts modern infrastructural systems.