World Economic Forum 2023 Suggests For Taxing Rich

According to Oxfam International’s “Survival of the Richest” report, released on Monday to coincide with the start of this year’s World Economic Forum in Davos, Switzerland, the number of Indian billionaires is set to rise to 166 by 2022 from 102 in 2020. There were only 9 in 2000. The richest 1 per cent in India now owns more than 40 per cent of the country’s total wealth and just 5 per cent of Indians own more than 60 per cent of the nation’s wealth. In the 1980s, India’s top…

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Lets Rebuild A Broken Global Economy, Say Davos Leaders

“We see the manifold political, economic and social forces creating increased fragmentation on a global and national level. To address the root causes of this erosion of trust, we need to reinforce cooperation between the government and business sectors, creating the conditions for a strong and durable recovery. At the same time there must be the recognition that economic development needs to be made more resilient, more sustainable and nobody should be left behind,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum.  GEOPOLITICS The need for collaboration is…

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No Better Place To Start Than India: UNICEF’s Cynthia McCaffrey

Cynthia McCaffrey, Representative, India, United Nations Children’s Fund (UNICEF ) talks to Pranjal Sharma at Davos during the Annual Meeting of the World Economic Forum. Is there a big effort of collaboration between businesses, the social sector, and organisations on children’s rights? What’s the sense you’re getting in Davos? People taking note of the size of the issue is the first of two things. There has been much discussion regarding COVID-19’s exit and the realisation that 600 million youngsters lost out on educational chances as a result. It is encouraging…

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Satya Nadella Says Golden Age Of AI Is Here, Good For Humanity

Microsoft Chairman and CEO Satya Nadella believes that the golden age of Artificial Intelligence is “underway” and it will redefine work and businesses as we know them. In a session at the ongoing five-day annual meeting of the World Economic Forum, Nadella said that technology will provide more and more ways to bring people together. “Microsoft is opening up access to new AI tools like ChatGPT,” Nadella was quoted in a WEF release on Wednesday (local time). “I see these technologies acting as a co-pilot, helping people do more with…

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WEF 2023: Economists Weigh On Striking Fine Balance Between Fiscal, Monetary Policies

If there is one thing that has changed in the last 12 months with regard to fiscal and monetary policies across economies, it is their unidirectional alignment. The past year rejigged some norms where governments in the past, for a long time, could borrow more but at the same time pay less overall debt servicing costs. Governments today have the challenge of responding to the cost-of-living crisis and ensuring that they don’t make the job of central banks harder by deviating from the path of fiscal prudence in a high…

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Give Small Farmers Irrigation, Fertilisers, Secure Market At Lower Costs: India At Davos

India is helping farmers reduce their carbon footprint with solar water pumps and green ammonia, says Raj Kumar Singh, Union Minister for New and Renewable Energy Developed countries should walk the talk on transforming food systems by helping smallholder farmers in developing countries with cheaper access to irrigation, fertilisers and markets, said Raj Kumar Singh, India’s Minister for New and Renewable Energy on Tuesday. While speaking in a session on “Interplay of Food, Energy and Water” at the 53rd World Economic Forum annual meeting, he said that India is providing…

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New Initiative To Help Unlock $3 Tn Needed A Year For Climate, Nature: WEF

The World Economic Forum, supported by more than 45 partners, on Tuesday launched the Giving to Amplify Earth Action (GAEA) which is a global initiative to fund and grow new and existing public, private and philanthropic partnerships (PPPPs) to help unlock the USD 3 trillion of financing needed each year to reach net zero, reverse nature loss and restore biodiversity by 2050. With the energy and cost of living crises, the ambition of steering the planet towards a 1.5-degree Celsius warming pathway hangs in the balance, WEF said on Tuesday.…

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Inflation Reduction Act Draws All Attention At WEF 2023

The Inflation Reduction Act (IRA) passed by the United States Congress and signed by US President Joe Biden in August last year has become the signature legislation of his presidency. The Act, among other things, will throw USD 369 billion of subsidies and tax credits over a decade on clean energy, hydrogen hubs, electric vehicles, carbon capture and storage. The Act makes for the largest financial package for climate spending in the United States’ history. Politically as well, the Act was crucial for President Biden because for months, one of…

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WEF 2023: NTPC Chairman Bats For Pumped Hydro Storage

NTPC Chairman and Managing Director Gurdeep Singh on Tuesday said that the pumped hydro storage system is emerging as a potential alternative in the absence of viable storage solutions. Singh was speaking at the World Economic Forum 2023 in Davos, where he said that India’s energy demand is growing at a breakneck pace, but it is difficult to rely only on renewables in the absence of viable storage solutions. “Pumped Hydro is also something which we are focusing on so that we can somehow alleviate some of the problems of…

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Metaverse And AI To Catalyse Change Say Davos Leaders

Conversations on Covid are muted this year at Davos. The priority themes of discussion are global growth and impact of technology.  The intertwining of growth driven by new technologies has grabbed the attention of global leaders.  World Economic Forum has taken the lead on bringing all stakeholders together on using the metaverse for business innovation and economic growth.  In partnership with Accenture and Microsoft, unveiled at its Annual Meeting 2023 a working prototype of its Global Collaboration Village, a purpose-driven metaverse where organizations can convene to learn about, create solutions…

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