Economy

Published: Jan 23, 2023
Updated: Jan 23, 2023

India shines at World Economic Forum's Davos 2023, attracting global investments and praise from leaders

The World Economic Forum's annual meeting in Davos, Switzerland concluded on Friday, with global leaders and economists praising India for its strong ability to attract global investments and its policies, such as the Product-Linked Incentive (PLI). India was also noted for its visibility among regional Asian peers, with major tech companies having a presence at the event.

India's Visibility in Davos

India stood out among its regional Asian peers, with major technology companies having a presence at the event, and Indian business leaders being at the forefront of debates on technology and supply chain issues.

Global View on India

Global leaders and economists praised India for its ability to attract global investments and its policies such as the Product-Linked Incentive (PLI). Consultants PwC, Deloitte, and BCG were also positive about the Indian economy, with PwC's Global Chairman Bob Moritz stating there is potential to increase growth from 6% to 8%. Noted economist Kenneth Rogoff also expressed optimism about India's economy performing better than its emerging peers.

India to remain resilient amid global slowdown

Despite the expected global slowdown impacting emerging markets, India is expected to remain resilient. Business leaders from companies such as Serum Institute of India, Bharat Forge Ltd., Dr Reddy's Laboratories Ltd. and Tech Mahindra Ltd. expressed confidence in growth citing order books and client conversations.

The Big Announcements

Several big-ticket deals were signed between states and investors at the WEF Davos 2023. Maharashtra signed MoUs worth Rs 1.37 lakh crore, spread across sectors such as electric vehicles, steel, and infrastructure. Telangana also signed an agreement for setting up a C-LFP battery material production unit. Tata Group announced plans to invest $90 billion in India over the next five years and German conglomerate Siemens expressed optimism about investing in India.

All Praises for India

The World Economic Forum's annual meeting in Davos, Switzerland, concluded with global leaders and economists praising India for its strong ability to attract global investments and its policies. India was also noted for its visibility among regional Asian peers, with major tech companies having a presence at the event. Despite a global slowdown, India is expected to remain resilient, with several big-ticket deals being signed between states and investors.