PM Modi has made a special address ahead of the theme-setting World Economic Forum (WEF) Agenda on the ‘State of the World’ at Davos.

About World Economic Forum (WEF)

• WEF is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland.
• It was founded on 24 January 1971 by German engineer and economist Klaus Schwab.
• The foundation, which is mostly funded by its 1,000 member companies – typically global enterprises with more than five billion US dollars in turnover – as well as public subsidies.
• It aims at improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.

Major reports released:

• Engaging Tomorrow Consumer Report
• Inclusive growth & Development Report
• Environmental Performance Index
• Global Competitive Index
• Global Energy Architecture Performance Index Report
• Global Gender Gap Report
• Global Information Technology Report
• Human Capital Report
• Inclusive growth & Development Report
• Global Risk Report
• Travel and Tourism Competitiveness Report by WEF

Important agenda: Davos meeting

• The WEF is mostly known for its annual meeting at the end of January in Davos, a mountain resort in the eastern Alps region of Switzerland.
• The meeting brings together some 3,000 paying members and selected participants – among which are investors, business leaders, political leaders, economists, celebrities and journalists.

Why is WEF important?

• Common platform: The WEF summit brings together the who’s-who of the political and corporate world, including heads of state, policymakers, top executives, industrialists, media personalities, and technocrats.
• Influence global decision-making: Deliberations at the WEF influence public sector and corporate decision-making.
• Discusses global challenges: It especially emphasizes on the issues of global importance such as poverty, social challenges, climate change, and global economic recovery.
• Brings in all stakeholders: The heady mix of economic, corporate, and political leadership provides an ideal opportunity for finding solutions to global challenges that may emerge from time to time.

What are the main initiatives?

• Agenda 2022 will see the launch of other WEF initiatives meant for:

1. Accelerating the mission to net-zero emissions
2. Economic opportunity of nature-positive solutions
3. Cyber resilience

Criticisms of WEF

• WEF has been criticized for being more of a networking hub than a nebula of intellect or a forum to find effective solutions to global issues.
• It is also criticized for the lack of representation from varied sections of the civil society and for falling short of delivering effective solutions.

Way forward

• WEF sees large-scale participation of top industry, business leaders, civil society, and international organizations every year.
• This collaboration is necessary for addressing global concerns such as climate change and pandemic management.
• It is one of such few platform, that provides an opportunity for collaboration through comprehensive dialogue.

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