Context: Recently, World Economic Forum’s (WEF) Davos Dialogue held which is also addressed by India’s Prime Minister. 

• The Forum’s annual meeting in Davos (Switzerland) engages the world's top leaders to shape global, regional and industry agendas.
• The Davos Dialogues agenda marks the launch of the WEF’s Great Reset Initiative in the post Covid world.

Key Highlights of his Speech

Effective containment of Corona in India has saved humanity from a very big tragedy

• Pro-Active and Pro-Participation approach in the creation of Healthcare Infrastructure saved 18% of Humanity.
• The Biggest Vaccine Drive of the World and support to nearly 150 Nation’s critical Health Care Infrastructure and Vaccination Drive is being undertaken on war scale.
• Apart from the two current made in India vaccines, more vaccines are in the pipeline which will enable India to help the world at greater scale and speed.

Atma Nirbhar Bharat movement is committed to global good and global supply chain

• India has maintained economic activity by starting infrastructure projects worth billions of rupees and initiating special schemes for employment. 
• Focused is shifting from saving lives to the growth of the country. 
• India’s ambition of self-reliance will strengthen globalism anew and will help in Industry 4.0.
• India’s Atma Nirbhar Bharat movement is committed to the global good and global supply chain as India has capacity, capability and reliability to strengthen the global supply chain. 
• Its massive consumer base will further grow and help the global economy.
• India offers a predictable and friendly environment from the tax regime to FDI norms
• The global players to take advantage of the 26 billion dollar Production Linked Incentive (PLI) scheme.

Country’s digital profile has been completely transformed

• 1.3 billion Indians have universal ID- Aadhar which is connected to their account and phone. 
• 4 trillion rupees worth of transactions through UPI. 
• India could transfer 1.8 trillion rupees worth of assistance through direct benefit transfer to the accounts of 760 million Indians during the pandemic. 
• Digital Infrastructure has made public service delivery efficient and transparent. 
• India has started a campaign for providing easy access to health care by giving Unique Health ID to its citizens
• India is focussing on sustainable urbanization with a focus on ease of living, ease of doing business and climate-sensitive development
• Under the National Infrastructure pipeline, projects worth 1.5 trillion US dollars will be implemented in the country in the next five years.
• India’s focus on sustainable urbanization has led to an investment of 150 billion dollars in urban India from 2014 to 2020.

Using the Fourth Industrial Revolution and technology for the betterment of Humanity

• India is working on all the four factors of Industry 4.0– connectivity, automation, artificial intelligence or machine learning and real-time data.
• India is equipped with the cheapest data charges and deep penetration of digital technology.
• There is an ample expert pool for emerging technologies like Artificial Intelligence and Machine Learning.

The Great Reset Initiative of WEF 

• It is based on the assessment that the world economy is in deep trouble.
• Situation has been made a lot worse by many factors, including the pandemic’s devastating effects on global society, the un- folding technological revolution, and the consequences of climate change.

Agenda

• The world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions. Every country must participate, and every industry, from oil and gas to tech, must be transformed.
• In short there should be a ‘Great Reset’ of capitalism.

What is The Great Reset?

• The Great Reset is an initiative by the World Economic Forum. 
• It has been conceptualised by the founder and executive chairman of the World Economic Forum’s , Klaus Schwab, and has evolved over the last few years. It is based on the assessment that the world economy is in deep trouble. 
• It has been argued that the situation has been made a lot worse by many factors, including the pandemic’s devastating effects on global society, the un- folding technological revolution, and the consequences of climate change.
• Schwab demands that “the world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions. Every country, from the United States to China, must participate, and every industry, from oil and gas to tech, must be transformed. In short, we need a ‘Great Reset’ of capitalism.”
• The agenda of The Great Reset touches on many key issues facing the world, according to , director, Institute of South Asian Studies. 

World Economic Forum 

• The World Economic Forum (WEF) is a Swiss nonprofit foundation established in 1971, based in Geneva, Switzerland.
• Recognized by the Swiss authorities as the international institution for public-private cooperation.

Mission of Forum 

• Committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.
• Founder and Executive Chairman: Klaus Schwab.

Important reports published by WEF are

• Energy Transition Index.
• Global Competitiveness Report.
• Global IT Report
• Global Gender Gap Report.
• Global Risk Report.
• Global Travel and Tourism Report.