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PM Modi's speech at WEF 2018, Davos
Why is this article relevant for IBPS / SBI Bank PO, RRB and Other Bank Exam Aspirants?
Almost all exams including IBPS PO, IBPS RRB, SBI PO evaluate students on their knowledge of Banking General Knowledge and Current Affairs. This section is not only high scoring but also has high cut-offs. To ensure that you do well in this section, you need to ensure that you are regularly in touch with the latest news in the banking world and the economy.
Some of the highlights of the Prime Minister Modi speech at WEF, Davos, 2018:
- In 1997, India's GDP was $400 billion, but after two decades now it is 6 times. The subject of the WEF meet in 1997 was building the network society.
- In 1997, "Amazon" was just a forest and "tweet" was just about a bird.
- Technology is assuming immense importance in this era. We have mountains of data now. Data is a big asset today and is posing a big challenge.
- WEF is creating a shared community in a fractured world.
- India has always believed in values of integration and unity, 'Vasudhaiva Kutumbakam' which means the entire world is one family. It is relevant to bridge distances.
- Concerted action is required to tackle climate change. Care towards the environment is a part of India's culture. Climate change is huge threat right now, Snow in the Arctic is melting, many islands are sinking or are about to sink.
- Indian culture of 'We the humans are children of Earth' and Gandhiji's trusteeship promote preservation of climate.
- To preserve climate, Indian has set an ambitious target of 175 GW power from renewable energy and we have already achieved 33% target.
- Second biggest challenge is terrorism. The big threat ahead of world is artificial creation of good and bad terrorist. Terrorism is a big threat to humanity. We all are aware about threats from terrorism.
- Prime Minister Modi said that globalisation is slowly losing its luster and that protectionism is gaining ground. In today's world, there is a big gap between the developed and the developing world.
- Democracy is not a political system in India. it is a way of life. We in India are proud of our democracy and diversity. Inclusion is the main principle of the government.
- We are removing red tape and laying red carpet for investors. We have launched several reforms in the country. 125 crore Indians are capable of creating a $5 trillion economy by 2025. We have abolished more than 1,400 unnecessary laws in the last three-and-half years. We are shaping India's destiny. In the history of 70 years of free India, we have introduced GST.
- In 2014 after 30 years, the 600 crore Indians provided complete majority to any political party to form govt at the centre. We took the resolution for the development of everyone and not just a specific group. Our motto is 'Sabka Saath Sabka Vikas'.
- For development, it is necessary to have global cooperation and work towards common goals. Innovation and entrepreneurship is making young Indians job givers, not job seekers. Democracy, demography and dynamism are shaping our destiny today.
- We do not exploit natural resources of any country. India has become the first responder to any event of natural calamity anywhere in the world. More than 1.5 lakh Indian soldiers are contributing to UN peacekeeping forces.
- If you want wealth and wellness, you should come to India. India have always believed that entire world is our family.
The analysis of PM Modi's WEF speech 2018:
The theme of this year’s World Economic Forum was ‘Creating a Shared Future in a Fractured World’ with a focus on shaping the future through collaboration.
The top annual global business meet was attended by 70 head of states, 38 heads of major international organizations such as the WTO, the IMF and the World Bank, and nearly 2,000 CEOs including over 100 from India. It is a very attractive platform to market an offering—in this case India.
Modi was statesman-like and his speech was relevant for the forum and beneficial for India. Choosing Hindi among such a wide and vivid audience not only helped Modi express his thoughts in a more provoking way but also helped in setting the right tone for 'Vasudhaiva Kutumbakam'.
He connected to the audience, first by giving humorous one-liner like tweeting being a bird’s thing and amazon being a jungle in comparing the changes of the last two decades since Indian PM Deve Gowda visited Davos for WEF. He told the audience how the Indian GDP has increased 6 times since then. Some people may see it as a political comment but Modi said it as the PM of the country to highlight India’s growth.
Modi listed climate change, terrorism and globalization as the three biggest challenges facing the world. By focusing on these important global issues on which the world is increasingly finding itself divided, Modi attempted to position India as an emerging global leader that is ready to rise above local issues to take leadership in finding solutions to global problems.
Climate Change and terrorism are threats to the entire world and require a global response. Globalization has brought about prosperity across vast regions of the world and lifted millions out of poverty. The recent rise in protectionist tendencies among countries is a concern for all believers in free trade, and can be addressed only through shared understanding.
Staying relevant to the theme of the summit, Modi quoted Gandhi in his speech. Mahatma Gandhi is a globally recognized and respected figure. Modi said, “Mahatma Gandhi's Principle of Trusteeship to use things according to one's need is important. He was against use of anything for one's greed. We're today exploiting nature for our greed. We need to ask ourselves if this is our progress or regression”
If he spoke about ‘Sabka Saath Sabka Vikas’ as his motto, he also gave 'Reform, Perform, Transform’ as his slogan for a global audience. His speech delivered a nice blend of past and future. On the one hand he said, “We in India are proud of our democracy and diversity. For a society with diverse religions, cultures, languages, attires and cuisines, democracy is not just a political system but a way of living,” while on the other hand he showcased India as a land of opportunities saying that investing, traveling, manufacturing, and exporting everything is much easier now.
He said, “We are now a financial system which is fully prepared and integrated for digital transactions. More than 90% of the FDI approvals have been put on the automatic approval route. As a result of these changes, there has been a sharp rise in FDI in the past three years–from 36 billion USD in 2013-14 to 60 billion USD in 2016-17”.
In such a forum, a perception that India is united on key issues such as climate change, terrorism, globalization, national security, and well-accepted economic reforms sends a strong signal of stability and reassurance to potential stakeholders and partners in the country’s progress.