Davos 2025 Updates: World Economic Forum Summit set to begin today as world leaders, industry giants converge

Speaking to Moneycontrol at World Economic Forum on budget priorities, Amitabh Chaudhry, CEO of Axis Bank, says "I am quite sure that the government will maintain their fiscal prudence. I will expect the budget deficit to be brought down to below 4.5% as promised by the Finance Minister earlier. But they can see, they had also put a lot of conditions around the contribution of central government to state government around what state governments need to do before centrally give them the money. I am sure they will look at some of those things and see how they can spur the state government to spend their share quickly, faster, so that growth can be supported. Let's also understand that this growth we have, 6.5%, 7%, whatever the number is, also means that there is more money at the hands of government to spend. It's not that money is shrinking. It is growing but maybe at a slightly lesser pace."

Amitabh Chaudhry, CEO of Axis Bank, told Moneycontrol at World Economic Forum that economist believe that the capex is coming back slowly. He noted that "GDP has seen a sharp fall. You're also seeing growth slow down. You're seeing some asset risk build up on the retail side."

"But our belief and our economist belief is that the capex is coming back slowly, gradually. October was a good month. November was a bit of a tapering because of the festive season."

Yoshua Bengio, Canadian computer scientist and pioneer in deep learning, cautioned that existing global safety nets will be inadequate to address the major labor market disruptions potentially caused by artificial intelligence.

Speaking at the World Economic Forum in Davos, he said, "There is a lot that we don't understand about these systems. We don't how we can control them. So they behave according to the norms and instructions that we give them.

"We haven't also planned how to handle potential major labour market disruptions if these things happen in the coming years. These transitions take time, and our global and national, social safety nets are not going to be sufficient," Ng added.

Speaking to Moneycontrol at World Economic Forum, Aparna Bawa, COO at Zoom said, India is one of the best jumping-off points for Asia, for any tech business.

"The power of the people is super strong. You have a great ability for development. You also have a great customer base to tap into."

"We are very focused on India. Obviously, our core product of meetings has been adopted very well within India. We've also launched Zoom phone which has also been extremely promising. It's growing quite well in India."

Speaking to Moneycontrol at the World Economic Forum in Davos, Bengio said, "The countries that have their own AI systems, are likely to have a geo-political advantage in the future. So, we are seeing more and more countries willing to invest in their own autonomous systems."

"That being said, the proliferation of very powerful AI systems which can be used as weapons, is also kind of dangerous. I think governments which decide to build their own systems, also need to work on international treaties to ensure that we do not do stupid things," Bengio added. Read more

Krishna Kumar, co-founder and CEO of Cropin, at the World Economic Forum discussed the need for the government to speed up processes of agri stack. “Agriculture starts from land ownership. Once you digitize the farmer, and land ownership, you can build a lot of businesses on top of it…For instance, if a grower wants a loan, a bank needs to underwrite. (For this) the bank needs more data and risk analysis needs to be done. Same for insurance products, or a marketplace. A lot will be built on it (agri stack). So think of it like the internet. Once you have an agri stack, you will see a lot of solutions and products getting built on top of it", said Kumar. “The government is doing their bit and they are on the right track. One of our requests is to expedite this. It’s faster than before, but still quite slow from our lens. We want to see that translating much faster. It definitely has a lot of value. Because once you create digital infrastructure for agriculture or otherwise, it accelerates growth. We have seen this happen with payments as well", he added

Talking to Moneycontrol at World Economic Forum, Yoshua Bengio highlighted that programming might be one of the first jobs to be impacted by machines, though human programmers will still be needed to develop AI systems. He said, "Programming could be one of the first jobs that can be replaced by machines. We still need programmers to program the AI."

"We need to understand the science behind AI, how we can make AI safer, put guardrails etc, before we get to AGI, human level or beyond. I would encourage anybody who cares about our future, who wants to make sure that our children and grandchildren have future to put their minds and hearts into finding solutions to these problems in science and in policy."

At the World Economic Forum, Turing Award winner Professor Yoshua Bengio spoke to Moneycontrol about the progress in AI, particularly in large language models. He said, "The two main current weakness of large language models are reasoning and planning. We are seeing a lot of progress on that. Firstly, in reasoning, for example, Open Ai's o1 and o3 , they are breaking through benchmarks. So, those who think that scaling, progress has stopped could be wrong."

Speaking at the World Economic Forum, Turing Award winner and AI pioneer Professor Yoshua Bengio discussed the potential impact of AI on the workforce, society, and economy. He said, "There is a lot that we don't understand about these systems. We don't how we can control them. So they behave according to the norms and instructions that we give them. We haven't also planned how to handle potential major labour market disruptions if these things happen in the coming years. These transitions take time, and our global and national, social safety nets are not going to be sufficient."

Priya Agarwal Hebbar, Non-Executive Director of Vedanta and daughter of Chairman Anil Agarwal, spoke about the significance of acquiring the iconic Riverside Studio, a 100-year-old venue now under her father's stewardship. In an interview at the World Economic Forum in Davos, she shared that the studio has been a passion project for their family, particularly her father, who has a deep love for Bollywood and Indian culture. The Riverside Studios, located on the River Thames in London, has a rich history of hosting legendary artists like The Beatles and David Bowie. Anil Agarwal's acquisition of the studio in January 2025 reflects his personal commitment to fostering creativity and cultural exchange. Priya emphasized that the studio will serve as a platform to showcase Indian talent globally, promoting Indian culture and films in London, a hub for global arts.

Priya Agarwal Hebbar, Chairperson of Hindustan Zinc (HZL) and Non-Executive Director of Vedanta, outlined the company's transformative journey at the World Economic Forum in Davos, introducing "Vedanta 2.0." The company’s new phase focuses on critical minerals, energy, and technology, with plans to increase zinc production to 2 million tonnes and aluminum output to 4 million tonnes. Vedanta also aims to expand its oil and gas production while continuing to reduce debt. Agarwal highlighted Vedanta’s successful debt reduction of $4.6 billion in recent years and a major $3.6 billion fundraising effort. She emphasized the importance of exploring critical minerals, such as copper and zinc, in driving the global energy transition. Read more

Martin Sorrell, executive chairman of S4 Capital, is confident in the future of India’s advertising market, describing it as vibrant during an interview with Moneycontrol at the World Economic Forum in Davos on January 20. While traditional media still dominates the Indian advertising landscape, he noted that globally, digital advertising now makes up 70% of the trillion-dollar marketing industry. Sorrell highlighted the growing impact of live sports, like the IPL, which has attracted major streaming platforms such as Netflix. He also revealed that S4 Capital has a small operation in New Delhi and is eager to expand further in the region. Read more

Speaking to Moneycontrol in Davos ahead of Donald Trump’s inauguration, Martin Sorrell noted that Trump would be pleased to see how much attention he is receiving, stating that he "dominates the agenda." According to a report on January 20, Trump is expected to overshadow the usual discussions at Davos on trade, currency, climate, and inclusivity. Sorrell also mentioned that the upcoming inauguration creates a counter pull to the usual focus of the World Economic Forum, raising questions about the relevance of the event in the Trump era.

Talking about succession at Vedanta Group, Priya Agarwal Hebbar, Chairperson HZL, Non-executive director Vedanta told Moneycontrol that it is determined company’s stakeholders. She said, "it's not me or my father who decides the succession plan for Vedanta. it's about our stakeholders. We're demerging the company because we want to professionalize it. Each company can become a Vedanta of its own, with the right management and the right CEOs." "We're bringing in global Indian superhero CEOs to drive them, and we want to trust them. This is a company for the people—for our communities, our employees, the government, all our stakeholders, and our shareholders. It’s up to them to decide how they would like the company to move forward", said Priya Agarwal Hebbar

Speaking to Moneycontrol at World Economic Forum 2025, Priya Hebbar, Chairperson of HZL and Non-executive director at Vedanta said, "it's time for Vedanta 2.0. Our entire focus as a company is on transformation, we're calling it 'transforming for good.' Our portfolio is centered on transitioning critical minerals, energy, and technology, and that's where we stand."  She claimed that the company is committed to supporting energy transition. "Davos is where the world's best minds unite to address global needs. We're committed to supporting the energy transition for future generations—setting new standards as we move forward", added Agarwal

As global tech giants increasingly turn to artificial intelligence (AI) for key processes, AI pioneer Andrew Ng urged Indian professionals across sectors to learn coding and stay ahead of the curve.

Speaking to Moneycontrol at the World Economic Forum (WEF) in Davos on January 20, Ng said that while AI won’t replace people, those who know how to use it will surpass those who don’t. Read more

"If anyone is worried about their job, learn to code, learn to take control of it. Because in the future, the ability to direct computers to do exactly what you want is going to be one of the most important skills. And so I don't think AI will replace people, but I do think people who use AI, will replace those who don't," Artificial Intelligence pioneer Andrew NG told Moneycontrol at World Economic Forum 2025.

The UK extracted USD 64.82 trillion from India over a century of colonialism between 1765 and 1900 and USD 33.8 trillion of this went to the richest 10 per cent -- enough money to carpet London in notes of 50 British pound almost four times over.

This forms part of rights group Oxfam International's latest flagship global inequity report released every year on the first day of the World Economic Forum Annual Meeting.

"Legacies of inequality and pathologies of plunder, pioneered during the time of historical colonialism, continue to shape modern lives. This has created a deeply unequal world, a world torn apart by division based on racism, a world that continues to systematically extract wealth from the Global South to primarily benefit the richest people in the Global North," Oxfam said. (PTI)

Artificial intelligence pioneer Andrew Ng on January 20 expressed concerns over the Biden administration’s decision to place India in Tier 2 for AI chips and technology access prioritisation. He warned that such export controls could strengthen global competitors while undermining US-India ties. Read more

"I think one of the most important skills in the future will be to be able to tell a computer exactly what you want to do. And this will be a useful tool in all white collar, probably many blue collar professions as well. So to the 18 year olds, I would say, go learn computers, go learn to code, because if you're worried about AI, take control of it and be one of the people who can direct it to do what you want. And that will set you up to be in a much better position for the rest of your career," founder of DeepLearning.AI, Andrew NG's advice to youngsters who want to break into AI industry.

On being asked about how industry is perceiving Trump, Andrew NG, founder of DeepLearning.AI, managing general partner at AI Fund and co-founder of Coursera, told Moneycontrol, "I think in Silicon Valley, the widespread feeling is that this will be more business-friendly. I feel like the outgoing administration felt like it was hostile to tech, even hostile to American tech companies to a level that I've never seen before in my career."

On being asked about outgoing Biden administration's AI export restriction policy, Andrew NG, founder of DeepLearning.AI, managing general partner at AI Fund and co-founder of Coursera, told Moneycontrol, "I don't think that's good for the US or for India... Honestly, I think India and the United States feel like they're natural allies. I really love working with many friends from India. I wish, I really hope for continued improvements in how the US and India collaborate."

With Allianz planning to exit the Bajaj Allianz partnership, firm's chief executive officer CEO Tapan Singhel says it is not a reason to worry, given its size and reach, the firm can withstand any turbulence.

Singhel, who was speaking to Moneycontrol at the Davos World Economic Forum, added that a proposal has not come to the board yet. Read more

Billionaires' wealth grew three times faster in 2024 than the year before, a top anti-poverty group reported on Monday as some of the world's political and financial elite prepared for an annual gathering in Davos, Switzerland.

Oxfam International, in its latest assessment of global inequality timed to the opening of the World Economic Forum meeting, also predicts at least five trillionaires will crop up over the next decade. A year ago, the group forecast that only one trillionaire would appear during that time.

OxFam's research adds weight to a warning by outgoing President Joe Biden last week of a “dangerous concentration of power in the hands of very few ultra-wealthy people.” The group's sharp-edged report, titled “Takers Not Makers,” also says the number of people in poverty has barely budged since 1990. (AP)

Arkansas Governor Sarah Sanders, a key ally of President-elect Donald Trump, plans to attend the World Economic Forum in Davos, she said earlier on Thursday.

She plans to participate in two panels, one on smartphones, social media and the youth mental crisis hosted by The Anxious Generation author Jonathan Haidt, and the other with Kentucky Governor Andy Beshear to "discuss the governors’ priorities and the role of states in a presidential transition," her office said, Reuters reported.

On Day 1 of the World Economic Forum Annual Meeting 2025, three exceptional cultural leaders will be recognized at the Crystal Awards ceremony for their work to challenge conventional thinking, spark change and help us envision a more inclusive world.

Early perspectives from historians and media leaders on what lies ahead on US Inauguration Day will also be covered, according to WEF.

Andhra Pradesh Chief Minister N Chandrababu Naidu will attend the World Economic Forum (WEF) meeting in Davos, Switzerland, where he plans to promote "Brand AP" and present the state as an attractive investment destination to global business leaders and industrialists.

At the forum, Naidu aims to highlight a slew of employment-driven industrial policies and engage with top executives to secure investments for the state.

Nearly 5,000 Swiss army personnel, including those equipped with the latest gadgets like drones and AI-powered tools, have taken over Davos, a small skiing resort town to ensure the safety of its high-profile visitors for the week and to ensure the successful completion of the annual confluence of biggest names in the world from business to government to civil society to art and culture and a lot of others.

The thousands-strong army deployment is adding to a large number of police and civilian personnel tasked to secure this small Alpine resort town. (PTI)

The 2025 World Economic Forum (WEF) meeting will be held from January 20-24. The 55th Annual Meeting of the World Economic Forum will convene under the theme - Collaboration for the Intelligent Age.

Talking about the agenda of WEF 2025, Union minister Ashwini Vaishnaw on Sunday said there was a lot of interest globally in Prime Minister Narendra Modi's economic policies, which would be the focus of discussions at the World Economic Forum in Davos.

Vaishnaw is leading the Indian delegation at the annual World Economic Forum meeting beginning Monday. He noted that there was a lot of interest in India's growth story among the international community, particularly about the digital transformation and the new digital architecture.

"In the World Economic Forum in Davos, there is lot of interest in understanding our thought process, the prime minister's economic policy, about the digital transformation, about the way India has created new digital architecture under the Digital India programme and also the way technology has been democratised. There is a lot of interest on this," he said.

Donald Trump will mark his return to the global stage with a virtual World Economic Forum appearance in Davos, as world leaders await details of the incoming US President's policies and his pledge to end the war in Ukraine.

Trump, who has twice previously attended Davos, will join "digitally" on January 23, Reuters reported.

US President-elect Donald Trump, German Chancellor Olaf Scholz and Ukraine President Volodymyr Zelenskyy will be among 60 top political leaders from across the world who will address the World Economic Forum meeting in Davos from Monday.

Heads of international organisations taking part would include World Trade Organization's Ngozi Okonjo-Iweala, IMF's Kristalina Georgieva, NATO's Mark Rutte, WHO's Tedros Adhanom Ghebreyesus, and UNDP's Achim Steiner.

Indian participation would include five union ministers -- Ashwini Vaishnaw, CR Patil, K Ram Mohan Naidu, Chirag Paswan and Jayant Chaudhary -- and three chief ministers -- Devendra Fadnavis, N Chandrababu Naidu and Revant Reddy, along with other ministers from other states and over 100 CEOs.

Over 1,600 business leaders, including more than 900 of the world's top CEOs, will also participate, along with over 120 of which are Global Innovators, Tech Pioneers and Unicorns who are transforming industries.

In 1971, Professor Klaus Schwab founded the World Economic Forum as a not-for-profit foundation under the supervision of the Swiss Federal Government to promote stakeholder capitalism. He chose Davos as the home for the annual meeting for the escape from the every day that the mountains represent in Swiss and German culture.

Initially, the forum focused on how European firms could catch up with US management practices. But by 1973, global events like the Arab-Israeli War and the collapse of the Bretton Woods fixed exchange rate mechanism led to the annual gathering expanding its focus from management to economic and social issues.

In 1975, the forum introduced a membership system for 'the 1,000 leading companies of the world'. Since then, every year, Davos brings together some 3,000 participants (including paying members and selected invitees), among whom are investors, business leaders, political leaders, economists, celebrities and journalists, for a five-day summit that discusses global issues.

Per the forum's official site, over the last fifty years, Davos has addressed the key events of world history, from the fall of the Berlin Wall to the rise of economic globalization and runaway climate change. It also contributed to averting a war between Greece and Türkiye, built economic bridges around the world, and gave a platform to leading environmentalists among other things.

The start of the 55th annual World Economic Forum on January 20th coincides with Donald Trump’s return to the White House for a second term as US President. As the World Economic Forum in Davos continues to champion global cooperation, it faces a stark contrast with Donald Trump's "America First" ideology. A sharp shift from the globalisation agenda that defined Davos.

Trump's virtual address on Thursday, January 23rd is one of the Forum's most anticipated sessions this year. This marks his third appearance at this gathering in recent years, with WEF President Borge Brende stating that Trump will not only deliver a speech but also interact with delegates.

While America dominates discourse at the forum- with at least three sessions focussed on the US Presidency, economy and dollar, India’s corporate presence at Davos this year appears subdued. Read more