Given the heavy snowfall and heavy traffic on the way to Davos this year, it became clear that opting for an hour-long helicopter flight from Geneva was a practical choice. As we prepared to board, I met our pilots, Hans and Michael, two young gentlemen who appeared to be in their twenties. The helicopter's journey through deep layers of thick clouds, flying past the breathtaking snow-capped peaks of the Swiss Alps, was a moment of reflection. Entrusting our safety to these two relatively young and unknown pilots and believing that they knew how to navigate the mountainous areas full of peaks and valleys covered in clouds resonated deeply with the overarching theme of the World Economic Forum 2024: Rebuilding Trust .
While the first major theme at WEF 24 was about rebuilding confidence, the second was about the rise of India.
Let's start by defining trust. It is the fundamental element that has a significant impact on social activities. It facilitates smoother interactions and cooperation, both among individuals and between individuals and nations. Professor John Whitney of Columbia Business School emphasized the impact of trust, noting, “Distrust doubles the cost of doing business.” This profound statement underlines the challenge the world now faces. While it is difficult to quantify the costs of distrust, it is clear that the growing lack of trust among the world's political leaders is now taking a huge direct toll worldwide.
And in my discussions this year with a diverse group of global political leaders, business leaders and media influencers, I have observed a striking consensus that transcends geographic and ideological boundaries. The focus has quickly shifted from Covid-19 to a more complex range of issues. It is difficult to deny that the world is expected to remain preoccupied with increasing geopolitical divisions, escalating hostilities and the emergence of multiple conflicts, all contributing to a challenging global environment without precedent.
Adding to this complexity, humanity is simultaneously addressing the decoupling of economies, climate change challenges, and the ethical use of artificial intelligence. In today's world we are witnessing an ironic paradox. The very platforms designed to increase understanding, exchange ideas and find common ground are increasingly becoming areas of polarization. This trend was even visible at the WEF, where diversity of thought is declining, as evidenced by the lack of presence of a select group of countries that should have been part of the dialogues.
In my view, we are facing a prolonged transition phase that will be characterized by great uncertainty. This current environment of uncertainty will continue to create fertile ground for the escalation and proliferation of conflict. More than ever, the current situation underlines the crucial need for strengthened multilateralism and international cooperation, which can only be achieved through the consensus emerging from global political leadership.
Continuing with the India theme, I had the opportunity to meet several business leaders, media opinion leaders and executives from the world's top financial institutions. The general consensus was that while India is on track to approach its target of $30 trillion in gross domestic product (GDP) by 2050, it has the potential for even higher growth given its young workforce. As expected, every discussion also focused on the rise of technologies like AI and the possibility that it would further boost Indian growth. One of the discussions was about the exciting potential of India becoming the AI 'back office' of the world, something to look forward to.
However, the most impactful theme to emerge from these discussions, in line with the Rebuilding Trust theme of the conference, was India's dramatic social transformation over the past decade. India is increasingly seen as filling the social leadership vacuum globally.
One business leader spent most of our conversation eager to learn more about the direct benefit transfer platform powered by the integration of Aadhar, the National ID System Program, access to mobile phones, and an astonishing 500 million bank accounts. This system has not only increased the government's liquidity but also enabled millions of Indians in the remotest areas to trust the system and receive benefits without the need for middlemen. Launched by the government less than a decade ago, the Unified Payment Platform (UPI) has expanded, with several overseas markets now accepting UPI payments. The word he used to describe this was “unparalleled,” in terms of inclusivity.
Given the focus on sustainability and its role in building trust between countries, the Solar Alliance platform, launched by the Honorable Prime Minister of India in 2015, was a key topic in many of my discussions. The goal of mobilizing $1 trillion in investments for solar solutions by 2030, with the aim of providing one billion people with access to clean energy through the installation of 1,000 GW of solar capacity, once seemed overly ambitious. Now, with the enormous focus on sustainability and the success of COP 28, this seems more feasible than ever. What started as a 16-member initiative is now a force of 117 members.
And of course, at the G20 summit, where world leaders adopted the New Delhi Leaders' Declaration (covering topics such as climate change, health, trade, digital economy, terrorism and women's empowerment), what emerged where almost all leaders told me that this was the best G20 ever. One of the most notable achievements of the summit was the inclusion of the African Union as a permanent member of the G20, an initiative of India. This decision is a historic milestone for Africa and the broader South, strengthening our collective voice and representation to have confidence in global governance and decision-making.
As I leave Davos, I reflect on the thought that this is what Rebuilding Trust should be about. As patriotic as it may sound, India's message and the actions it has taken resonate with the spirit of multilateralism and inclusivity, perhaps like no other country today. This was Davos where my compatriots present would have left with their heads slightly higher than normal. No better time to be an Indian!
(Gautam Adani is Chairman, Adani Group)
Disclaimer: These are the personal opinions of the author.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group company.)