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We Are Losing The Essence Of Globalization

25 Janvier 2018

A source on Trudeau's plane said the prime minister will tell the world's economic and political elite that their power brings with it a responsibility toward those who are affected by their influence and decisions.

Addressing the multi-faceted fractures which challenge global growth and development, Modi said that there is a divide between the requirements of today and the needs of conservation for future.

After attending the plenary session of the 48th World Economic Forum (WEF) in Davos, Switzerland, Prime Minister Narendra Modi arrived at the Palam airport in New Delhi, early Wednesday morning. It is evident from the enthusiasm in Davos towards India, that people are eager to know about the country.

Data released by the International Monetary Fund in Davos suggest the Indian economy will grow by 7.4 per cent in 2018, which would put it roughly on track to meet Mr Modi's target. During his speech at WEF in Davos, PM Modi has also stressed on the role of technology. "The negative impact of this kind of mindset and wrong priorities can not be considered less risky than climate change or terrorism".

Chinese premier Xi Jinping had spoken firmly against the protectionist policies of the Unites Stated at the WEF previous year.

While India tried to promote itself as a diverse and globalized nation, the WEF said in its study about approval ratings of various countries that India has 53 per cent positive influence over the world, a 2 per cent decrease since past year.

Modi's remarks were read as a reference to U.S. President Donald Trump's "America first" policy and came just after the U.S. on Monday slapped tariffs of up to 50% on imported washing machines and up to 30% on solar panels. Restrictions on H1-B via under this policy are expected to impact the American service sector too. Most nations have seen a decrease in cross-border investment. This has resulted in double-digit GDP growth rates for years on account of massive exports to everywhere in the world. He said that India has always believed in "Vasudhaiva Kutumbakam".

The two leaders have since settled into an easy working relationship and, according to officials on both sides, they share a great rapport. He stressed his country's democratic culture, claimed India had no territorial ambitions and that it never sought to exploit the natural resources of other nations. USA officials said more trade enforcement actions would follow.

We Are Losing The Essence Of Globalization