by Paritosh Bansal
January 23, 2018
Narendra Modi, Prime Minister of India
delivers his speech the World Economic Forum, WEF,
Davos, Switzerland, Tuesday, Jan. 23, 2018.
Protectionism is gaining
ground and globalization is losing its appeal, but India is open for
business, Indian Prime Minister Narendra Modi told the
World Economic Forum (WEF)
Modi is leading a big government and business delegation to the
summit in Davos, the first Indian prime minister do so in 21 years,
aiming to showcase India as a fast-growing economic power and a
potential driver of global growth.
His comments on rising trade barriers came ahead of an address to
the forum later this week by U.S. President
Donald Trump, who has
championed inward looking policies for the world's biggest economy.
globalization, the power of protectionism is putting its head
Their wish is not
only to save themselves from globalization, but to change the
natural flow of globalization," Modi said at the opening of the
forum, which has attracted 70 heads of state and government,
chief executives and top bankers.
"The result of this is that we are seeing new types of tariff
and non-tariff-based barriers being imposed.
multilateral trade negotiations appear to have come to a halt.
"There is a slowdown
in cross-border financial investments and the expansion of (the)
global supply chain appears to have slowed down."
Trump has been pushing an
"America First" policy of getting businesses to invest in the United
States instead of overseas, potentially affecting the growth
prospects of emerging economies such as India dependent on foreign
During his 2016 election campaign, Trump blamed globalization for
ravaging U.S. manufacturing jobs as companies sought to reduce labor
costs by relocating to Mexico and elsewhere.
Trump is due to address
the forum on Friday.
climate change was a major threat
to the world, yet the world had failed to come together to tackle
it. He said everyone wanted carbon emissions to be cut, but the rich
world was not ready to help developing economies with new
India, one of the world's fastest growing major economies and a
growing contributor to pollution, has said it is keen to honor its
commitment to clean up the environment despite Trump pulling out of
Paris accord on cutting carbon