The 42nd World Economic Forum summit at Davos could turn out to be as stormy as the current weather at the Swiss Alps.
There is a general admission that capitalism has failed, and that the gap between the rich and the poor has become wider, leading to upheaval and protest across the world. There is also the danger of overheating of emerging economies.
The WEF is convinced that the established systems of governance and business need to be overhauled. WEF founder Klaus Schwab admitted that ?we are desperately looking around the world for people who can offer solutions. We are in danger of losing the confidence of the future generations?.
So, the thrust of the forum will be radically different from the previous years. Under the banner of ?The Great Transformation: Shaping New Models,? global policy makers will be taking up issues, such as job creation for an increasing growing global population, saving the euro with austerity measures without damaging future growth and coping with the rise of China.
The World Bank has warned that developing economies must evaluate their vulnerabilities and be prepared for a sharp downturn in case the European debt crisis worsens for, ?the risks of a global freezing up of capital markets as well as a global crisis similar to what happened in September 2008 are real?.
India is hardly on the agenda. Instead, climate change, water, food security, growing population and its impact, sustainable development, job creation, the Arab Spring and the new context in China, are some of the issues that the the forum will grapple with.
The Indian CII delegation has over 100 private participants, and the biggest names in India Inc will be there. Commerce, industry and textiles minister Anand Sharma, despite his preoccupation with the Uttarakhand elections, will be making a brief stay to attend the now traditional mini-ministerial of WTO ministers hosted by the Swiss economy minister Schneider-Amman.
Planning Commission deputy chairman Montek Singh Ahluwalia will give his opinion on the debates on the global economy, but only from January 27. Urban development minister Kamal Nath will not be attending the meet despite being cleared by the PMO.