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From Davos, India commands the attention of global investors

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'Full court press': From Davos, India commands the attention of global investors

Sat, May 28, 2022, 7:00 PM·6 min read

Leaving aside the bloviating at the World Economic Forum in Davos, the event often does at least reflect what’s going on in the world of politics and markets.

This year's edition was particularly interesting given Russia’s invasion of Ukraine, rising interest rates, and, of course, the ongoing COVID-19 pandemic. This year's buzzword seemed to be 'deglobalization,' a mild surprise given this trend has been underway since at least 2016 when Donald Trump was elected U.S. president and the U.K. voted for Brexit.

I'd argue this is less deglobalization than it is a realignment. Technology, culture, sports, transportation and more make globalization irrevocable. But alliances and priorities are shifting, accelerated by Russia’s ill-fated foray into Ukraine and Chinese policies on (not) protecting intellectual property, cyber-security, and its handling of the pandemic.

This all makes Russia certainly — and to some degree China — no longer crowd favorites on the world stage. Not surprisingly, both countries had zero and very limited presence, respectively, in Davos this year, with Russians banned because of sanctions while the Chinese were hindered because of onerous quarantine protocols.

Enter India.

Magazines
Magazines "India Davos 2022" are seen at the India Lounge during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. REUTERS/Arnd Wiegmann

India has had a strong presence at Davos for decades, with CEOs and senior government officials making the pilgrimage to this small Swiss mountain town. And while Prime Minister Narendra Modi didn’t attend, half a dozen senior offices did along with “at least 100 Indian CEOs,” according to the Business Standard.

During the World Economic Forum, most of the stores in Davos are converted into mini-promotion centers by giant companies like Google, Meta, and Cisco, or countries, including Indonesia, Poland, and Namibia, among others. India, though, made the biggest splash this year.

Indian companies like Wipro, Infosys, HCL and others were present on the Promenade in Davos, as well as Indian states. I counted six out of India’s 28 states — Telangana, Tamil Nadu, Karnataka, Andhra Pradesh, Maharashtra, Madhya Pradesh, plus the central government — taking over local shops.


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