The 55th annual meeting of the World Economic Forum (WEF), held from January 21 to 24 in Davos, Switzerland, brought top-ranking leaders from government, business, civil society, academia and think tanks from across the world at one place. The theme of the forum this year was “Collaboration for the Intelligent Age”. India sent its biggest-ever contingent of government and industry to the annual mahakumbh of industry. The mega get-together was covered by more than 400 media persons from across the world.
US President Donald Trump demanded OPEC lower oil prices and the world drop interest rates in a speech to global business and political leaders and warned them they will face tariffs if they make their products anywhere but the U.S.
“I’ll demand that interest rates drop immediately. And likewise, they should be dropping all over the world,” Trump said via video to the World Economic Forum in Davos, Switzerland on January 23. “I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil.”
The remarks, Trump’s first to global leaders in his four-day-old presidency, bolstered the message that his second term will eschew free market norms inside the US and out.
Despite robust comments on the tariffs he wanted to put in place, he did not provide specifics at a time when markets were on edge over his plans.
On the issue of energy he shared that he had announced national energy emergency on his very first day of taking charge of office. The goal, he said, was to “unlock liquid gold under our feet and pave the way for rapid approvals of new energy infrastructure”.
The United States, he said, has the largest amount of oil and gas of any country on Earth, and “we’re going to use it. Not only will this reduce the cost of virtually all goods and services, it will make the United States a manufacturing superpower and the world capital of artificial intelligence and crypto.”
His message to the business community was: “Come make your product in America and we will give you among the lowest taxes of any nation on Earth”.
On domestic front, he said, his administration has begun the largest deregulation campaign in history, far exceeding even the record-setting efforts of his first term.
He said, “In total, the Biden administration imposed $50,000 in additional regulatory costs on the average American household over the last four years. I have promised to eliminate 10 old regulations for every new regulation, which will soon put many thousands of dollars back in the pockets of American families.”
Rishad Premji said…
Siddharth Zarabi, Editor of Business Today, in an exclusive interview with Rishad Premji, Executive Chairman of Wipro, at the World Economic Forum in Davos discussed the transformative role of artificial intelligence in reshaping the landscape of IT jobs. He delved into how AI is not just a challenge for employees but is also enhancing productivity and efficiency within Wipro and the broader IT sector. Premji shared insights on Wipro’s significant investments in AI, including a $1 billion commitment over the next three years, aimed at infusing AI into every aspect of the organisation. The conversation also tackled the challenges facing the Indian IT sector amidst global economic shifts, the second Presidency of Donald Trump in the US and what it means for the Indian IT sector. Premji provided his perspective on what the next big thing could be for the IT industry, suggesting areas where innovation might drive the sector forward.