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Globalisation Losing its Lustre, Nations Practising Protectionism, Says Modi at Davos

Prime Minister Narendra Modi gestures as he attends the Opening Plenary during the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2018. (Photo: REUTERS)

Prime Minister Narendra Modi gestures as he attends the Opening Plenary during the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2018. (Photo: REUTERS)

Addressing the plenary session at the World Economic Forum (WEF) in Davos, Prime Minister Narendra Modi, highlighting three major problems, said countries are not practising globalisation and are adopting protectionist measures concentrating only on their countries.

New Delhi: Addressing the plenary session at the World Economic Forum (WEF) in Davos, Prime Minister Narendra Modi, highlighting three major problems, said countries are not practising globalisation and are adopting protectionist measures concentrating only on their countries.

“Countries are being self-centred. Globalisation is losing its original essence. This is as big as terrorism and climate change. Globalisation is slowly losing its lustre,” said Modi at Davos
Modi, while addressing global CEOs and world leaders, urged countries to invest in world trade and open their economies for policies that can benefit multiple nations.

“New tariff barriers are being introduced to stop globalisation,” said Modi.

Citing the example of Mahatma Gandhi, Modi said, “I don't want the doors and windows of my house to be closed. I want multi-national ideas and cultures to flow in but I don't want them to uproot me. This is what India is concentrating on.”

India is making its presence felt in a big way by participating in numerous sessions like readiness for the future of production, next generation industrial strategies, designing for smart mobility, game-changers with respect to Asia, India's role in the world, the future of employment in manufacturing and production along with re-imagining policy-making for the fourth industrial revolution.

US President Donald Trump will also be present at Davos and there is a possibility of a meeting with Prime Minister Narendra Modi. This would be for the first time in 18 years that a US president would be attending an annual gathering of global economic leaders.