Coronavirus | WEF chief lauds India’s policy response, voices concern for informal workers

Bullish on India’s energy to form the worldwide agenda, the World Economic Forum’s Founder and Chairman Klaus Schwab has mentioned the nation’s early policy response to the COVID-19 pandemic was robust and now its greatest alternative lies in leapfrogging to a extra digital and sustainable economic system.

He additional mentioned he stays optimistic about India and because the nation continues its quest to construct “a stronger and more equal nation, the world will watch it for inspiration.”

“With its demographic advantage and extensive diversity, India has the power to shape the global agenda and define our collective future,” Mr. Schwab mentioned in an interview from Geneva the place the World Economic Forum (WEF) relies.

Mr. Schwab, who based WEF over 50 years in the past, mentioned, “The early policy response in India to mitigate the impact of the pandemic was strong; from an early lockdown, to large-scale food rations to over 800 million people risking starvation, to collateral-free credit for small businesses.”

“But what it couldn’t prevent is that this pandemic has put millions of informal workers, low-income migrant workers and daily-wage earners in a state of extreme insecurity. Protecting their lives and livelihoods is the prime concern today, as it could lead to an even deeper, humanitarian crisis on the back of the ongoing public health crisis,” he mentioned.

Mr. Schwab mentioned as India focuses on constructing a greater future after the pandemic, “its greatest opportunity probably lies in its efforts to leapfrog to a more digital and sustainable economy“.

He further said sadly there was clearly a lack of epidemic preparedness in many countries.

“The notion that a pandemic is a once-in-a-hundred-year event, made many governments and business leaders conclude it was not an immediate threat. In the spring and summer, we paid the price for that,” he mentioned.

“But what matters now, is what we do to put an end to the pandemic as soon as possible, and how we deal with the ongoing threat of a severe second wave,” he famous.

“It is important that we all come together and support those in charge of providing healthcare, whether in the public or the private sector,” Mr. Schwab mentioned.

He noticed that the duty of epidemic preparedness lies primarily with the federal government and public well being authorities, and fewer with the non-public healthcare or pharmaceutical sector in lots of international locations.

“Governments, notably, are responsible for providing a strategic stock of healthcare supplies. In the countries with a public healthcare system, it is also the responsibility of those who manage these systems, to ensure there is enough capacity in hospitals, and enough supply of crucial equipment like respirators,” he famous.

The WEF describes itself as a world organisation for public-private partnership and has been recognized for varied research and world occasions hosted by it, together with the high-profile Davos Annual Meeting yearly on the Swiss Alps that’s attended by hundreds of world leaders.

The fiftieth annual assembly, held in January 2020, was the final main world occasion earlier than nearly your entire world acquired locked down as a result of coronavirus pandemic. The subsequent annual assembly has now been postponed to May 2021 and can be held in Lucerne-Burgenstock in Switzerland, as an alternative of Davos.

Mr. Schwab has co-authored a guide, titled ‘The Great Reset’, which offers with high priorities earlier than enterprise leaders and policymakers world wide within the wake of the coronavirus pandemic.

The guide additionally talks about whether or not the world ought to get again to the place it was earlier than, or ought to it take the chance to make society fairer, smarter and greener, and get humanity off the street to local weather disaster.

In the interview, Mr. Schwab mentioned the world is at a turning level for humanity in the present day.

“COVID-19 is the most devastating and immediate crisis we are facing, but we are equally going through the worst environmental crisis in human history as well. And socio-economically, the division and inequalities we are facing are the worst in a generation,” he mentioned.

The WEF founder mentioned this situation can’t be handled incrementally and what’s wanted is ‘A Great Reset’ — a basic rethinking of our economies and of our societies.

“We must not only repair the damage but address major deficiencies in our economic and social systems which were apparent before the pandemic broke out. One of the priorities for the Great Reset is to re-define our social contract. That is particularly relevant for emerging economies like India, who have not yet built up social welfare systems to the same degree as some countries in Europe, such as the Scandinavian countries,” he mentioned.