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Time to Achieve ‘Asia’s Century’ – India Economic Summit Launches in New Delhi

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The World Economic Forum is holding its 33rd India Economic Summit in partnership with the Ministry of Commerce and Industry, the Government of India and the Confederation of Indian Industry (CII) on 3-4 October in New Delhi. The summit will host more than 800 leaders from 40 countries, including business, senior public figures and leading representatives from civil society, arts and culture, science and academia.

The theme of the summit is Innovating for India: Strengthening South Asia, Impacting the World. Prominently featured in the programme will be: South Asia’s economic outlook, emerging technologies (including, artificial intelligence and drones), India’s environmental reforms, infrastructure, gender parity, start-up unicorns, education and skills.

India’s and South Asia’s role is critical to the sustainability of global economic growth and, if this is to be Asia’s century, the region’s role will be indispensable. More than ever before, the world needs to engage with India and South Asia, while the region must expand its leadership on a range of global initiatives. The programme will also underline South Asia’s relationship with the Association of Southeast Asian Nations (ASEAN) and highlight how the two regions, defined by their demographic and digital dividends, will shape the world’s collective future.

The summit will be co-chaired by Sheikh Hasina, Prime Minister of Bangladesh; Shobana Kamineni, Executive Vice-Chairperson of Apollo Hospitals Enterprise, India; Heng Swee Keat, Deputy Prime Minister and Minister for Finance of Singapore; Shailendra Singh, Managing Director of Sequoia Capital India; Sania Mirza, UN Women Goodwill Ambassador for South Asia and Indian sportsperson; Gillian Tans, Chairwoman of Booking.com. The co-chair press conference will take place at 08.45 on 3 October at the meeting venue in New Delhi. It will be livestreamed on the Forum’s website.

“Over the course of the Forum’s 35-year engagement with India, we have seen the country’s global profile rapidly rise,” said Børge Brende, President, World Economic Forum. “This week, leaders from across the world are coming to New Delhi to tackle the big issues of today and collaborate on how to seize the opportunities of tomorrow. Inclusive growth, the environment and innovation are some of the strategic regional issues to be discussed. We are looking forward to a productive meeting.”

“We are delighted to partner with the World Economic Forum and the CII on the India Economic Summit,” said Dr. Guruprasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India. “As this is the 35th year of Forum’s engagement in India and the 50th year of its founding, it is an opportune time to take this relationship to the next level. With over 800 participants from 40 countries and a strong group of co-chairs, I am certain that the Summit will be an important platform to discuss India’s narratives on regional and global challenges and showcase it as an attractive investment destination.”

“Propelled by a strong reforms process and proactive global agenda, India today stands at an opportune inflection point to emerge as a pole in the geopolitical and economic arena,” said Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII). “Importantly, India has taken a definitive stance for fostering human development, technology and sustainability, leveraging its demographic advantage. Indian industry is a key engine of India’s development process, and CII partners and supports its contribution to the country’s growth journey.”

Senior government officials from India and South Asia will participate in the summit. They include Dr. Subrahmanyam Jaishankar, Minister of External Affairs of India; Nitin Jairam Gadkari, Minister of Road Transport and Highways, and Micro, Small and Medium Enterprises of India; Piyush Goyal, Minister of Commerce and Industry and Minister of Railways of India; Dharmendra Pradhan, Minister of Petroleum and Natural Gas, and Minister of Steel of India; Hardeep Singh Puri, Minister of State (IC) of Civil Aviation, Housing and Urban Affairs of India and Minister of State of Commerce and Industry; and Rajiv Kumar, Vice-Chairman, NITI Aayog.

The Schwab Foundation for Social Entrepreneurship in partnership with the Jubilant Bhartia Foundation will announce the winner of the 2019 India Social Entrepreneur of the Year award on 3 October. Social entrepreneurs fill a unique role in modern economies, applying innovative thinking and disruptive technology to meet demands that traditional businesses or governments cannot serve. Ten of the world’s leading social enterprises will be represented at the India Economic Summit.

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Development

Vaccination, Jobs, and Social Assistance are All Key to Reducing Poverty in Central Asia

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As the pace of economic recovery picks up, countries in Central Asia have an opportunity to return to pre-pandemic levels of poverty reduction – if they put in place the right policies. This was the overall message shared by World Bank economists today at a regional online event “Overcoming the Pandemic and Ending Poverty in Central Asia”.

In the early 2000s, Central Asian countries were among the world’s best performers in poverty reduction. Starting in 2009, however, the pace of progress began to slow and even stagnated in some of the countries. The COVID-19 pandemic impacted a region already struggling to generate inclusive growth and end extreme poverty. Now in the second year of the pandemic, poverty rates in Central Asia are falling again, but with high inflation and low vaccination rates, the poor and the most vulnerable continue to suffer from food insecurity, uncertainty, and limited employment opportunities, especially for women.

“Central Asia is recovering from the first shocks of the pandemic, albeit in uneven ways,” said Will Seitz, World Bank Senior Economist in Central Asia. “Migration and remittances, key drivers of poverty reduction in the Kyrgyz Republic, Tajikistan, and Uzbekistan, are quickly returning to 2019 levels. Labor markets are also recovering, and work disruptions are much less common. However, the region is yet to get on a stable poverty reduction path.”

Among policy priorities to reduce poverty, the World Bank is focused on three key areas: widespread vaccination, increasing employment and wages, and strengthening social assistance programs to support the most vulnerable. To support labor market recovery, the World Bank economists outlined short-term and medium-term measures, including the need to invest in green jobs and encouraging the creation and growth of firms.

It was also stressed that employment alone will not address all drivers of poverty, and strong safety nets are essential to protect the most vulnerable. Compared with other middle-income countries, Central Asian governments typically provide smaller shares of their populations with social assistance.

“Along with ensuring fair, broad access to effective and safe COVID-19 vaccines, Central Asian countries need to urgently address vaccination hesitancy, as it threatens to slow down the recovery,” said Tatiana Proskuryakova, World Bank Regional Director for Central Asia. “For every million people vaccinated, global GDP recovers on average nearly $8 billion. We are expecting advanced economies with relatively high vaccination rates to demonstrate much better growth rates than developing economies with low vaccination rates.”

Among the main reasons behind vaccine hesitancy in Central Asian countries are worries about vaccine contraindication and safety. While people with pre-existing health conditions in other countries are usually prioritized for vaccination, in the Central Asia region they are more likely to be hesitant to get vaccinated. Providing the public with accurate information on the safety of vaccines and encouraging people with pre-existing health conditions to be vaccinated may help address hesitancy issues.

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Finance

Why Traders Should Never Miss Forex Trading Investment Opportunities

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Trading forex is a great opportunity to make money if you know how to do it right. Some of the top forex traders are often asked about tactics and tricks they use that have helped them to make great profits. Investment opportunities can be fully used only when you know how to turn such opportunities into profit.

What does it take to turn investment opportunities into trading profits? Here are some things which you can do to make a difference and have helped several people in making profits in the long run.

A Strong Trading Plan:

Ask any successful trader and you will be told that a trading plan is of utmost importance. One needs to plan quite systematically before trading or when one starts trading. This trading plan usually has a strategy which is followed with great caution. This trading strategy should also be tested, and adjustments made accordingly. If everything goes well, the strategy can be repeated whenever any opportunity comes along.

Managing Risk:

Capital management is an essential part of forex trading success. If any trader doesn’t know how to manage risks, the trader will not be able to make it long. No matter how lucrative the investment opportunities seem to be, a trader should not trade money which the person cannot afford to lose. It is extremely important to ensure that the risks are sensible because that will keep him going.

The Importance of Being a patient Trader:

If you wish to earn in the long run, you need to be patient. It does take time to develop any currency trading plan. It also takes time to develop different skills. Thus, any trader needs to wait for the right opportunities. If a trader hurries or rushes, the decision can be wrong which will affect trading.

The Mind has to be Clear:

Experts reveal that success and failure often depend on the mindset of the individual. If the trading psychology of the trader is not as it should be, profitability will become a distant dream. However, the sad part is that most traders do not consider this as a fundamental truth. There are many expert traders who do meditation or yoga so that they ensure that they have a healthy mind.

Disciplined Actions:

To be successful in any sphere of life, one needs to be disciplined and exercise caution. For a successful trading career, a trader should be consistent and should be learning regularly so that mistakes can be avoided. If a trader lacks discipline, it may lead to trading errors which will result in losses in the future.

Trading Journal Can Help:

There are many experts who suggest the use of trading journals. Such smart traders work as record keepers which helps them in future. For example, when they win a trade, they have everything recorded in the journal. Thus, they are aware how they are winning and why they are winning. Thus, this way they are aware of the strategies that can help them in winning trades and the strategies which can cause them losses.

If any trader can take note of all details such as different conditions for entry and exit, it helps in trades and targets.

Overtrading Can be Risky

At times traders are tempted to overtrade with the hope of making more profits. However, experts believe that overtrading should be avoided because it leads to trading mistakes and errors. Thus, traders need to ensure that they are patient and do not do things that will make it risky.

Thus, investment decisions should be made wisely and cautiously.

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Energy News

Sustainable transport key to green energy shift

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With global transport at a crossroads, government leaders, industry experts, and civil society groups are meeting in Beijing, China, for a UN conference to chart the way forward to a more sustainable future for the sector, and greater climate action overall. 

The three-day UN Sustainable Transport Conference, which opened on Thursday, will examine how transportation can contribute to climate response, economic growth and sustainable development. 

It is taking place just weeks before the COP26 UN climate change conference in Glasgow, Scotland. 

In remarks to the opening, UN Secretary-General António Guterres underlined what is at stake. 

“The next nine years must see a global shift towards renewable energy. Sustainable transport is central to that transformation,” he said.  

The move to sustainable transport could deliver savings of $70 trillion by 2050, according to the World Bank.   

Better access to roads could help Africa to become self-sufficient in food, and create a regional food market worth $1 trillion by the end of the decade. 

Net-zero goal 

The COVID-19 pandemic has revealed how transport is “far more than a means of getting people and goods from A to B”, the UN chief said.

Rather, transport is fundamental to implementing the 2030 Agenda for Sustainable Development and the Paris Agreement on climate change, both of which were “badly off-track” even before the crisis. 

The Paris Agreement aims to limit global temperature rise to 1.5 degrees Celsius, but the door for action is closing, he warned. 

“Transport, which accounts for more than one quarter of global greenhouse gases, is key to getting on track. We must decarbonize all means of transport, in order to get to net-zero emissions by 2050 globally.” 

A role for everyone 

Decarbonizing transportation requires countries to address emissions from shipping and aviation because current commitments are not aligned with the Paris Agreement. 

Priorities here include phasing out the production of internal combustion engine vehicles by 2040, while zero emission vessels “must be the default choice” for the shipping sector. 

“All stakeholders have a role to play, from individuals changing their travel habits, to businesses transforming their carbon footprint,” the Secretary-General said. 

He urged governments to incentivize clean transport, for example through regulatory standards and taxation, and to impose stricter regulation of infrastructure and procurement. 

Safer transport for all 

The issues of safety and access must also be addressed, the Secretary-General continued. 

“This means helping more than one billion people to access paved roads, with designated space for pedestrians and bicycles, and providing convenient public transit options,” he said. 

“It means providing safe conditions for all on public transport by ending harassment and violence against women and girls, and reducing deaths and injuries from road traffic accidents.” 

Making transport resilient 

Post-pandemic recovery must also lead to resilient transport systems, with investments going towards sustainable transport, and generating decent jobs and opportunities for isolated communities. 

“Public transport should be the foundation for urban mobility,” he said. “Per dollar invested, it creates three times more jobs than building new highways.” 

With much existing transport infrastructure, such as ports, vulnerable to extreme climate events, better risk analysis and planning are needed, along with increased financing for climate adaptation, particularly in developing countries. 

Mr. Guterres stressed the need for effective partnerships, including with the private sector, so that countries can work together more coherently. 

“The transformative potential of sustainable transport can only be unleashed if improvements translate into poverty eradication, decent jobs better health and education, and increased opportunities for women and girls. Countries have much to learn from each other,” he said. 

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