Attendance from China, Japan and South Korea was sparse this year, mentioned Indian industrialist Gautam Adani, Chairman of Adani Group. It was an opportune forum for India as European business leaders were eagerly scouting options for diversifying trade and investments. Thanks to its political stability and reformist policies, India seemed to have appeared to be the best option for most of them.

Many global investors endorsed India’s rising economic relevance. For example, Saint Gobain Global CEO Benoit Bazin said that the company plans to invest over Rs 5,500 crore in the next four years in India. Bazin was bullish about the 45-billion-euro company’s growth story in India.

David Rubenstein, co-founder of the private equity Carlyle Group, told reporters in Davos that “India has been more attractive (to buy assets) of late than China.’’ Clearly, India benefited from the absence of China and concerns over its heavy-handed zero-Covid strategy.

Goyal said that every Indian diplomatic mission had been given the responsibility of supporting Indian industry. “Every mission, every office, every official is now ready to stand for Indian businesses and that is what will spearhead Trade 4.0,” he said. Ministers from several state governments, including Tamil Nadu, Maharashtra, Telangana, Andhra Pradesh and Madhya Pradesh, were also in Davos to attract global investors.

Andhra Pradesh reportedly signed renewables investment pacts cumulatively worth about Rs 1,600 crore with three companies. The investment commitments were made with India’s Adani Green Energy, GIC-backed Greenko and India’s Aurobindo Realty & Infrastructure. The Maharashtra delegation reportedly signed at least 23 MoUs worth Rs 30,000 crore. Of these investments, more than 55 per cent are by way of FDI from the US, Singapore, Indonesia and Japan.

Indian delegation also included unicorn founders such as Zerodha’s Nikhil Kamath, EaseMyTrip’s Prashant Pitti, Ashish Singhal of Coinswitch, and Vidit Atrey of Meesho.