At the World Economic Forum (WEF) in Davos, Prashant Ruia, Director of Essar Capital, highlighted that global discussions are increasingly focused on trade disruption, energy realism, and the urgent need for domestic innovation. He observed that the long-standing push for open global trade is weakening, with countries shifting toward bilateral agreements to protect domestic manufacturing and jobs.

Ruia emphasized that Western economies face a challenge balancing open trade with retaining manufacturing, predicting that protection measures are likely to persist. On energy, he stressed the importance of practical transitions, noting that fossil fuels will remain essential while renewable energy should expand where economically viable.

India, he said, must strengthen its domestic R&D ecosystem to compete with global leaders like the US and China, advocating a mission-style push supported by government, private investment, and long-term thinking. Despite global uncertainties, Ruia remains optimistic about India’s growth, citing favorable demographics, stable policies, entrepreneurial strength, and prudent fiscal management.