WEF also took note of the government's 'Make in India' initiative to make the country a global manufacturing hub.

The risk of political and economic confrontations between major powers, including outright military conflicts, has risen sharply, according to a survey released by the World Economic Forum (WEF) days before its annual gathering in Davos.

Prime Minister Narendra Modi will address the opening plenary at the WEF's Davos summit next week, while the keynote address will be given by US President Donald Trump at the annual jamboree of the global elite to be attended by 70 state heads.