Business leaders from across the globe have called for policy changes to encourage long term value creation instead of short-term profits and to restore trust between government, business and civil society.

While the rich and famous from across the world have assembled here for their annual talk-fest and networking for business, many top Indian business leaders like Mukesh Ambani and Rahul Bajaj have given this year's WEF Annual Meeting a miss.

He said there is no need to ring alarm bells for the Indian economy as it was already growing at 5 per cent and the rate would improve further.