Mr Ramaphosa was supposed to head a South African group to the Swiss town to pitch the nation as an investment location.

Health Minister Mansukh Mandaviya on Tuesday invited global leaders to partner with India to make the world a healthier place and said the government is institutionalising medical tourism through a new 'Heal In India' initiative.

"Is it all gloom and doom? Not probably...If Mr Putin decides to end the war, there would be certainly an upside," Raghuram Rajan noted.