First day action at the WEF

On the first day of WEF at Davos, voices have called for urgent actions across borders to speed up reforms and reduce economic inequalities to create equal opportunities for all.

Here is a look at who said what at the international event.

Wipro chairman Azim Premji said there has been policy inaction by the government. He hopes the Centre will take corrective measures after the general elections in five states are over.

Lakshmi Mittal, chairman of ArcelorMittal along with his son Aditya Mittal. Lakshmi Mittal says concerns remain over policy and approval issues in India.

He says the Centre is aware about them and is confident that they would be sorted out soon.

The 3G and BWA auctions have left the telecom sector with little money, and the real fear is not about overregulation but the government overcharging to get more money out of the telecom industry, says Bharti Airtel Chairman Sunil Mittal.

He adds regulatory uncertainty is a key concern in the telecom sector.

German Chancellor Angela Merkel delivers a speech during the opening ceremony of the World Economic Forum (WEF), in the congress center of the Swiss resort of Davos.

She said there are difficulties and weaknesses in terms of competitiveness in a number of European countries.

The countries sharing Euro as a common currency lack political structure of the necessary underpinnings to make this project work.

Klaus Schwab, founder of the World Economic Forum says there is a lack of inclusiveness in the capitalist system.

The capitalist system should be rebalanced to recognise the most important resource-talent.

Mohammed Yunus, Nobel laureate and Founder of Gramin Bank said that there is so much gloom and doom around the global economy that it seems the civilization is ending and everything is crumbling.

The world needs to move away from a money obsessed economy to a human society. Social businesses are needed that can solve problems, he added.

Jamshyd Godrej, chairman of Godrej and Boyce Manufacturing said that the developing countries are moving quite well and so the focus will always be where the growth is.

“I think that 7 per cent is great growth number for India. So, we are disappointed only because we know we can do better,” added Godrej.

French director Luc Besson receives the Cristall award during the World Economic Forum (WEF) at the congress center of the Swiss resort of Davos.

Chastened leaders of the global business elite admitted that the Western free-market model has come up short and faces being shoved aside by emerging power state capitalism.

Norway's Crown Prince Haakon (L) listens to Belgian Princess Mathilde. The world's political and business elite will shelter from the chill winds buffeting the global economy and plot a new path for capitalism at the annual Davos forum.

Some 40 heads of government will rub shoulders over the next five days in the Swiss Alps with titans of commerce and industry to discuss everything from the eurozone crisis to Iran's nuclear program as well as trends in science and the arts.

The chairman of French bank BNP, Baudouin Prot attends a World Economic Forum (WEF) meeting in Davos.

Duncan Niederauer of the US, CEO of NYSE Euronext, talks during "The Global Business Context" meeting as part of the World Economic Forum (WEF) at the Swiss resort of Davos.

Some 1,600 economic and political leaders, including 40 heads of states and governments, will be asked to urgently find ways to reform a capitalist system that has been described as outdated and crumbling by many.

The chairman of the Soros Fund Management, George Soros at the World Economic Forum (WEF) meet.

Chastened leaders of the global business elite admitted that the Western free-market model has come up short and faces being shoved aside by emerging power state capitalism.