Ira Singh
Khabar Khabaron Ki,07 Dec’23
Ambitious India is on the cusp of a historic milestone, poised to claim the position of the world’s third-largest economy and the fastest growing major economy in the foreseeable future,driven by an impressive surge in economic growth and development initiatives that have propelled the nation onto the global stage.India is currently estimated to be the fifth largest economy with a GDP of $3.7 trillion.Several estimates show that India’s GDP is expected to overtake Japan and Germany by 2030.
The recently concluded G20 Summit saw India’s emergence as a potent voice representing the interests and concerns of the Global South.This includes sending vaccines and medicines to developing countries during the Covid pandemic. Union Finance Minister Nirmala Sitharaman, speaking at the Global Economic Policy Summit 2023,on Thursday, emphasized the importance of including the Global South in the agenda, ensuring G20 reflects their concerns. She highlighted the need for thought engines to contribute alongside global growth engines and maintain momentum in addressing the concerns of the Global South in development-related actions. Climate action takes a top position on the agenda, underlining the significance of environmental considerations in economic policy discussions.
India,throughout its presidency of the G20, hosted the Voice of Global South Summit and ensured the region remained central at the G7 Summit. India’s representation resonated with several nations from Africa, Latin America, and Asia, who expressed solidarity with its stance on issues like trade, climate action, and financial reforms. Sitharaman’s efforts aimed to build consensus and rally support for policies that bridge the gap between developed and developing economies. Besides,PM Narendra Modi’s vision to invite the African Union to be a permanent member of G-20,received a positive and overwhelming response, culminating into induction of the African Union as a Permanent Member of G-20 during the Delhi Summit.In collaboration with the South Centre, India organized an event on International Taxation to address the implications for the Global South.
Global South is used to refer to developing countries in Asia, Africa and Latin America, while economically developed countries such as the United States, Canada, Europe, Russia, Australia and New Zealand constitute Global North.Throughout the summit, India took center stage in advocating for the needs of developing nations, pressing for greater representation and participation from the Global South in global economic decisions. Sitharaman, in her addresses and engagements, emphasized the imperative of acknowledging and integrating the perspectives of these nations into the G20’s agenda.
The G20 discussions encompassed a wide array of topics, from economic recovery post-pandemic to trade policies and environmental sustainability. India’s role as a catalyst for dialogue and cooperation among nations from the Global South was noted as a pivotal aspect of the summit’s outcomes.As the summit concluded, India’s efforts to amplify the voices of developing nations and champion inclusivity in global economic decision- making processes stood out as a defining aspect of its role in the international arena.The G20 Summit, having witnessed India’s assertive advocacy, marked a significant milestone in fostering dialogue and collaboration between developed and developing economies, setting the stage for more inclusive and equitable global policies.