G20 must build a global consensus on inclusive, sustainable growth
G20 Summit in Brazil on Monday and Tuesday will bring leaders of all major economies together once again. The task before them is cut out.
Prime Minister Narendra Modi is representing India for a record eleventh successive time. Such continuity is an advantage in a world of turmoil...when there is a deficit of global governance. Nothing is more powerful than the force of example.
Since the first G20 Summit in 2008, and particularly since 2014, India has been a source of economic stability and growth. India, the fastest growing large economy, has quadrupled its GDP to almost $4 trillion since 2008. It is on track to become the third-largest economy in the next few years.
The G20 has been good for India, just as India has been good for the G20. India managed an impossible consensus at the Delhi Summit last year. It brought balance by reminding the world, when most needed, that the South is a reality and must be heard. Africa was given representation. India came with solutions such as its iconic digital public infrastructure initiative.
The G20 process is dovetailed with India’s philosophy of ‘Vasudhaiva Kutumbakam’. We have entered an era where neither the G7, with its outreach activity, nor the BRICS, with its expanded membership, can by themselves solve the world’s problems. The way forward lies in cooperation. India also wants to keep the world’s attention focused on the development and reform agenda.
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