The world is witnessing a tectonic shift in international power dynamics with the emergence of a new world order. Recent developments across the globe have highlighted the importance of addressing popular aspirations in order to pre-empt unrest or regime change. With the international arena undergoing unprecedented transformations, nations have been forced to seek collaborative strategies and solutions for security that go beyond the conventional. Multidimensional challenges such as terrorism, climate change, and rapid technological disruptions brought forth by the dynamic nature of international relations have necessitated a shared commitment from stakeholders worldwide. The success of these initiatives depends upon the willingness and ability of the participant countries to nurture a more holistic, global mindset and to forsake political rivalries in the interest of the common good. However, steering away from the temptations of power politics while upholding principles of justice, peace, and equality, is a responsibility that lies with all the nations. It also requires concerted efforts towards the building of a harmonious world order, one where collaboration is pursued for the well-being of humanity over national interest. Towards these ends, the 19th Summit of the G20 held last year in Rio de Janeiro, Brazil can be seen as a landmark event on account of its contributions towards collectively raising the voice of the Global South. Apart from the member nations of the G20 (several of whose heads of State did not personally attend), the Summit also had in attendance representatives from the European and African Unions, the latter having been included as the last permanent member during the prior Summit held in New Delhi. The 2024 Rio de Janeiro Summit, held amidst a stormy political atmosphere on account of the West Asian crises and the ongoing Russo-Ukrainian conflict, focused primarily on two pertinent issues, to wit increasing economic disparities and environmental degradation, apart from questions of food security and poverty alleviation, all being of paramount concern for the development of a stable and peaceful world order. Formed in 1999 in the wake of the economic crisis of 1997, the Group of 20 was initially set up with the primary purpose of uplifting the then collapsing economies from impending doom. Since then, the G20 has grown in scope and scale, with economic growth being the central point of discussion in all of its summits. Making Spain a permanent invitee to the G20 and the recent inclusion of the European and African Unions as full members has helped to extend its scope and area of influence. The most recent summit holds significance on account of the Global South becoming more assertive about fundamental objectives and demands, such as planning and strategies with a focus on ‘green’ (sustainable non polluting) industry. With concerns being raised about climate change, the member nations focused on initiatives aimed at sustainable development and the use of energy resources, along with discussions on certain novel issues like cultural contiguity. There has also been a growing demand for the reform of the leading governing and monetary institutions of the world, such as the World Bank, IMF, WTO, and the UNSC. The round of talks held at the 2024 G20 Summit can be seen as an indication of a shift in the position of most members of the group towards building a more transparent and inclusive world system.
While on one hand, there are increasing demands for planning a greener future, the fullest utilisation of modern technology in the economic sphere through initiatives such as building a digital economy remains a crucial consideration in the drive towards upgrading from old to new. With a rich and valuable experience in this sphere, India stands poised to be a source of inspiration many of the member nations of the G20. The remarkable progress of India’s IT industry has opened new doors for many Indian companies to expand into markets overseas. This plunge into overseas markets has been backed by the country’s compliance and regulatory authorities which have thoroughly monitored economic transactions, ensuring that the foreign investments remain doubly secure.
Despite challenges posed by a difficult economic climate globally, India was able to position itself as a key player in global manufacturing and a reliable partner in multiple sectors during its G20 Presidency in New Delhi in 2023. Many have attributed India’s phenomenal growth to its visionary leadership, its immense talent pool, and its foresight. The role played by India in setting up of the International Solar Alliance, the Green Hydrogen Innovation Centre, One Sun One World One Grid, and the Global Biofuel Alliance, along with waste-to-energy conversion strategies has received much commendation from the G20 member nations. The efforts and achievements of India were brilliantly highlighted by Prime Minister Modi in his remarks at the New Delhi summit. He is, without a doubt, one of the most respected and popular leaders of world politics and he has contributed to making India the leading voice of the Global South.
In its drive towards building a more inclusive global society, the Group of 20 has allowed for the development of new strategies focused on meeting the requirements of some of the vulnerable countries, relying on the growing trust and cooperation among many of its member nations. Such cooperation could power a much needed positive shift in the international arena, bringing about greater harmony and collaboration. However, G20 members are themselves facing numerous social and political pressures. and their individual success also hangs largely on being able to maintain growth and momentum back at home amidst multiple challenges. Addressing these social, cultural, economic, and political challenges could provide G20 with the opportunity to solidify its position as a global powerhouse, able to drive growth not only among member nations but also in others. By encouraging diplomatic engagement and building robust conflict resolution mechanisms, it can promote international stability without negatively affecting the economic prosperity of its members. To this end, the group’s vision would be vital in shaping a multi-layered, multilateral strategy for dealing with not only economic but also security challenges in an increasingly connected world.
The G20 has gradually expanded its scope to include critical areas such as disaster management, digital infrastructure, and climate change, making it a multifaceted initiative with dimensions of both security and development. However, the G20 also has the potential to become a platform for fostering development in fields as diverse as education, science, biotechnology, and strategic planning, further strengthening bonds between its member nations, and India has played a leading role in this regard.
In recent years, India seems to have emerged as a popular choice for foreign investors who have been gradually pumping in a huge amount (more than $60 billion) in the Indian stock markets. There are about 260 new foreign investors who have registered themselves with the Indian regulating body SEBI in the last couple of decades alone. In addition to this, as many as 600 new investors also received permissions to trade on the Indian stock exchanges, leading to monumental growths of 125 and 148 percent in the Sensex and Bombay Stock Exchange respectively. It should be possible to further enhance foreign investor sentiments by making permissible cuts in tax rates and existing protocols without compromising on security essentials. Not only would this help save on paperwork, taxes, and time for the typical investor; it would also further encourage them to choose India as a preferred business destination.
The country has witnessed a start-up revolution in the past decade, with the number of start-ups having reached the landmark of more than ten thousand in the previous five years alone. According to a recent report of NASSCOM, this robust strategy to support the growth of start-ups has led to the creation of more than one lakh direct and indirect jobs in India, providing a massive impetus to employment generation in the country. Through its policy focused on enhancing the operational and support networks, across both rural and urban areas, India has been able to ensure a much higher rate of return on assets.
The transformative journey of India towards Viksit Bharat@2047 requires the adoption of a holistic approach, emphasising a strong moral and ethical order while cultivating excellence in every field. The challenges posed by rapid changes across the globe require proactive measures to bridge knowledge gaps and to foster interdisciplinary collaboration. It is imperative to instill a sense of responsibility and to cultivate creativity among our youth and students to enable them to address contemporary issues effectively. Efforts need to be focused on integrating real-life experiences into the existing theoretical system so that we can foster critical thinking and problem-solving skills. Embracing diversity and inclusivity in the development process to enhance overall balanced growth will only strengthen the fabric of society, effectively contributing to our national development goals. Moreover, initiatives such as organising mass media engagement and building a low-cost inner web of small-scale industries have the potential to amplify the impact of our growth at the grassroots level, promoting social awareness and civic engagement among the youth. However, as we navigate through these complex socio-political landscapes embracing innovation and progress, it is also crucial that we do not do so at the cost of our traditional values of interconnectedness, cooperation, and empathy. By nurturing a generation equipped with moral clarity and practical skills, we will be able to pave the path for a brighter future for India and the world.
In essence, our journey towards Viksit Bharat@2047 has the potential to make India the leading voice of the Global South, and inevitably, of the rest of the World. However, an epoch-making voyage of such proportions will require collective efforts from all sections of society, including politicians, educators, youth, students, policymakers, and society at large. By prioritising ethical education, fostering interdisciplinary learning, and embracing diversity, we can build a strong foundation for the promising times that lie ahead. We could shape a global society that truly reflects Louis Armstrong’s sentiment as expressed in his chartbuster single ‘What a Wonderful World’. It is shared commitment to a common destiny that will ultimately determine the course of international relations. Let us embark on this journey towards excellence together, guided by the principles of integrity, solidarity, and resilience, and our belief in our age-old maxim of ‘Vasudhaiva Kutumbakam’, that the world is one family.
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