G20: PM Modi’s Adviser Sanyal says India not looking to balance or side with different blocs

Sanyal continues to see a GDP growth between 6.5 percent to 7 percent for FY24.

India is not going out of its way to balance between different blocs or side with a particular one bilaterally as well as in forums like the G20, says Sanjeev Sanyal member, Economic Advisory Council to the Prime Minister.

“We (India) are trying to pursue our own interests. Our agenda is to serve the interests of 1.45 billion Indians. So, whether it is in G20 or on a bilateral basis we have absolute clarity on our interests and we will pursue them,” Sanyal told Moneycontrol in an interview.

Sanyal was responding to a question on whether India is a good candidate for balancing between different blocs with the likes of China and Russia on the one hand and UK and Europe on the other.

Also Read: PM Modi’s exclusive interview to Moneycontrol: What message does it carry?

India’s G20 presidency has been seemingly fraught with disagreements on two of the most disruptive global issues at the moment: the war between Russia and Ukraine and the resultant food and energy insecurity. India has been unable to release a joint statement, or communique, at the conclusion of its earlier G20 meetings as Russia and China have previously dissented on these key issues.

While India has moved forward on most matters on its G20 agenda, the language on the Russia-Ukraine conflict and issues surrounding food and energy insecurity remain sticking issues heading into the Leaders' Summit, Moneycontrol reported on September 6 citing sources.

India’s G20 Leaders' Summit from September 9-10, which will be the culmination of India's G20 Presidency, is expected to take forward previous discussions on a variety of subjects ranging from crypto regulation and Multilateral Development Bank (MDB) reform to the impact of climate change and transition pathways, according to the Moneycontrol report cited above.

The former principal economic adviser to the finance ministry said that during its presidency, India has started important conversations on the need for global regulations on cryptocurrency, on reforming multilateral international organisations, started a new stream in G20 for start-ups among others.

Also Read: G20 Summit: World leaders to be served meals on silver, gold-plated tableware

“In many areas, India has opened up spaces to discover new vistas. This will culminate in a communique which will be drafted in the next few days that I am not in a position to comment on. In all this, however, India has spoken up for the Global South,” Sanyal added.