In these troubled times riddled with geopolitical tensions, climate change and economic upheavals, what is the way forward? Against the backdrop of the G20 summit in Delhi, Prime Minister Narendra Modi’s interview with Moneycontrol lays bare his thinking not just on India’s current presidency of the group, but also his vision of India and what our nation has to offer the world.
The prime minister acknowledged that we live in a new multipolar world order where every country will look out for its own interests. Yet he also pointed out that India has earned the trust of many countries, all of whom are eager to partner with us. The prime minister said we have been able to do this because of his government’s focus on development and economic reforms and a single-minded emphasis on creating infrastructure, which has paid rich dividends. These factors have empowered India to not only strengthen its economy but also give the country the ability to offer global solutions in various domains.
The results are clear: foreign direct investment into India is breaking records year after year, services exports are holding up well despite a sluggish global economy, companies are making a beeline to make India their production base under the Make in India initiative and mobile manufacturing is already an astounding success. As the prime minister put it, "Whether it is space or science, technology or trade, economy or ecology, India’s actions have been lauded worldwide." India’s recent achievements in space need no reiteration, it is leading the world in the application of digital technology to governance, and the rate of growth of its economy is the envy of the world. It’s no wonder then that all nations realise that India has a lot to contribute towards any relationship and want to invest in and develop close ties with us.
Also read: Historically, there was reluctance to think beyond Delhi: PM Modi
While a multipolar world is an opportunity for India to attract global value chains to its shores, the prime minister wisely emphasised that countries need to offer stable policies that encourage trade, industry and innovation.
In particular, two sectors have immense potential for future investment and innovation—the deployment of digital public infrastructure and the green economy. The prime minister pointed out that India has already achieved its objective of ensuring that 40 percent of our energy is from non-fossil fuel sources, the installed capacity of India’s solar energy plants has gone up 20-fold and we are among the top 4 countries in harnessing wind energy. In digital public infrastructure, the growth of UPI has been a marvel, while the government e-marketplace has empowered small and medium enterprises. The ONDC holds vast promise and will revolutionize e-commerce by creating a level playing field on digital platforms.
But there’s another reason why digital public infrastructure is important—the prime minister said, "For us, technology is a means to empower people, reach the unreached and take growth and welfare to the last mile." The fact that social benefits are now reaching the poor, instead of being pocketed by corrupt intermediaries, is one of the reasons for the prime minister’s immense popularity—a recent survey by Pew Research found that 79 percent of Indians hold a favourable view of Narendra Modi.
But it’s not just about doling out benefits to the poor. The prime minister also said, "People of every region and every section of society had a ‘can do’ spirit. They took on challenges with great resourcefulness and skill. They had great self-belief even amidst adversity. All they needed was a platform that empowered them." This belief in the empowerment of the people, and their ability to shape their own destiny, is a momentous change from mere welfarism.
The belief in "Sabka Saath, Sabka Vikas", or development for all, also motivates India’s support to the Global South in its attempts to get its voice heard, in negotiating a fair deal for financing the policies on climate change, in trying to ensure debt relief and in its effort to reform multilateral institutions.
The interview has underscored the government’s commitment to reform, its belief in the entrepreneurial ability and empowerment of the masses and a strong sense that India is now ready and willing to take on its responsibilities on the global stage. As the prime minister said, "It is taking responsibility and making things happen that will make a difference".
India’s success both at home and abroad makes it the ideal nation to be a bridge between the Global North and the Global South, both in the G20 and outside, making it a force for peace in a divided world.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
