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How India can become the bank for the Global South
Context
In 2007, China's GDP stood at approximately $3.6 trillion. Today, India's GDP is $3.7 trillion, marking a significant moment in Indian diplomacy under Prime Minister NarendraModi.
Indian Diplomacy's Crucial Moment
- Shift in Global Dynamics:India's GDP parallels China's 2007 figure, marking a pivotal moment in diplomacy. Recognition and support can reshape the global order under Prime Minister Modi's leadership.
- China's Precedent:China leveraged its economic promise post-2008, gaining significant global influence. India, with a similar GDP, faces a similar opportunity to exert influence on the world stage.
- Demonstrating India's Potential:India-sized economy can wield substantial influence with strategic vision and diplomatic finesse. Amid global shifts, India's trajectory, focusing on a green and digital future, offers unique potential.
Harnessing Additionality for Global Impact
- Attributes of Additionality :Additionality demands a defined system and roadmap, akin to China's proposition.India's platform economy, the growth engine of the 2020s, provides momentum for its additionality.
- Cooperation Architecture: A new cooperation architecture should accompany India's increasing global spending.Development finance, growing faster than the economy, positions India as the bank of the Global South.
- Outward-Focused Initiatives:Establishment of an outward-focused development finance corporation is imperative. A dedicated bank, mirroring China's model, should address global corporate needs, extending beyond trade finance.
2024: Mapping India's Global Role
- Vision for External Engagement:Gati Shakti's domestic ambition needs a parallel external engagement strategy. Collaborating with like-minded partners, India must outline priority infrastructure, connectivity, and developmental projects globally.
- Bold Imagery and Determined Strategy:India's global role requires a bold and determined strategy, aligning with Gati Shakti's vision.Identifying vital regions and sectors, India must articulate a comprehensive world map, symbolizing its global aspirations.
- Inking India's Global Vision:2024 is the opportune year to finalize a world map reflecting India's envisioned global role.Strategic alignment with partners and decisive action will solidify India's presence on the world stage.
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