What's New :
ITS 2025: Integrated Test Series & Mentorship Program for Prelims and Mains. Get Details
13th December 2023 (8 Topics)

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.
You must be logged in to get greater insights.

Verifying, please be patient.

Enquire Now