'India batting for Global South at G20,' says PM Modi: A Moneycontrol exclusive
PM Modi believes India has used the year of its G20 Presidency to good effect, championing developing countries at a forum made up mainly of developed nations. In this, India’s voice has been helped by the voices of Indonesia and Brazil. Adding weight to this clarion call, PM Modi says, is India’s own growth story, which has outstripped growth rates of major economies and emerged as a shining beacon in a world rocked by uncertainties and repeated hits from multiple geopolitical tensions.
Excerpts from an EXCLUSIVE INTERVIEW with PM Narendra Modi.
As India gets ready to host global leaders for the G20 Summit in New Delhi on Sep 9-11, Prime Minister Narendra Modi is confident the meeting will have positive outcomes for not just the global economy, but for the Global South.
As India’s G20 Presidency draws to a close and Brazil prepares to take the baton, PM Modi told Moneycontrol.com that while the world is being rocked by geopolitical tensions, India has used the year to good effect to champion the causes of nations both within and without the intergovernmental forum.
“India has also been advancing the interests of the developing world, including the interests of nations not represented in the G20, such as the countries of the African Union,” he said.
India’s advocacy, he says, has gained impetus from the fact that India has chosen to voice the concerns of the developing world to a forum comprising mainly of developed nations, and put forward the opportunities the developing world can offer.
“Perhaps for the first time in the history of G20, the troika is with the developing world—Indonesia, India, and Brazil. This troika can amplify the voice of the developing world, at a crucial time when there are increased tensions due to global geopolitics,” he said.
He also pointed to the various rounds of meetings held over the course of the year, to highlight India’s clarion call for responsible economic development through balanced policies, cooperation, collaboration and innovation that pushes holistic growth.
In these efforts, PM Narendra Modi says India’s own growth trajectory has been a big factor. “India’s growth is not only good for Indians but also for the world. India’s growth is clean and green growth. India’s growth is being achieved with a human-centric approach that can be replicated in other countries too. India’s growth helps further the interests of the Global South,” he says.
India’s GDP has grown at 7.8 percent over the first quarter of FY24 (April-June 2023), eclipsing growth rates achieved by economic giants like the USA, UK and China. While this was a smidge lower than many estimates, including the 8 percent forecast by the Reserve Bank of India, experts point out that a lot of this growth has been driven by a robust expansion of the services sector and strong capex.
Prime Minister Narendra Modi, however, who has been positing and promising a $5 trillion economy FY26, attributes this strong growth momentum to inclusive and supportive policies, but also to the political stability India has seen since his government came to power with an overwhelming majority 9 years ago in 2014.
“It is a privilege and honour for us that the people have placed unprecedented trust in us. They gave us a majority mandate not just once, but twice. The first mandate was about promises. The second, even bigger mandate, was about both performance and the future plan we had for the country. Due to this political stability, every other sector could see deep structural reforms. The economy, education, social empowerment, welfare delivery, infrastructure – I can keep on mentioning sectors that have seen reforms,” he told Moneycontrol.com.
There is, however, no disputing that rising inflation, driven by spiking food prices and agricultural disruptions due to erratic monsoons this year continues to pose challenges to India’s growth aspirations. The Prime Minister, however, strikes an assured tone and asserts that his government has already taken steps to counter rising prices which have started to bear fruit, and an assurance that more such steps are on the anvil.
“As far as India is concerned, we have taken a number of steps to control inflation. Even in the face of adversities and global dynamics, India’s inflation was two percentage points lower than the global average inflation rate in 2022. Yet, we are not resting at that and are continuing to make pro-people decisions to boost ease of living,” he declared.
As an example, he points to the recently instituted Rs 200/cylinder reduction in the price of cooking gas (LPG) for all consumers.
Political gurus point out that policy measures like this can kill two birds with one stone – reduce inflation at a time when rising prices are pinching the pocket of the common man, and give the BJP dispensation at the Centre brownie points as campaigning for the next general elections scheduled for 2024 is picking up steam.
PM Modi defends such decisions, calling them prudent, well-thought-out policies that steer clear of being freebies – a tool commonly wielded in Indian politics, especially when the voters have to be wooed.
“In our own country too, on multiple platforms, I have spoken about the need to be alert against financially irresponsible policies. The long-term implications of such policies destroy not only the economy but also society. The poor pay a heavy price,” he declared before adding, “The good thing is that people are becoming increasingly aware of the problem.”
First Published: Sept 5, 2023 5:12 PM IST
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