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13 June 2024

‘India’s growth is good for the world’: PM Modi


Prime Minister Narendra Modi of India has said that during its G20 Presidency, India is playing a significant role in strengthening the global multilateral trading system and promoting rules-based global trade.

“We have been able to get global deliberations going on removing bottlenecks that impede the integration of MSMEs in international trade, developing frameworks that could make global value chains resilient towards future shocks and embracing the need to build consensus on WTO reforms,” Modi said in an interview with India's Moneycontrol.

India, as the G20 President, is promoting fair trade and supporting WTO reforms, he added, noting that it is also 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.

“Further, 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.”

PM Modi said that India is addressing the debt crisis in low- and middle-income countries by advocating for the interests of the Global South and strengthening multilateral coordination. Additionally, to accelerate debt restructuring efforts, the Global Sovereign Debt Roundtable (GSDR), a joint initiative of the IMF, World Bank, and the Presidency, was launched earlier this year.

“This will strengthen communication and foster a common understanding among key stakeholders, both within and outside the Common Framework, for facilitating effective debt treatments,” he explained.

The Indian Prime Minister pointed out that the countries of the world, whether developed or developing, must accept that climate change is not only a reality but a shared reality. “Its effects are not only local or regional but rather global,” he said and stressed that there is a need to focus on what positive actions are needed, such as energy transition, sustainable agriculture and lifestyle transformation among others, and give them a greater push.

India announced at the Paris meeting that it would ensure that 40% of its energy comes from sources other than fossil fuels by 2030. Modi said that it achieved this in 2021, not by reducing energy consumption, but by increasing renewable energy sources.
He continued, "Our installed capacity for solar energy has increased by 20 times, and therefore we are among the top 4 countries in the world in terms of wind energy."

He noted that the Indian government has provided incentives to the electric vehicle industry and is working to promote natural farming, which, he said, Indian farmers are also increasingly looking to adopt.

The Indian Prime Minister stated that his country’s slogan during its presidency of the G20 this year expresses its vision that the world is “one family,” pointing out that his country has strong relations with various countries of the world. “For us, the whole planet is like one family. In any family, each member’s future is deeply connected with that of every other member. So, when we work together, we progress together, leaving none behind,” he stated.

PM Modi said that he has firm faith that his country has a lot of untapped potential and has a lot more to offer to the world. “All our people need is a platform from which they can do wonders. The creation of such a strong platform is my mission.”

He stressed that India has a large and skilled workforce, which is a valuable resource for the future of the planet.

PM Modi concluded by saying that India will host over 220 G20 meetings in 60 cities, involving 100,000+ delegates and 1.5 million locals. "This requires capacity building in infrastructure, logistics, communication, hospitality, and culture."