In his remarks at the Think20 India Inception Conference in New Delhi, the Vice Chairman of NITI Aayog, Suman Bery, reiterated the challenges faced by the world today and a demand for a new growth model. India has both an opportunity and an obligation to take the lead in explaining to the world the issues that we are facing and redefine the elements of a new growth paradigm. Owing to the flux in the current world order, many of the old principles that countries held dear have been thrown out of the window, resulting in a zero-sum game.
According to him, there are two major disruptors and obstacles that the world faces and the answers to it are crucial in ensuring that the G20’s fundamental commitments of a ‘robust, resilient, balanced, and inclusive’ growth are met. First, an assessment of the macroeconomics of the climate transition and whether it would be a positive or a negative shock. Second, the growing tendency among ‘big boys’ to weaponise economic interdependence for their own gains, resulting in asymmetric global economic and power relations. And so, ensuring that in responding to the geopolitical challenges, the countries donot adopt a bigger thy neighbour approach will be fundamental to forming a common and coordinated response.
Appreciating India’s outreach to a broad group of people and exhorting the Think20’s capability in stimulating debate on India’s major priorities during its G20 Presidency, he expressed hope that the discussions in the Think20 will not only prepare the ground for the meeting between the leaders at the end of the year but also have the potential to go above and beyond that mandate. As the world looks at India to take leadership in these stressful times, he underscored how India is looking to the Think20 to find and debate solutions to the current crises and clear the confusion around what a new growth model would look like.
Watch the full address here.
This event report was compiled by Shivam Shekhawat, Research Assistant, ORF.
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