External Affairs Minister S Jaishankar emphasized the need for a re-globalization that is “more diversified and more democratic,” highlighting that the Global South cannot remain dependent on a few suppliers. Speaking at the B20 Summit organized by the CII, he pointed out that the Global South has often been reduced to a consumer rather than a producer, missing out on the full benefits of economic change. This situation has been exacerbated by unviable debts arising from opaque initiatives and accelerated by multiple shocks such as debt, Covid, and conflict.
Jaishankar emphasized the importance of a re-globalization approach that encompasses multiple centers of production rather than just consumption. He stressed that the core mandate of the G20 is to promote economic growth and development, which requires addressing crucial concerns of the Global South, including debt and finance, sustainable development, climate action, food security, and women-led development. The minister highlighted the need to reduce dependence on a few suppliers, particularly evident during the Covid pandemic, and stressed the pressing requirement for more resilient and reliable supply chains.
Jaishankar underscored the significance of strategic autonomy and the necessity to address anxieties about trust and transparency in the digital domain. He stated that a more just, equitable, and participative global order would necessitate investment, trade, and technology decisions directed towards the Global South.
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