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India hosted the third Global South Summit virtually on August 17. Such summits are a necessary platform to network with other developing countries and bring neglected issues to attention. But now they must do more than be tick-box events. They must have achievable milestones, actively share experiences and solutions, and show how they matter.
Courtesy: Carnegie India
Digital Public Infrastructure (DPI) and digital commons have the potential to accelerate achievement of the sustainable development goals. Both India and the European Union recognise this: India is a pioneer in DPI, while the concept of digital commons is gaining better attention within the EU. The partners must now work towards a joint understanding of the core principles that govern digital resources.
Courtesy: Körber-Stiftung
Divergent global reactions to major crises such as those sparked by the war in Ukraine and NATO’s Afghanistan withdrawal have widened the chasm between Western countries and emerging middle powers. This survey, conducted among nearly 1,000 experts from India, Brazil, South Africa and Germany, examines key foreign policy priorities in these countries, and reveals that despite differences, dialogue is possible.
Courtesy: NDTV
India’s leadership of the G20 has managed to maintain a balanced stance on the Russia-Ukraine conflict in the grouping while also highlighting the need for greater accommodation of emerging powers within the multilateral framework. This experience positions India on the path to becoming a more equitable global rule-maker, fostering collaborations between the Global South and the G20.
Courtesy: ETF Stream
The U.S. dollar’s position as the world’s dominant currency has come under pressure as countries and central banks explore alternative currencies and diversify their reserve compositions. While the U.S. continues to dominate global financial markets and the dollar is unlikely to be unseated anytime soon, the challenge to the dollar-dominated uniform currency system has begun.
Courtesy: Nikkei Asia
China-centric global supply chains are being disrupted by rising geopolitical tensions between the U.S. and China and multiple global shocks, forcing multinational companies to rethink are global sourcing strategies. India can leverage this moment to become a complementary manufacturing hub in Asia by reaping gains from technology transfers and creating value-adding jobs.
Courtesy: The Week
To qualify for the IMF’s latest bailout, Pakistan has had to share accurate information on its economy including its debt to China. This confirms the speculation of Pakistan’s gigantic indebtedness to China.
Courtesy: Gateway House
Supply chains are central to the new chapter of India-U.S. relations. Simultaneously, China-centric global supply chains, which underpinned East Asia’s prosperity, are changing as multinationals re-assess risks in the post-Covid era. Is the shift to India and the rest of South Asia occurring? This paper finds that South Asia supply chain pessimism could be changing, and India can spread gains through regionalising supply chains in its neighbourhood.
Courtesy: Amit Bhandari
The dominance of the U.S. dollar in global trade and its status as a fiat currency means it is unlikely to be replaced in the near future. However, the repeated and continued use of sanctions has created the need for a multi-currency trading regime. India must now prepare alternative payment systems and promote the use of the Indian rupee in global trade.
Courtesy: The Week
In 2022, increased sanctions were imposed on Russia by the U.S., E.U., and their allies. The track record of Western sanctions shows they are quick to be imposed, but slow to be removed. In the current environment, it is reasonable to assume that sanctions on Russia will stay in place for a very long time. India should plan its defence and commercial relations accordingly.