Inclusion should be on the global agenda for Growth;
Issues of Global South should be addressed: Ms Nirmala Sitharaman, Hon’ble Minister of Finance
Forums such as the present one organised by CII should be held annually as Post India’s G-20 Presidency, it would provide a platform for greater discussion by thought leaders on setting the agenda on where the world would move in the next 25 years and in which the issues pertaining to the global south would find resonance. This was stated by Smt. Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, Government of India, during the inaugural session of the Global Economic Policy Forum 2023 organized by the Department of Economic Affairs, Ministry of Finance, Government of India, and the Confederation of Indian Industry (CII) today.
Elaborating further on the subject, the finance minister said that there is no doubt that each country would have an agenda which is specific to its needs but after the disruption caused by Covid-19 and the three wars, it is necessary for all voices to be heard and issues for greater inclusion of the Global South should gain traction for them to emerge as the next growth engines. The inclusion of African Union in G-20 under India’s Presidency reflects India’s intent and commitment for inclusiveness towards Global South.
While underscoring the significance of base energy, the finance minister maintained that, presently, base energy cannot be fully substituted with renewable energy. Transitional energy is a big challenge while rapidity of making ourselves green is another, she added. Nevertheless, India is rapidly moving in the renewable energy space especially in solar energy through conducive policies and the International solar alliance is a big initiative on grid connectivity. She advocated a globally connected grid which would draw on solar power from anywhere in the world. Global biofuel alliance is another area where work is underway.
On use of technology for inclusion, the finance minister spoke about the major strides taken by India in digital technology adoption and stated that this stands out for its importance in eliminating corruption so that the common man becomes the ultimate beneficiary and secondly it provides the excluded, such as local artisans, with an access to the global markets.
The finance minister also alluded to the role of women for their contribution to the economy and society. The role of women as Drone didis is a case in point.
Explaining in detail how the concept of Atlas of Economic complexity would work for India given the complex global milieu, Prof Ricardo Hausmann, Rafik Hariri Professor of the Practice of International Political Economy, and Founder and Director, Harvard Growth Lab, Harvard Kennedy School, Harvard University (USA), explained that India presents a tremendous opportunity with huge potential for growth and ideas for diversification. On decarbonisation, he advocated the creation of green energy parks on a plug and play basis for attracting industry. On digitisation, he underscored the importance of remote working which is cost effective as well as inclusive as it helps women to save on commute time and attend to the home as well.
Mr R. Dinesh, President, CII, highlighted the main issues namely work on creating a growth map during B-20, India’s digital journey focussing on the global south, sustainability initiative and support to be provided to small and medium businesses and lastly SDG financing.
Mr Chandrajit Banerjee, Director General, CII, during the welcome address complimented the finance minister for astute macro-economic management which had resulted in stellar GDP growth in the second quarter.
7 December 2023
New Delhi