The world must stand strongly against the “might is right” culture at a time when pressure on natural resources and infrastructure is increasing, Prime Minister Narendra Modi said in an interview to an online news portal ahead of the G20 Leaders’ Summit in New Delhi.
“It must be recognised that shared prosperity through optimum utilisation of resources is the only way ahead,” Modi said, speaking to Moneycontrol.com.
On how India is reconciling competing and even divergent interests among G20 nations, Modi said every country agrees with another country on a few issues and disagrees on others. “Having accepted this reality, a way forward is worked out based on their own national interests. India is also doing the same. We have close relations with many different countries, some of which find themselves on different sides on certain issues. But one common factor is both such countries have strong ties with India,” he added.
Holding that unilateralism and isolationism can lead to supply chain disruptions and impact livelihoods, especially in critical sectors, Modi said that during its G20 Presidency, India is playing a significant role in strengthening the 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,” he added.
Modi also added that India has been supporting agendas that promote a stable, transparent and fair-trade regime that benefits everyone. “The essential role of the multilateral trading system with WTO at its core has been acknowledged while also being committed to working towards necessary reforms, including strengthening WTO rules, restoring the dispute settlement mechanism and concluding new mutually beneficial WTO agreements,” he said.
Strongly advocating reforms in multilateral institutions, Modi said without that they would turn into “irrelevant debating clubs”.
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“Further, when it is seen that such institutions cannot act against those who violate the global rules-based order or worse, get hijacked by such entities, they risk losing credibility. There is a need for credible multilateralism powered by institutions that embrace reform and treat various stakeholders with consistency, equality and dignity,” he added.
Modi made it official that at the G20 Summit, India is going to launch a bio-fuel alliance that will help countries meet their energy needs while also empowering a planet-friendly circular economy. This will be the 3rd global institution pioneered by India after the International Solar Alliance and Coalition for Disaster Resilient Infrastructure.
On tackling the climate crisis, Modi said the way forward is related to changes in scope, strategy and sensitivity. “There is a need to understand that the poor and the planet, both need our help. Different countries of the world, especially the Global South, are at the receiving end of the impact of the climate crisis, despite having done very little to create the problem in the first place. But they are ready to do whatever it takes to help the planet, provided the world is ready to do whatever it takes to also help them take care of their poor people. So, a sensitive and empathetic approach that focuses on resource mobilisation and technology transfer can do wonders,” he added.
Acknowledging that inflation is a key issue that the world faces, Modi said his government has taken a number of steps to control inflation. “Even in the face of adversities and global dynamics, India’s inflation was two percentage points lower than the global average inflation rate in 2022. Yet, we are not resting at that and are continuing to make pro-people decisions to boost ease of living. For example, recently on Raksha Bandhan, you saw how we reduced the prices of LPG for all consumers.
Modi said India’s growth is not only good for Indians but also for the world. “India’s growth helps further the interests of the Global South. India’s growth helps bring a sense of reliability and resilience to the global supply chain. India’s growth is for the global good,” he added.