India’s G20 presidency has tried to give a voice to the Global South as the “tragic consequences” of the failure of global governance was being faced mostly by developing countries, Prime Minister Narendra Modi has said.
“The experience of the last few years — financial crisis, climate change, pandemic, terrorism, and wars — clearly shows that global governance has failed in both its mandates. We must also admit that the tragic consequences of this failure are being faced most of all by the developing countries,” Modi said in opening remarks made through a video message at the G20 foreign ministers’ meet in New Delhi on Thursday.
Many developing countries are struggling with unsustainable debt, while trying to ensure food and energy security for their people, the PM pointed out.
Global warming caused by developed countries was also affecting developing nations the most, he added.
“This is why India’s G20 presidency has tried to give a voice to the Global South. No group can claim global leadership without listening to those most affected by its decisions,” he said.
Hinting at the ongoing war between Russia and Ukraine and its polarising effect on the world, Modi said these were times of deep global divisions, but G20 nations should not allow issues that cannot be resolved together to come in the way of those that can be resolved.
“The world looks upon the G20 to ease the challenges of growth, development, economic resilience, disaster resilience, financial stability, trans-national crime, corruption, terrorism, and food and energy security. In all these areas, the G20 has capacity to build consensus and deliver concrete results,” he said.
In recent times, the world witnessed the most disastrous pandemic of a century, thousands of lives lost in natural disasters, global supply chains break down during times of stress, and stable economies suddenly overwhelmed by debt and financial crisis, the PM observed.
There is a need for resilience in our societies, in our economies, in our healthcare systems, and in our infrastructure.
“The G20 has a critical role to play in finding the right balance between growth and efficiency on one hand, and resilience on the other. We can reach this balance more easily by working together,” he said.
The PM expressed hope that the G20 foreign ministers’ meet would be productive.
The G20 comprises the world’s powerful economies including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkey, the UK, the US and the EU.
Its members account for around 85 per cent of global GDP, 75 per cent of global trade, and 65 per cent of the world’s population.