India Poised to Lead Global Growth with Bold New Ideas and a Commitment to Shared Prosperity
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The world is at a critical juncture, marked by escalating geopolitical tensions, climate shocks, and economic uncertainty. Amidst this turbulence, India stands out as a beacon of stability and momentum, having transitioned from the 'Fragile Five' to become the world's fastest-growing large economy. India's success is built on structural reforms, digital public infrastructure, and a sustained focus on inclusive growth. As the country looks to the future, five pivotal ideas are emerging as a roadmap for global growth and national development. Firstly, leveraging AI to drive public good is crucial. By deploying AI in healthcare, education, and agriculture, India can accelerate progress and improve lives. The country's approach of open protocols, open-source models, and multilingual datasets can serve as a model for the Global South, championing a governance framework centered on equity, inclusion, and access. Secondly, a green industrial strategy is essential for India's growth. The country has already emerged as a leader in green growth and aims to become a global clean-tech powerhouse. India's approach rests on three pillars: generating clean energy at scale, building domestic manufacturing of clean-tech supply chains, and driving the rise of future industries such as green hydrogen, green steel, and sustainable aviation fuels. Thirdly, urbanization will be a key driver of growth, with an estimated 400 million people moving to cities by 2050. India must undertake deep, structural municipal reforms to make cities cleaner, more efficient, and better governed. This includes tackling air pollution, solid waste management, and affordable housing shortages. Fourthly, giving the Global South a voice is critical. India's G20 presidency demonstrated how global governance can be revitalized and made more inclusive by mainstreaming green development, digital public infrastructure, and bringing the African Union into the G20. A reformed multilateral system must deliver four outcomes: global governance of AI and frontier technologies, a climate-finance architecture grounded in equity, representation and decision-making at multilateral institutions reflecting global realities, and a functional WTO that restores predictability to international trade. Lastly, a new development model is needed, one that balances growth and social justice. PM Modi's idea of a Global Development Compact offers a clear framework for how nations can pursue high growth with social justice. The compact's core principle is that growth and targeted welfare are complementary, not contradictory. Economic growth creates prosperity, targeted welfare ensures that every citizen benefits from that growth, and together, they build a resilient society. India's confidence in its ability to deliver transformation at scale positions the country to lead the world in this era of shared prosperity. The country's bold new ideas and commitment to inclusive growth offer a beacon of hope for a brighter future.
