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Global South Must Unite Against Unilateral Actions by Major Powers: Shaktikanta Das
- •Shaktikanta Das urges the Global South to leverage its collective economic weight to protect interests against unilateral actions by major global powers.
- •He calls for deeper cooperation among developing economies in trade, technology, finance, and supply chains to strengthen bargaining power.
- •Das highlights increasing fragmentation in global trade and rising protectionist policies, creating barriers for developing economies.
- •He emphasizes the critical role of participation in global supply chains and the need for diversification of energy mix to reduce vulnerability.
- •Das notes the Global South's growing economic might but acknowledges challenges like poverty, debt, and infrastructure gaps, suggesting India can play a larger role in shaping the global economic order.
Key Questions Answered
Shaktikanta Das stated that the Global South must increasingly use its collective economic weight and voice to protect its interests against unilateral actions by major global powers. He noted that while individual countries have limited influence, working together can create a powerful force for shaping global outcomes and strengthening bargaining power.
India's economy recorded an average annual real GDP growth of 7.9 percent between FY22 and FY26. Furthermore, growth stood at 7.8 percent in the first quarter of FY27.
Das cautioned that despite its rising economic might, the Global South still faces poverty, debt vulnerabilities, infrastructure gaps, food and energy insecurity, climate risks, and unequal access to technology. He also pointed out that about 1.2 billion young people in emerging and developing economies will reach working age over the next decade, making job creation and investment major policy challenges.
