India could help shape a whole new global consensus

Source: This post has been created based on the article “India could help shape a whole new global consensus” published in “Live Mint” on 12^th February 2024.

UPSC Syllabus Topic: GS Paper 2 International Relations – Important International institutions, agencies and fora- their structure, mandate.

News: The article discusses the events shaping global geopolitics and the role India can play in evolving a new global consensus.

Read about India at Davos 2024 here.

World leaders had expected an economic order shaped by hyper-globalization – a world where conflicts would become marginal thanks to increased economic interconnectedness, global identities, and where global institutions would effectively mediate inter-state challenges.

But today’s world is being shaped differently by the forces of geopolitics in various ways.

What are the events shaping global geopolitics today?

1. Ukraine war
2. Israel-Hamas conflict
3. Threats to sea-lanes that are critical for global trade.
4. China challenge
5. Strategic ties between the West and China are destabilized.
6. Pandemic and its aftermath: It has alerted nations to the need for self-reliance in critical sectors and minimal exposure to supply chains overseas.
7. Disenchantment with globalisation: Energy prices have gone up, with hopes of a global economic recovery again doubtful.
8. Rising Prominence of the Global South: It is the Global South that is likely to drive global growth in the coming years, with India being one of the top performers.

It is, therefore, imperative for the developing world to have this reality better reflected in the agenda of platforms such as the World Economic Forum.

How is India better placed to provide leadership?

1) India’s Rising Stature: India is in a geopolitical and geo-economic sweet spot. The developed world looking inwards, and China’s aggressiveness has led to a leadership vacuum that needs to be filled.

2) Significant Presence at Davos Summit: India’s significant presence at Davos this year underlined India’s willingness to project its growing economic heft, innovation and tech.

3) Trust-based Relations: India’s ability to craft trust-based partnerships with multiple players at the same time is a sign of its self-confidence and the trust of others to bet on India at a time of geopolitical turmoil.

From climate and energy transitions to the regulation of artificial intelligence, the role of the Global South and nations such as India should be critical. India should evolve a new consensus that could challenge the old Davos Consensus.

Question for practice:

What are the events shaping global geopolitics today? Why is India better placed to provide leadership in such times of geopolitical turmoil?