India’s Global Leadership in Growth and Sustainability

Source: The post India’s Global Leadership in Growth and Sustainability has been created, based on the article “India’s leadership has a valuable role to play in a multipolar world” published in “Live mint” on 26th December 2024

UPSC Syllabus Topic: GS Paper 2-Global Groupings and Agreements affecting India’s interests.

Context: The article highlights India’s growing global influence, emphasizing its leadership in sustainable development, economic growth, and diplomacy. It showcases India’s role in fostering multilateral cooperation, addressing global challenges, and positioning itself as a key driver of the global economy.

For detailed information on India’s platform for global leadership read this article here

What is the global economic outlook and key challenges?

1. Global growth is expected to remain steady at 3.2% in 2024 and 2025.
2. Inflationary pressures are reducing, and the global economy avoided a recession despite monetary tightening.
3. Key challenges include climate change, unstable debt dynamics, and increasing protectionism.
4. Fragmentation and polarization are rising, but global issues like sustainable growth, energy transitions, and governance of advanced technologies require cooperation.

How is India emerging as a global leader?

1. India promotes a rule-based international order and democratic values.
2. Supplied vaccines and medicines to over 100 countries during COVID-19, showing global responsibility.
3. Leads International Solar Alliance and Global Biofuels Alliance for sustainable development and climate resilience. These efforts promote sustainable development, climate resilience, and energy transitions.
4. Expanded strategic economic ties through FTAs and liberalized FDI restrictions.
5. Advocated for African Union’s inclusion in G20 and reforms for equitable representation in global institutions.
6. Balances global relationships, strengthening credibility as a mediator and leader in the Global South.

What is driving India’s economic growth?

India is the world’s fifth-largest economy and the fastest-growing major economy, contributing 17% to global growth in 2023.

It aims to become a $10 trillion economy by the 2030s and a developed nation by 2047.

Initiatives like Make in India and the Production-Linked Incentive Scheme boost domestic capabilities and resilience.

What is India’s vision for the future?

1. India plans to leverage its demographic dividend, strengthen critical infrastructure, and embrace digital transformation.
2. It aspires to be part of the G3 era alongside the US and China, driving the global agenda.
3. By advancing multilateralism, enhancing regional partnerships, and bridging developed and developing nations, India can lead a more equitable global system.
4. Key focus areas include inclusive growth, technology governance, and skilling its workforce.

Question for practice:

Examine how India is emerging as a global leader in addressing global challenges and driving sustainable economic growth.