Global South contributes 80% to global growth: Amitabh Kant

The shifting tides of global growth have brought to light a significant trend that 80 per cent of the world's growth now originates from countries in the Global South, largely attributed to their favourable demographics. This transformative pattern has emerged since the inauguration of the G20 summit in 2008, said Amitabh Kant, India's G20 Sherpa, who shared insights during the second edition of the BT India@100 Summit held on August 26 in New Delhi.

Kant outlined the concept of digital public infrastructure, which has been expertly leveraged by India to channel benefits directly to its citizens. Beyond this, Kant highlighted another crucial shift - a move from the dominance of major tech corporations to a more open-source, open API interoperable model. This shift not only fosters innovation but also bridges the divide between the private and public sectors, he said.

"The trend that is taking place is that there is a movement away from the big tech digitally to models which are open-source open API interoperable models which allow for greater innovation and allow the private public play, which India has demonstrated to identity banking, fast payments, etc," said Kant.

As the world navigates the aftermath of the COVID-19 pandemic, the role of the private sector emerges as a linchpin in revitalizing economic growth. This sentiment was echoed at the B20 summit, where the Indian presidency vigorously championed the private sector's role. Furthermore, the need for flexible credit systems and a more unburdened global trade environment took center stage as imperatives for rejuvenating the global economy.

In the realm of digital payments, Kant underscored a pressing global gap where many countries lack efficient fast payment mechanisms. Here, India's successful model can serve as a beacon of possibility for countries seeking to streamline their financial systems and ensure direct citizen engagement.

He also emphasised on the need of bringing woman in the forefront of this global growth. "The Prime Minister has said very clearly that our presidency must drive women led development women empowerment, gender equality, because 50% of the of the world is women population , and without that you can drive growth. So, you need to have better learning outcomes, health outcomes, better nutritional standards for them, and that is what we are driving. But clearly the focus is on the global south. We've shifted the voice away from the developed world. To the developing world, we've demonstrated that we will be the voice of the Global South," said Kant.