EXCLUSIVE: 'India’s G20 presidency will act as catalytic agent for new global order,' says PM Modi

Prime Minister Narendra Modi spoke about a host of issues regarding India’s G20 presidency. Among other things, he also said that the extent of participation in India’s G20 presidency has been unprecedented and the openness of the participants unparalleled, in an interview with Business Today.

In the interview with Business Today editors Rahul Kanwal, Sourav Majumdar and Siddharth Zarabi, PM Modi speaking about the G20 summit, said that the focus should be on human-centric development. “My experience is that discussions have been going on these lines during our G20 presidency. In so many meetings and discussions, we have seen a shift from old positions, giving way to new perspectives,” he elaborated.

The foundation for inclusivity has been laid by inviting the African Union, said PM Modi, further adding that developed countries and developing countries will come together for the first time to find solutions to global problems.

“The extent of participation in our G20 presidency has been unprecedented and the openness of participants has been unparalleled. I am confident that this will lead to success, enabled by the contributions of all countries.  India and India’s G20 will act as a catalytic agent for the new global order,” asserted the prime minister.

PM Modi stated that the world is looking at G20 to emerge as a driving force in the world and help shape the future of humanity. “The G20 group is being looked at as a ray of hope by the world and the ground for this is being laid during India’s presidency of G20. The work that has happened and the outcomes expected are all futuristic,” said PM Modi.

This G20 is taking huge leaps in the fields of AI and digital public infrastructure (DPI), as well as giving momentum to women-led initiatives, he said. PM Modi added that G20 will contribute towards One Earth, One Family, One Future through green initiatives, inclusive and holistic growth, and co-operation in the field of technology.

The prime minister also spoke at length about fighting climate change and the role of G20 in it. “Humans have to accept that we are at the root of this problem. Yes, there are some nuances—there are those who are more responsible for the current situation than others. But we need to accept the reality of human impact on the planet. The day we accept it fully, the issue will not appear as a challenge or a problem. We will automatically look at solutions, be it through technology, be it through lifestyle, etc,” he said.

PM Modi also said that if the focus remains on what not to do rather than what needs to be done, then it won’t lead to action. “Further, a divided world cannot fight a common challenge. That is why our approach during our G20 presidency and otherwise has been on unifying the world on this issue for what can be done.  The poor and the planet, both need to be helped. India is moving ahead on this with not only a positive attitude but also a mindset of driving solutions,” he elaborated.

India’s G20 presidency focuses on resource mobilisation for climate finance, tailoring support for transitions to individual country needs, explained PM Modi. “India’s experience has been that true transformation only comes from mass movements, from people’s participation. Our Mission LiFE seeks to make the fight against climate change a mass movement by focussing on lifestyle transformation. When every individual knows that they can make a direct difference to the welfare of the planet, results will be much more broad-based,” said the prime minister.

PM Modi also spoke about the importance of financial discipline for a country. He said that the G20 has addressed debt vulnerabilities in low- and middle-income countries since 2021 but under India’s presidency the debt restructuring through the Common Framework was given a boost.

Before only Chad had undergone debt restructuring under this framework but with India’s focus, Zambia, Ethiopia, and Ghana have made notable advancements.

“Outside the Common Framework, G20 forums facilitated debt restructuring coordination for Sri Lanka, with a committee co-chaired by India, Japan, and France. The Indian presidency also saw the inception of the Global Sovereign Debt Roundtable, co-chaired by the IMF, World Bank, and G20 presidency,” said PM Modi.

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