 "S Jaishankar, EAM S Jaishankar")
Developed nations must remember that globalisation cuts both ways, and unaddressed stress in the Global South will have far-reaching consequences worldwide, External Affairs Minister S Jaishankar said on Sunday.
Speaking at the B20 summit, Jaishankar asked business leaders to consider the impact of slowdown in nutrition, health, employment and security because of breakdown in societies of the Global South.
He said this slowdown would spill over to the rest of the world.
“The current focus on the Global South emanates from the conviction that these countries truly deserve special care. But equally also, these are societies that are under exceptional stress, which if left unaddressed, would become a serious drag on the world economy. Remember, globalisation cuts both ways,” he said at the summit organised by the Confederation of Indian Industry (CII).
Global South is used to describe countries characterised by low income, dense population and poor infrastructure. These nations often face political or cultural marginalisation.
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Jaishankar said the international system remained dominated by the Global North, which has only one-fourth of the global population.
“Perhaps this mattered less when the globalisation process appeared to offer more opportunities. But as inequities and unevenness became more apparent, the need to focus on developing countries became more compelling,” he said.
Further, the Ukraine conflict has raised concerns on global food, energy and fertiliser security.
With an audience comprising prominent figures from across sectors and geographies, the session highlighted the significance of the Global South in the contemporary world order.
When India took over the presidency, it recognised that most nations in the Global South were not going to be on the agenda. So, it took the initiative of including the African Union in the G20, the minister said.
As a result, the government has also focused on sustainable development, climate action, food security and women-led development, Jaishankar said.
He said that due to historical reasons, Global South nations had remained centres of consumption. This drained their budgets, and robbed them of the opportunity to invest in economic development.
Trade disruptions, high interest rates and increasing climate events have resulted in additional stress, he added.
Strategic autonomy
India seeks a ‘reglobalisation’, which is more diversified and democratic, with multiple centres of production, rather than only consumption, he said.
Delhi is, therefore, focused on creating resilient and reliable supply chains. On the other hand, the digital domain is driven more by anxieties in trust and transparencies, he said.
Repeated shocks to the global economic order, as a result of Covid and the Ukraine war, have called for the need to maintain multiple reliable value chains by nations, Jaishankar said.
“Volatility of the last few years has brought home the importance of strategic autonomy. We may talk about seeking a more just, equitable, and participative global order. But that will happen only when we seek commensurate investment, trade and technology decisions,” he added.
India’s response to this situation is articulated in the goal of Aatmanirbhar Bharat, Jaishankar said.
