Monday

01


February , 2021
India’s chance to become a global player
19:11 pm

Buroshiva Dasgupta


 

World’s equations, both political and economic, are changing fast. Covid 19 may have created a pause in the growth story, but it could not stop the change. In fact, it hastened the change. The exit of President Trump was an important milestone in the global political history, though the attack on the seat of democracy – the Capital Hill – was described as a ‘black day’, hinting that things could be worse.

The first step of the Biden government was a positive one – the US agrees to be a part of the Paris Agreement. The concern for the world’s climate is everybody’s business, which the former president did not agree. The pandemic, which killed millions in the US itself, will also now be taken seriously by the new government. The earlier incumbent dismissed it as a mere flu and refused to wear a mask himself. The eccentricities of the previous regime have shaken the people’s faith in the leadership of the US and the new government will have to work really hard to bring back the trust.

Meanwhile, China, who was accused of spreading the disease, is strengthening its position in the world economy. While almost all countries showed negative growth in their GDP calculations, China recovered fast and showed positive in their GDP figures. While the nay-sayers (including the former regime in the US) suspected that the entire episode of the pandemic was deliberately planned to destabilise the west, the fact remains that the Asian countries, including India, will play a lead role in the economic recovery of the future. Signs of recovery in the Indian economy are already visible, and the 2021 budget is expected to be a game-changer.

The World Solar Bank (WSB) is expected to be headquartered in India. India’s progress in use of solar energy is appreciated globally and the International Solar Alliance (ISA) is expected to meet soon to finalise the move. China has already taken the lead in creating the Asian Infrastructure Investment Bank and the New Development Bank. For India, WSB will be the first multilateral development bank (MDB) with plans to disburse around $50 billion to ISA member countries in the next 10 years. The present steering committee of WSB includes France, India, the UK, Netherlands, Cuba, Guyana, Fiji and Nauru. This global move not only changes the economic status of India but also makes its leaders commit to make the country a clean energy champion. The more India commits to reduce consumption of thermal energy – India still remains one of the greatest global polluters in this respect - the better it is for the global weather.

It is not without reason that the new US president Joe Biden has included at least 18 Indian born members in his administration. It is an unprecedented move – clearly recognising the Indian talent and foreseeing which way the world is moving. Clearly India will be promoted globally as a counter to China. It’s an opportunity which India can hardly miss. India has lots to do as homework. It cannot afford to lose time squabbling internally. The farmers issue need to be solved forthright. Religion is leading India to a dead-end. World will not wait for this loss of precious time.

India needs to think big. World recognises India as a global player and the people will not spare the government if it fails to take off. Joe Biden in his first speech said that ‘I am the president of even those who did not vote for me’. This catholicity is the need of the hour. The Modi government has to recognise this and reconstruct India. India cannot afford to miss the bus.

 

 

 

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