India ended its G20 presidency on a high note. Several big-ticket declarations were passed unanimously by all countries and it highlighted the negotiation power of India among its global peers.
US, India and Brazil have agreed to work together towards the development of Global Biofuel Alliance and yet another major outcome was the proposal for the India-Middle East-Europe, shipping and railway connectivity corridor by India, the US, Saudi Arabia and the European Union. This is expected to be a cost-effective way to transport goods and at the same time improve the economy of the regions through which it passes. It is touted as rival to the Belt and Road Initiative of China that runs with a similar ambition but has led several countries to bankruptcy which were unable to shoulder the mammoth plan. Yet another highlight of this G20 summit has been the inclusion of the African Union as a permanent member of the group. It highlights a shift in focus and growth momentum towards the global south.
India holds a unique opportunity amongst several countries to chart its growth agenda. The examples till now have been highly emission filled. Its story could be one which showcases the ability to attain growth in a sustainable way. With an increasingly aspirational population this could be a task easier said than done. Exposure to global trends is much more now and at this time, to direct the world’s most populous country, to a path of sustainability can be herculean. But India enjoys the benefits of its civilisational roots that highlight of being one with nature. While sufficing physical, emotional and psychological needs, the top authorities must find a way to break the chain of consumerism that often sprouts with burgeoning aspirations.
Still India is at the nip of the bud. Though a major portion of the population has been pulled out of poverty, the focus is now on meeting basic demands. India has committed its net zero by 2070 and in the interim pledged to make its economy 45 per cent less dependent of fossil fuels from 2017 levels. All these ambitious plans require financing and at the same time international collaboration as well as technology transfer.
Conscious capitalism is taking a strong root. It forces companies to think beyond mere profits and work in a more sustainable way. India can further this by mandating compulsory sustainable actions from companies. CSR, similarly developed, has had a significant impact on the society. If the largest market sets stringent rules, players will be forced to abide by that. And at the same time, if action is taken to create awareness among the population, India can set a trend of how growth and sustainability can be achieved hand-in-hand.
