An African century, facilitated by India

The recent G20 summit presided over and hosted by India marks a critical turning point for economic prospects in Africa. As the emerging leader of the Global South, India marked its presidency of the G20 by adding the African Union as a permanent member. India's move goes beyond diplomatic symbolism.

- Krishnamurthy Subramanian

Given India's leadership in creating Digital Public Infrastructure (DPI) and fostering financial inclusion for inclusive development of its citizens, India can play a catalytic role in empowering inclusive development in Africa.

Thabo Mbeki, at his inauguration as president of South Africa in 1999, spoke of entering "the African century". Africa, with 60% of the world's uncultivated arable land, is well-positioned to feed a burgeoning global population, projected to reach 11 billion by the end of this century. Africa boasts an abundance of natural resources, including 8% of the world's oil reserves, 7% of its natural gas, 18% of its gold, 53% of its diamonds, and 75% of its platinum.

The continent leads in the production of industrial metals such as copper and iron ore, controlling approximately one-third of the world's remaining mineral resources. Africa's vast repositories of rare earth elements, essential for cell phones, LED screens, energy infrastructure, and defence technologies, make it a global powerhouse.

More than two-thirds of the world's cobalt, crucial for lithium-ion batteries, is found in Congo, while around 35% of the world's bauxite, a key component in aluminium production, is located in Guinea.

Africa's demographics complement this promising picture. Seventy per cent of subSaharan Africa is under the age of 30, representing a market dream for companies seeking new consumers and entrepreneurial talent.