The world is at a crossroads. As regional conflicts continue to deepen geopolitical pessimism, there are compelling reasons for increased geo-economic optimism. Global growth is projected to hold steady at 3.2% in 2024 and 2025, inflationary pressures have started to subside and the global economy has avoided a recession despite a sharp tightening of monetary policy around the world, demonstrating unusual strength and resilience.
However, significant risks persist, such as climate change and its health impacts, unstable debt dynamics and the ratcheting up of protectionist measures. Even as fragmentation and polarization are on the rise globally, the most pressing challenges that the world faces—for instance, sustainable growth, an energy transition, creating meaningful employment opportunities and responsible governance of advanced technologies—require effective multilateral cooperation and collective action.
India's emphasis on a rule-based international order, advocacy of collaboration to solve shared issues and commitment to democratic values position it as a stabilizing force in an increasingly complex global order.
India's expanding influence: The country has established itself as a responsible world leader, working alongside an array of stakeholders to champion an inclusive, human-centric and sustainable developmental agenda. During the covid pandemic, it supplied vaccines and critical medicines to over 100 countries, and its remarkable advances in digital public infrastructure (DPI), highlighting its leadership in digital innovation, offer adaptable models for the world. Initiatives such as the International Solar Alliance and Global Biofuels Alliance showcase India's commitment to drive global progress on sustainable development, climate resilience and the energy transition.
This story is from the December 26, 2024 edition of Mint Bangalore.
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This story is from the December 26, 2024 edition of Mint Bangalore.
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