September 5 :
On Wednesday, US's G20 Sherpa and Deputy National Security Advisor (NSA) Daleep Singh stated that the resolution of the debt crisis in low-income nations is the United States' "top priority" for the forthcoming G20 summit, given that over half of the world's states are facing financial difficulties.
In November 2024, Rio de Janeiro, Brazil will host the next Group of Twenty summit. At an event called 'India-US Economic Partnership,' which was held by the Observer Research Foundation (ORF), Singh further stressed that the US should strengthen its economic tools to influence Beijing's actions and provide aid to nations that are burdened with debt.
I believe that ending the impasse on developing-world debt is the United States' top G20 objective. Nearly half of the world's poorest nations are in or near bankruptcy due to their mounting debt. According to Singh, over 30 nations are shelling out more money on debt service than they do on healthcare, education, and infrastructure all together.
Thus, until we end the developing world's debt impasse—many of the claims against these nations are held by wealthier nations, most notably China—we will not be able to go forward. At the occasion, the US's G20 and G7 Sherpa remarked, "We have to come together on a solution" because China has become the leading provider of development funding in the last several decades. He praised New Delhi's ability to reach an agreement at last year's G20 conference in September, despite the fact that the participating nations had fundamentally different views and priorities.
Voters might choose between diplomacy and multilateralism. We can anticipate a nearly binary outcome, as the G20 summit takes place two weeks following the US election. The G20 meeting in Delhi last year was, in my opinion, the pinnacle of recent events. It was an expertly executed example of how to unite nations that may not have identical ideals or goals in order to reach a common statement. The situation has become more challenging, according to Singh.
Singh said that sanctions were not the solution and that the United States should instead form alliances with countries that shared its goals in order to use its capital and technology. In his discussion of the sanctions' economic effects, the US Deputy National Security Advisor (NSA) brought attention to the possibility of unforeseen outcomes and the importance of determining who will pay for and profit from the measures.
Do not resort to sanctions if you wish to establish long-lasting partnerships with nations that share your objectives. Economic and technological means will do it, according to Singh. "I'm keenly aware that two thirds of the world, the world's population, lives in countries that have not joined our sanction machine, and so we need to reflect upon that and decide how we can do better," said he. During his speech, Amitabh Kant, the G20 Sherpa from India, lauded New Delhi's G20 strategy, focusing on the SDGs, green development, and technology change. However, he did not shy away from bringing attention to the climate problem and continuing conflicts.
To begin, I believe that the G20 is the sole multilateral organization in the world that is now doing its job. In many respects, I believe that India played a pivotal role in the post-COVID age by establishing an ambitious agenda and making significant progress toward the SDGs. Environmentally friendly growth and technical advancement were two of our main policy goals. However, when considering the world's current difficulties, I believe the most pressing issue is the confrontation between Russia and Ukraine. Not to mention the massive humanitarian catastrophe in the Middle East and the approximately 50,000 casualties in the Russia-Ukraine war. According to Kant, that is the global crisis.
Climate action is the second pressing issue. The hottest year was 2023, and the hottest year after that will be 2024. Thirdly, avoiding new technologies like artificial intelligence, quantum computing, etc., despite their enormous promise for improving productivity and the quality of life for people everywhere presents a significant regulatory hurdle. He went on to say that the outcome of the US elections will determine the trajectory of these three crucial concerns.
Kant has made comparisons to the export-driven economic growth of Japan, Singapore, and Taiwan while arguing that Indian manufacturers should master the technique of breaking into the American market. The relevance of India's role in global exports, the necessity of India's involvement in global value chains, and the possibility of India's exports driving rapid economic growth were all stressed by Kant.
If our goal is to reach a certain level of national development by 2047, we should strive to increase our GDP by 9 times and our per capita income by 8 times in the next twenty years. This would put us on track to become the third largest economy in the world, or at least the fifth largest, with a total economic output of USD 30 trillion. We should also aim to raise our per capita income to nearly $18,000. In my opinion, if India is serious about this, it must collaborate closely with the United States and become entangled in global value chains, Kant stated at the event in New Delhi.
In the decades following World War II, Japan, Korea, Singapore, and Taiwan all experienced rapid economic growth—9.6 percent annually—thanks to their exports and their ability to break into the American market. This trend has persisted throughout history. He went on to say that Indian firms have to master the technique of breaking into the American market.
