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Informist, Tuesday, Sept. 29, 2026

 

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--PM's Principal Secy Das: Economic gravity of world is shifting eastwards 
--CONTEXT: PM's Principal Secy Shaktikanta Das speaking at an event in Delhi 
--PM's Principal Secy Das: Global south increasing voice in global econ 
--PM's Principal Secy Das: Global south increasing voice in geopolitics 
--PM's Principal Secy: War led to high inflation, can stifle global growth
--PM's Principal Secy: Persistent trade dynamics pose risks to global growth 
--PM's Principal Secy: W Asia war will stifle global growth, purchasing power 
--PM's Principal Secy: Trade policy uncertainties pose risk to global growth 
--PM's Principal Secy: Weather-related shocks pose risk to global growth
--PM's Principal Secy:Rise of Global South defining feature of transformation
--PM's Principal Secy: Global South advocating international reforms
--PM's Principal Secy: Global South advocating multilateral frameworks
--PM's Principal Secy Das: Global South pushing for equitable governance
--PM's Principal Secy:Global South journey far from over, basic issues remain
--PM's Principal Secy Das: Must boost invest in growth areas of Global South
--PM's Principal Secy Das: Access to expensive tech risk for emerging mkts 
--PM's Principal Secy: India placed great emphasis on fisc prudence, CPI mgmt
--PM's Principal Secy: India placed great emphasis on infra development
--PM's Principal Secy: India policies to ensure long-term growth
--PM's Principal Secy: India econ demonstrating strength on strong demand
--PM's Principal Secy Das: Data points to broad-based econ momentum 
--PM's Principal Secy Das: Rural demand strengthened significantly
--PM's Principal Secy Das: India econ stable despite global uncertainties 
--PM's Principal Secy Das: India trade resilient despite external pressures
--PM's Principal Secy Das: India's FTAs to expand trade growth opportunities
--PM's Principal Secy Das: Must reduce oil, gas import dependence
--PM's Principal Secy Das: India needs to reduce heavy oil import dependence
--PM's Principal Secy Das: India emerged trusted partner for Global South
--PM's Principal Secy Das: India must deepen global supply chain
--PM's Principal Secy Das: Global South nations must diversify energy mix
--PM's Principal Secy Das: War showed Global South's risks from energy shock
--PM's Principal Secy:Global South econs must balance fisc, structural reforms
--MPC's Singh: Must address how India can navigate protectionist policies 
--CONTEXT: MPC external member Ram Singh speaking at an event in Delhi
--MPC's Singh: Need to mitigate India's global vulnerabilities

 

 

 

 

NEW DELHI - India's recent reforms in the space, nuclear energy and oil sectors can serve as important lessons for other Global South economies, Shaktikanta Das, principal secretary to the prime minister, said Tuesday. These reforms will help other Global South economies tackle the "disproportionate" impact of geopolitical risks and changing economic dynamics, he said.

 

"India has emerged as a trusted partner for the countries of the Global South, drawing legitimacy from its long-standing respect for sovereignty, strategic autonomy and peaceful coexistence," he said at an event in New Delhi.

 

Das said India, like other Global South economies, depends heavily on imported oil and gas. However, the government's Samudra Manthan scheme is expected to provide a strong impetus to hydrocarbon exploration and production, helping reduce this dependence. His comments come amid the ongoing war in West Asia, which has entered its seventh month and disrupted the global energy supply chain.

 

With a Phase-I outlay of INR 840.84 billion up to FY31, the Samudra Manthan scheme aims to unlock India's vast offshore hydrocarbon potential. It focuses on accelerating exploration, deploying modern technologies, developing shared infrastructure, and strengthening domestic manufacturing.

 

Das also highlighted that India's space sector is undergoing a historic transformation, with the Indian Space Policy 2023 opening the entire space value chain to private participation, innovation, investment and enterprise.

 

Amidst the ongoing global challenges, India's economic strategy has been guided by the principles of macroeconomic and financial stability, structural reforms, infrastructure creation, industrial development, and global integration, the former governor of the Reserve Bank of India said. "Great emphasis has been placed on fiscal prudence, inflation management, productivity-enhancing reforms, and large-scale investment in physical and digital infrastructure."

He said policy initiatives have been taken to enhance competitiveness, build industrial capacity in sunrise sectors, and integrate Indian firms into global value chains through various trade agreements. Together, these measures are intended to sustain India's long-term economic growth.

 

Citing the International Monetary Fund, Das said India will remain the fastest-growing major economy over the next five years as well. "High frequency indicators such as GST (goods and services tax) collections, electricity generation, rail freight movement, wholesale and retail vehicle sales and similar other trends point to broad-based economic momentum," he said. "Rural demand has also strengthened significantly, reflected among others in higher tractor and two-wheeler sales and several other similar high-frequency indicators."

 

Urban consumption also remains upbeat, he said. Double-digit growth in agriculture, industry and services is further supporting economic activity, he added. On the external front, India's economy remains stable despite global uncertainties and geopolitical tensions, Das said. "The implementation of the recent trade agreements is expected to enhance our export opportunities through greater market access," he said.

 

GLOBAL SOUTH

Das shared his thoughts on the challenges faced by the Global South and the action strategy that needs to be followed. According to him, since the onset of the COVID-19 pandemic, the global economy has faced a series of overlapping shocks of humongous proportions.

 

The ongoing war in West Asia has triggered a sharp rise in energy prices and renewed inflationary pressures, both of which will stifle global growth and the purchasing power of countries and consumers, he said. 

 

This slowdown in growth will perhaps be the lowest rate since the COVID-19 pandemic and will have a bigger impact on the economies dependent on energy imports and those directly affected by the hostilities, he said. Ongoing trade policy uncertainty, geopolitical risks, and weather-related shocks also pose material risks to global growth. These headwinds are significant for almost all countries worldwide.

 

In this context, Das said that the Global South and India's role in shaping the new geo-economic order is important. "If we zoom out and take a long-term view, the economies in the Global South, despite being disproportionately impacted by so many shocks, have steadily increased their contribution to global growth and their role in the world economy," he said. "In fact, the rise of the Global South is one of the most defining features of the transformation taking place in the international geo-economic landscape today."

 

Over the past two and a half decades, Global South countries have taken major steps toward economic growth, social progress, and technological advancement, Das said. The journey of the Global South is, however, far from over, as certain basic challenges do remain, he added. Poverty, debt vulnerabilities, infrastructure gaps, climate change, food and energy insecurity, and even access to technology remain pressing concerns of several parts of the world, he said.

 

A record 1.2 billion young people in the emerging market and developing economies are set to reach the working age over the next decade, he said. Therefore, boosting investment will be crucial to create sufficient job opportunities, particularly in rapidly growing urban areas where most employment is usually generated. These countries will also have to deal with the rising protectionist tendencies globally, he added.

 

Access to the richest consumer markets and technologies is also becoming more difficult for the low- and middle-income countries, Das said. "They (Global South) continue to face asymmetric challenges from the current developments in the global economy, trade and geopolitics," he said. "These challenges have to be addressed through strengthened international cooperation, sustainable development financing and more inclusive and representative global economic order."

 

The Global South must focus on five areas - beginning with food security, Das said. Ensuring adequate food availability is a persistent challenge for many economies in the Global South, he added. Coordinated global action, spearheaded by Global South leadership, is critical to mitigate this challenge, he said. 

The second segment is trade diversification and deepening participation in global supply chains, Das said. Over the last three decades, global supply chains have grown increasingly important in linking developing countries to international markets, he said. Initially, global supply chains operated in only a few economic sectors and were largely confined to the developed countries. Since the 1990s, however, declining cross-border transaction costs have allowed global supply chains to gradually integrate developing countries into production networks. 

"For countries in the Global South, this calls for pursuing policies that strengthen the competitiveness, reliability and efficiency of their firms, and this is more so because today they have to contend with trade barriers and tariff challenges," he said.

 

The third area of focus for the Global South should be energy transition, he said. The recent West Asia war has underscored the vulnerability of the Global South economies to energy shocks, with energy-importing countries bearing the brunt through higher fiscal pressures and strained foreign exchange reserves. The lesson is clear, he said. "Diversification of energy mix can reduce vulnerability and strengthen domestic resilience," he said. "Renewables and biofuels can enhance energy security and economic stability," he added.

 

The fourth area must be maintaining macroeconomic stability, he said. Authorities in the Global South increasingly face a tough fiscal and monetary balancing challenge amid conflict-induced cost surges and the need to protect local populations from energy and commodity price shocks. "This may result in elevated indebtedness, tighter monetary conditions and increased debt servicing costs, especially in the countries which are facing higher fiscal deficits," Das said.

 

The fifth area of focus is creating jobs and economic opportunities, Das said. Meeting this challenge requires a comprehensive policy strategy built on three mutually reinforcing pillars - investment in physical infrastructure and human capital to enhance productivity and skills, fostering a transparent, business-friendly regulatory and legal environment that encourages growth and entrepreneurship, and mobilising private investment to support innovation, industrialisation and job creation, he said. 

 

Against this backdrop, greater cooperation among Global South nations can enhance their bargaining power in areas such as trade, climate finance, technology transfer, supply chain integration and reform of the global financial institutions, Das said. "These countries can use their collective voice at various global platforms to protect their interest vis-a-vis unilateral action by large global powers. 

 

Speaking at the same event, Monetary Policy Committee External Member Ram Singh said that India must look to mitigate its global vulnerabilities and address how it can navigate global protectionist policies. End

 

Reported by Priyasmita Dutta and Pratiksha

Edited by Saji George Titus

 

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