Ahead of the second edition of the virtual Voice of Global South summit, India, South Africa and Cuba have called for more prominence to interests and aspirations of developing countries in multilateral groupings.
Speaking at a conference titled, “G20 Delhi Summit: Inclusive Growth and Rise of the Global South,” in New Delhi, India’s G20 Sherpa Amitabh Kant made a strong pitch for accelerating reform of global governance institutions to reflect the interests of developing countries and underlined that India has made the G20 more inclusive during its presidency.
“The Global South is important because this particular year, 80% of the growth is coming from the Global South.
According to the IMF and World Bank, 70% of the growth in the next two decades is going to come from emerging markets,” said Kant at the conference titled, “G20 Delhi Summit: Inclusive Growth and Rise of the Global South,” in New Delhi on 14 November
“So, if growth is going to come from emerging markets for the next two decades, then you need to realign the multilateral financial institutions and the multilateral development banks to ensure that this growth gets accelerated,” he said.
Kant argued that these institutions are outdated as they were designed in the post-World War II era and the post-Bretton Woods period, and were not designed to tackle contemporary challenges such as climate action and Sustainable Development Goals.
The panel discussion was organised by India Writes Network Centre, Centre for Global India Insights (CGII), a think tank focused on global affairs, and the School of International Relations, JNU. “India put the Global South agenda through the voice of the Global South conference in New Delhi.