A week before he hosts world leaders at the G20 summit, Prime Minister Narendra Modi has asserted that the ‘Sabka Saath Sabka Vikas’ model can be the guiding principle for the welfare of a world shifting from a “GDP-centric approach” to a “human-centric one”.
“Irrespective of the size of the GDP, every voice matters,” Mr. Modi told PTI .
U.S. President Joe Biden, Japanese Prime Minister Fumio Kishida, British Prime Minister Rishi Sunak, Saudi Arabia’s King Mohammed bin Salman and other leaders will gather at the newly-constructed Bharat Mandapam conference hall on September 9-10 for the pre-eminent annual meeting of developing and developed countries.
Read the transcript of PM Modi exclusive interview with PTI
“Many positive impacts are coming out of India’s G20 Presidency. Some of them are very close to my heart,” Mr. Modi said in the 80-minute interview, focused on G20 and related issues, with three senior staff of PTI including Editor-in-Chief Vijay Joshi.
G20 accounts for 85% of the global GDP, 75% of international trade and 65% of the world population. India took over the G-20’s presidency from Indonesia last November, and will hand over to Brazil in December.
Mr. Modi said that while it is true G20 is an influential grouping in terms of its combined economic might, “a GDP-centric view of the world is now changing to a human-centric one”, and just as a new world order was seen after World War 2, a new world order is taking shape post-Covid.
“The shift to a human-centric approach has begun globally and we are playing the role of a catalyst. India’s G20 Presidency has also sowed the seeds of confidence in the countries of the so-called Third World,” he said.
“The Sabka Saath Sabka Vikas model that has shown the way in India can also be a guiding principle for the welfare of the world.” While the interview was meant to be focused on G20, Mr. Modi also spoke about India’s economic progress, its growing stature on the world stage, cyber-security, debt trap, bio-fuel policy, U.N. reforms, climate change and his vision of what India will be like in 2047.
“For a long time, India was perceived as a nation of over one billion hungry stomachs. But now, India is being seen as a nation of over one billion aspirational minds, more than two billion skilled hands, and hundreds of millions of young people,” Mr. Modi said.
“The period till 2047 is a huge opportunity. Indians who are living in this era have a great chance to lay a foundation for growth that will be remembered for the next 1,000 years!” he added.
“By 2047, I am sure that our country will be among the developed countries. Our poor people will comprehensively win the battle against poverty. Health, education and social sector outcomes will be among the best in the world. Corruption, casteism and communalism will have no place in our national life,” he said.
G20 was born at the end of the last century when the major economies of the world got together with a vision of a collective and coordinated response to economic crises. Its salience grew even more during the global economic crisis in the first decade of the 21st century.
But when the Covid pandemic struck, the world understood that in addition to the economic challenges, there were also other important and immediate challenges impacting humanity, Mr. Modi said.
By this time, the Prime Minister said, the world was already taking note of “India’s human-centric model of development” in economic growth, technological progress, institutional delivery and social infrastructure.
“There was greater awareness of these massive strides being taken by India. It was acknowledged that the country which used to be seen just as a large market had become a part of the solutions to the global challenges,” he said.
“By the time India became the president of G20, our words and vision for the world were not being taken merely as ideas but as a roadmap for the future.” In a new dimension to the G20, its ministerial and other meetings were held not just in the capital New Delhi but in all parts of the country, including second and third-tier cities such as Indore and Varanasi. More than one lakh delegates met for some 200 sectoral meetings, many in tourist destinations such as Hampi, Kerala, Goa and Kashmir.
“They have been going to different regions, witnessing our demography, democracy and diversity. They are also seeing how a fourth D, development, has been empowering the people over the last decade. There is a growing understanding that many of the solutions that the world needs are already being successfully implemented in our country, with speed and scale,” Mr. Modi said.
While answering a question about the global debt crisis — which he noted is “a matter of great concern, especially (for) developing countries” — Mr. Modi took a dig at freebies given by some state governments in India, and stressed on the need for financial discipline.
“Populism may give political results in the short term but will extract a great social and economic price in the long term. Those who suffer the consequences the most are often the poorest and the most vulnerable,” he said.
The Prime Minister also made a strong pitch for United Nations reforms in line with the changing realities of the world and to ensure representation of voices that matter, saying a mid-20th century approach cannot serve the world in the 21st century.
Mr. Modi also said that India backs inclusion of the African Union as a full member of the G20 as no plan for the future of the planet can be successful without the representation and recognition of all voices.
PM Modi cautions against ‘irresponsible’ financial policies
Stressing the need for financial discipline, Prime Minister Narendra Modi has reiterated that “irresponsible” financial policies and populist measures may give political results in the short term but will extract a “great social and economic price” in the long term.
Mr. Modi made these remarks in an interview to PTI late last week while answering a question about the global debt crisis — which, he noted, is “a matter of great concern for the world, especially (for) developing countries”.
In remarks that came ahead of the G20 summit here, The Prime Minister said countries that are going through debt crisis or have gone through it, have begun to give greater importance to financial discipline.
Mr. Modi said he has urged State Governments to be conscious about financial discipline.
“Whether it is in the National Conference of Chief Secretaries or any such platform, I have said that irresponsible financial policies and populism may give political results in the short term but will extract a great social and economic price in the long term,” Mr. Modi said, as he cautioned against politics based on populist measures.
“Those who suffer the consequences the most are often the poorest and the most vulnerable.” Mr. Modi also spoke about how the political stability seen in India in the last nine years has led to several reforms in economy, education, banking and financial sectors, saying growth was its “natural by-product”, as he outlined his vision for the country for the next two decades.
With his government approaching the end of its second term, the Prime Minister said before 2014, the country saw many governments that were unstable and therefore, unable to get much done.
“But in the last few years, the people have given a decisive mandate, which has led to a stable government, predictable policies and clarity in the overall direction,” Mr. Modi said.
“By 2047, I am sure that our country will be among the developed countries. Our economy will be even more inclusive and innovative. Our poor people will comprehensively win the battle against poverty. Health, education and social sector outcomes will be among the best in the world. Corruption, casteism and communalism will have no place in our national life.” Mr. Modi also noted that the rapid and sustained progress made by India has evoked interest across the world.
Many countries have been watching our growth story very closely and are convinced that this progress is not an accident but is happening as a result of a clear, action-oriented roadmap of ‘Reform, Perform, Transform’, he said.
For a long time in world history, India was one of the top economies of the world but later, due to the impact of colonisation of various kinds, our global footprint was reduced, he added.
“But now, India is again on the rise. The speed with which we jumped five spots, from the 10th largest economy to the fifth largest in less than a decade has conveyed the fact that India means business!” he added.
Emphasising that the period till 2047 is a “huge opportunity”, he said Indians living in this era have a great chance to lay a foundation for growth that will be remembered for the next 1,000 years! Mr. Modi also asserted that the quality of life of Indians would be on par with the best countries of the world and “most importantly, we will achieve all of this while caring for both nature and culture”.
‘Debt crisis matter of great concern for world’
Debt crisis is a matter of great concern for the world, especially developing countries, Prime Minister Narendra Modi has said, as India looks at building consensus at the upcoming G20 summit to evolve a tangible framework to help the debt-ridden low income economies.
Mr, Modi said India’s G20 presidency has placed a significant emphasis on addressing the global challenges posed by debt vulnerabilities, especially for nations in the Global South.
“The debt crisis is indeed a matter of great concern for the world, especially developing countries. Citizens from different countries are keenly following the decisions being taken by governments in this regard. There are some appreciable results too,” Mr. Modi said.
“First, countries that are going through debt crisis or have gone through it, have begun to give greater importance to financial discipline,” Mr. Modi said.
“Second, others who have seen some countries facing tough times due to the debt crisis are conscious of avoiding the same missteps,” Mr. Modi said.
Under its G20 presidency, India has been consistently highlighting the need for a framework on debt restructuring to help countries facing mounting debt problems.
China, considered to be the world’s largest sovereign creditor, has been showing reluctance to certain proposals on debt restructuring although an increasing number of G20 member countries are pitching for helping the low-income nations deal with the crisis.
According to estimates, over 70 low-income countries are reeling under a collective debt burden of $326 billion.
“The G20 Finance Ministers and Central Bank Governors have acknowledged the good progress in debt treatment of common framework countries and beyond the common framework too,” Mr. Modi said.
“We have also been greatly sensitive to the needs of our valued neighbour, Sri Lanka, during their tough times,” he said.
“To accelerate global debt restructuring efforts, the Global Sovereign Debt Roundtable, a joint initiative of the IMF, World Bank and the G20 Presidency was launched earlier this year. This will strengthen communication among key stakeholders and facilitate effective debt treatment,” he added.
Mr. Modi hoped that rising awareness among the people of different countries on the problem will ensure that such situations don’t recur often.
“While a lot is being done to address these issues, as I said earlier, I am positive that rising awareness among the people of different countries will ensure that such situations don’t recur often,” he said.
In July, IMF Chief Kristalina Georgieva pitched for a speedier debt restructuring process for vulnerable countries.
India is hosting the G20 summit on September 9 and 10 in its capacity as the current chair of the grouping.
The G20 member countries represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
The grouping comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.K., the U.S. and the European Union (EU).
‘Need to alter approach on climate action from restrictive to constructive’
Prime Minister Narendra Modi has made a strong pitch for altering the approach on climate talks, from restrictive to constructive, and urged nations not to focus on “don’t do this or that”.
The Prime Minister said there was no “one-size-fits-all” solution to fight climate change.
PM Modi said India has left no stone unturned in meeting its climate goals despite accounting for less than five per cent of the cumulative emissions.
“So, we are certainly on track while also tailoring in various factors needed to ensure growth,” he said.
“We are perhaps the first among the G20 countries to have achieved our climate targets nine years ahead of the scheduled date,” Mr. Modi said.
He said India’s action against single-use plastic has been recognised across the world and has also made great strides in safe sanitation and cleanliness.
The Prime Minister said India has moved from being just a member of global efforts to playing a leading role in many initiatives.
“Our principle is simple — diversity is our best bet, whether in society or in terms of our energy mix. There are no one-size-fits-all solutions.
“Given the different pathways countries are on, our pathways for energy transition will be different,” he said to a question on progress on climate action targets in the post-Ukraine war era.
Mr. Modi said he was “extremely positive” about the future of the fight against climate change.
“We are working with other nations to alter the approach from a restrictive to a constructive approach. Rather than focusing purely on the approach of don’t do this or that, we want to bring in an attitude that makes people and nations aware of what they can do and help them with that, in terms of finance, technology and other resources,” Mr. Modi said.
In response to a separate question, the prime minister said there have been many climate meetings over the decades, but despite the best intentions the discussions would end up revolving around who is to blame.
“But we took a positive and affirmative approach with a ‘can do’ spirit. We set up the International Solar Alliance and took the initiative to bring countries together under the vision of ‘One World One Sun One Grid’,” he said.
The Prime Minister said India also started the Coalition for Disaster Resilience so that countries across the world, especially developing countries, learn from each other and build infrastructure that is resilient even during disasters.
“We have also worked with small island nations of the world to further their interests, including under the Forum of India and Pacific Island Countries,” he said.
The Prime Minister said India has been making great progress in climate-centric initiatives as it had ramped up solar energy capacity 20-fold in just a few years.
“India is among the top four nations in the world in terms of wind energy. In the electric vehicle revolution, India is playing an important role in both innovation and adoption,” he said.
Mr. Modi said initiatives like the International Solar Alliance (ISA) and Coalition for Disaster Resilient Infrastructure are bringing countries together for the planet.
He said the ISA has got a great response with over 100 countries joining it.
“Our Mission LiFE initiative focuses on Lifestyle for Environment. Today, in each society we have people who are health conscious. What they buy, what they eat, what they do – each decision is based on how it serves their health,” the Prime Minister said.
Mr. Modi said their choices are not only guided by how it will affect them today but also by the long-term impact.
“Similarly, people across the world can come together to become planet-conscious. Each lifestyle decision can be made based on what impact it will have on the planet in the long term,” the Prime Minister said.
Cyber threats and terrorism
Explaining about Cyber threats and terrorism, Mr. Modi said, “Cyber threats must be taken very seriously. cyber terrorism, online radicalisation, and money laundering are just tip of iceberg.”
Stating that Cyberspace has introduced an entirely new dimension to battle against illicit financial activities and terrorism, the Prime Minister said, “Terrorists using darknet, metaverse, cryptocurrency to fulfil nefarious aims can have implications for social fabric of nations. Fake news and deep fakes can cause chaos and loss of credibility of news sources, this can also fuel social unrest. Global cooperation in fighting cyber crimes is not just desirable but inevitable.”
