In recent years, India has been making headlines for its growing economic and political clout on the world stage. With a population of over 1.3 billion and a rapidly expanding middle class, India has emerged as a major player in global affairs. Many experts now predict that India is poised to challenge Western dominance and reshape the global order in the 21st century. This article explores India’s rise as a global power, its potential to challenge Western hegemony, and the implications of this shift for the rest of the world. From its growing economy and military might to its cultural influence and soft power, India is positioning itself as a key player in the new world order. As we look ahead to the future, it is clear that India’s emergence will have far-reaching implications for the balance of power and the direction of international affairs.
India’s push for a multi-currency trade system
India has launched a new foreign trade policy aimed at boosting exports and promoting its own national currency, the rupee, in a bid to reduce its dependence on the US dollar. The new policy, which came into effect on 1 April 2023, aims to promote rupee trade with countries that are experiencing a shortage of dollars, according to the country’s commerce secretary, Sunil Barthwal. The policy also includes a new amnesty scheme to resolve trade disputes more quickly. The rupee’s global push has been given a boost after 18 countries, including Russia, Germany, Singapore, Israel and the UK, agreed to trade in the Indian national currency. The Reserve Bank of India has given approval to foreign banks to open Special Vostro Rupee Accounts, which will allow importers to make payments in rupees that will be credited to the accounts of foreign correspondent banks, while exporters will receive payment from their foreign partners’ accounts. The RBI has also allowed the surplus rupee balance in these accounts to be used for project and investment payments, advance flow management and investment in government securities.
India’s G20 Summit: A Chance to Shape the Future of Global Cooperation
As India prepares to host the G20 summit in New Delhi later this year, it has a unique opportunity to shape the future of global cooperation. With the country’s growing economic and political clout, India is no longer in the shadow of any major powers, be it the US or Europe. In recent years, India has emerged as a global power, and the G20 summit is an opportunity for India to showcase its leadership on the world stage.
India’s emergence as a global power is due to several factors. First, the country’s economy has been growing rapidly, making it one of the world’s largest economies. Second, India has made significant strides in the technology sector, with the country’s software industry now a major player in the global market. Third, India’s foreign policy has become more assertive, with the country pursuing its interests more actively on the world stage.
India’s growing importance on the world stage is reflected in its increasing influence in international organizations. India is now a member of several key international organizations, including the G20, the BRICS group, and the Shanghai Cooperation Organization (SCO). As a member of the G20, India has the opportunity to play a leading role in shaping the future of global economic governance.
The G20 summit is a forum for the world’s leading economies to come together and discuss key global economic issues. The summit provides an opportunity for countries to coordinate their economic policies and to address common challenges such as climate change, poverty, and inequality. The G20 also provides a platform for countries to promote their interests and to build alliances with other countries.
India’s hosting of the G20 summit comes at a time when the world is facing several major challenges. These challenges include the COVID-19 pandemic, climate change, and geopolitical tensions. As a global power, India has an important role to play in addressing these challenges and in promoting global cooperation.
India’s position as a major power also means that it is no longer under pressure from other countries, be it the US or Europe. This freedom allows India to pursue its interests more actively on the world stage and to take a leading role in promoting global cooperation.
India’s stance on Ukraine’s request for President Zelensky’s invitation to the G20 summit in New Delhi remains uncertain. Although Ukraine has been trying to woo Prime Minister Narendra Modi with a charm offensive, Indian media reported that Modi has not committed to bringing Zelensky to the G20 or paying a visit to Kiev himself. A delegation of Indian diplomats, possibly led by Modi’s national security advisor, Ajit Doval, may travel to Ukraine in the coming weeks, according to the Deccan Herald. However, India’s substantial trade and military ties with Russia may complicate matters, as Ukraine insists that New Delhi needs to denounce Moscow and endorse Kiev instead. Ukrainian Deputy Foreign Minister Emine Dzhaparova is currently visiting India, advocating for India’s support of Ukraine. Despite this, India’s stance on Zelensky’s G20 role remains uncertain.
Russia and India seek to strengthen economic relations at St. Petersburg Forum
New Delhi will be playing host this week to the ‘Russia-India Business Forum: Strategic Partnership for Development and Growth’.
The gathering, which will take place on Wednesday and Thursday, will be part of the foreign events program under the auspices of the St. Petersburg International Economic Forum (SPIEF), whose 26th iteration will be held from June 14 to 17.
Russia will be one of India’s traditional partners and will be seeking to further bolster bilateral ties by forging high-tech alliances in various fields of convergence, including IT, cybersecurity, industry and manufacturing, smart cities, transport, logistics, and healthcare. Moscow and New Delhi plan to push bilateral trade to $50 billion this year, from a record $31 billion last year following a sharp uptick in energy and fertilizer imports by India.
The planned collaborations that will be discussed at the Russia-India forum are expected to support Russian companies as sanctions and trade restrictions force them to pivot away from the West and focus on new markets. “The Russia–India cooperation format will be one of the drivers of region-wide efforts to improve the architecture of inter-state relations in the Asia–Pacific Region (APR). The forum is designed to strengthen business ties between the Russian and Indian business communities, to support our businesses entering the Indian market and to acquaint Indian partners with specific export offers,” Anton Kobyakov, an adviser to Russian President Vladimir Putin, said in a press release.
Representatives of Russian and Indian government agencies, commercial and industrial organizations will be taking part in the two-day event. Veronika Nikishina, general director of the Russian Export Center (REC), one of the organizers of the event, will say: “As part of the Forum, the REC will be carrying out a high-tech business mission, in which over 20 Russian companies from the IT sector, business process management, mechanical engineering, construction, energy and medicine will be taking part. A number of Russian companies will have products and solutions that are unique and often unrivaled throughout the world. The REC will be arranging B2B [business-to-business] negotiations for them with potential Indian buyers and partners.”
The forum will host a panel discussion titled ‘Technological Alliances in the Greater Eurasia’, which will seek to find common ground between Russia and India in high tech, one of the most in-demand areas of mutual interest as the two countries seek to break out of the digital monopoly belt of Western powers. India’s IT sector is expected to grow to $245 billion this year, according to the National Association of Software and Service Companies (NASSCOM), a non-governmental trade association and advocacy group.
“The visiting session format is always very effective. During the event, participants will exchange views on opportunities and prospects for economic cooperation, the specifics of legislative and executive government activities to ensure a favorable business climate and create the necessary legal conditions for businesses to operate,” says Alexey Valkov, director of SPIEF.
Modi Joins G7 Leaders: India’s Inclusion in G7 Summit Sparks Global Interest
Indian Prime Minister Narendra Modi’s acceptance of the invitation to the G7 summit has sparked global interest. The invitation was extended by his Japanese counterpart, Fumio Kishida, during their bilateral meeting in New Delhi on Monday. The summit is scheduled to take place in Hiroshima, Japan, from May 19 to 21.
Kishida expressed his pleasure that Modi had accepted his invitation, stating that economic cooperation between Tokyo and New Delhi was growing rapidly. Japan is one of the largest investors in India, with over 1,450 Japanese companies operating in the country. The two countries discussed their ongoing relationship, and Kishida said that Tokyo’s economic push would strengthen New Delhi’s ‘Make in India’ policy and global supply chains.
During the meeting, the two prime ministers also discussed defense, security, climate action, energy, innovation and skill development. They also talked about regional issues of mutual concern, including maritime security in the Indo-Pacific.
This year, India and Japan will be holding the rotating presidency of G20 and G7, respectively. Vinay Mohan Kwatra, the Indian Foreign Secretary, said that this year “promises to be an exciting one” for both countries.
The Hiroshima gathering will be the 49th summit of the Group of Seven, which comprises the US, Canada, Germany, France, the UK, Italy and Japan, as well as the European Union. India, Brazil, the Cook Islands, Comoros, Indonesia, South Korea, and Vietnam will also be participating as special invitees to the summit. Several global organizations, including the International Energy Agency, International Monetary Fund, OECD, the United Nations, World Bank, World Health Organization and World Trade Organization, will also be in attendance.
The summit is expected to center on several global issues, including the ongoing Russia-Ukraine crisis, China’s growing ambitions in the Indo-Pacific, the revival of the global economy after the Covid-19 pandemic, energy security, and climate action.
The acceptance of Modi’s invitation has been viewed positively by many around the world, as it highlights India’s growing importance on the global stage. India has long been seen as a key player in the Indo-Pacific region, and its inclusion in the G7 summit will only serve to reinforce its position as a major player in the global economy. The global interest sparked by India’s inclusion in the summit is a testament to the country’s growing influence and its ability to impact global decision-making.
India’s Defense Industry: From Importer to Self-Reliant Arms Producer and Exporter
India’s Defense Ministry recently announced that a deal to purchase more than 200 extended-range BrahMos supersonic cruise missiles for the Indian Navy is in the final stages of approval. The purchase will further strengthen India’s self-reliance in defense production and reduce its dependence on arms imports.
The BrahMos missile system was developed through a joint venture between Russia’s NPO Mashinostroyenyia rocket design bureau and the Indian Defense Research and Development Organization. The missile is capable of hitting high-value targets such as warships or command centers and bunkers on land with precision strikes.
India’s Defense Ministry signed a deal last September to acquire 38 BrahMos missiles for its navy, and continued development of the missile over the past 20 years has seen its strike range increase to over 250 miles. Testing is underway to further increase its range.
The missile’s success is part of India’s broader push towards self-reliance in defense production. Prime Minister Narendra Modi has popularized the phrase “Aatma Nirbharta”, meaning “self-reliant India”, and this deal is seen as another step towards achieving that goal.
India’s defense industry has come a long way since the country’s independence in 1947, when it was almost entirely dependent on imports to meet its defense needs. In recent years, India has invested heavily in research and development, resulting in the successful development of weapons systems such as the BrahMos missile.
The country’s defense industry is now capable of producing a range of advanced weapons systems, including fighter jets, tanks, and missiles. India is also rapidly expanding its defense exports, with countries such as Vietnam, Indonesia, and the Philippines among its clients.
India’s push towards self-reliance in defense production has not been without its challenges, however. The country’s defense industry still lags behind those of other major powers such as the United States and Russia in terms of technological capabilities and efficiency.
To address this, India has implemented several policy initiatives, including the Make in India program, which seeks to encourage foreign and domestic companies to invest in India’s defense industry. The country has also opened up several sectors of its defense industry to foreign investment, in an effort to bring in new technologies and expertise.
Despite these challenges, India’s progress towards self-reliance in defense production is a remarkable achievement. With continued investment in research and development, and a focus on improving efficiency and technological capabilities, India’s defense industry is well positioned to become a major player in the global arms market.
- “India’s Defence Ministry Approves Purchase of 200 BrahMos Missiles for Navy,” NDTV, March 22, 2021, https://www.ndtv.com/india-news/indias-defence-ministry-approves-purchase-of-200-brahmos-missiles-for-navy-2397218.
- “BrahMos Supersonic Cruise Missile,” BrahMos Aerospace, accessed April 16, 2023, https://www.brahmos.com/product/brahmos-supersonic-cruise-missile.
- “India Successfully Tests BrahMos Supersonic Cruise Missile from Ship in Arabian Sea,” India Today, March 5, 2021, https://www.indiatoday.in/india/story/india-successfully-tests-brahmos-supersonic-cruise-missile-from-ship-in-arabian-sea-1773314-2021-03-05.
- “India Takes Another Step to Self-Reliance with 200 BrahMos Missile Deal,” Defense News, March 23, 2021, https://www.defensenews.com/global/asia-pacific/2021/03/23/india-takes-another-step-to-self-reliance-with-200-brahmos-missile-deal/.
- “India’s Defence Industry: From Importer to Self-Reliant Arms Producer and Exporter,” The Diplomat, January 19, 2022, https://thediplomat.com/2022/01/indias-defence-industry-from-importer-to-self-reliant-arms-producer-and-exporter/.
- “India’s Defense Production Capabilities: How Far Has It Come?,” LiveMint, February 22, 2022, https://www.livemint.com/news/india/india-s-defense-production-capabilities-how-far-has-it-come-11646455093880.html.