Global South’s Rise: 80% of Global Growth & India’s Innovation

Global South contributes 80% to global growth: Amitabh Kant – BusinessToday

In his address at the BT India@100 Summit, Amitabh Kant, India’s G20 Sherpa, highlighted a significant global trend: 80% of the world’s current growth originates from the Global South, attributed to favorable demographics. This shift has emerged since the G20 summit’s inauguration in 2008. Kant also discussed the concept of digital public infrastructure, which India has effectively utilized to provide benefits directly to its citizens. He emphasized a transition from the dominance of major tech corporations to a more open-source, open API interoperable model, fostering innovation and bridging the gap between the private and public sectors.

Kant stressed that this shift is a move away from big tech towards models that allow for greater innovation and collaboration between private and public sectors. He referred to India’s success in implementing such models in areas like identity banking and fast payments. Additionally, Kant highlighted the importance of the private sector in revitalizing economic growth post-COVID-19 and the need for flexible credit systems and a more unburdened global trade environment for global economic rejuvenation.

Kant also highlighted the necessity of involving women in driving global growth, underscoring the Prime Minister’s call for women-led development, empowerment, and gender equality. He emphasized that focusing on the Global South’s perspective and shifting the voice from the developed to the developing world are key priorities for India.

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