The size of the global economy doubled in the decade preceding the 2008-09 financial crisis, increasing from $31 trillion in 1999 to $62 trillion in 2008. The growth encompassed dozens of developing countries and emerging economies.
The rise of India along with other major emerging economies coincided with their push into the world’s richest markets in the US and Europe, and the creation of new ties of goods, money, people and ideas across and within countries and regions.
Prior to the global crisis, India along with other emerging economies had made a concerted effort to build interconnectivity within the developing world, fostering new ties around the exchange of goods, capital, people and ideas.
After the global financial crisis, there emerged a need for global forums such as the G 20 to cobble together a coordinated policy response. The emerging economies contributed to global recovery after the crisis. India too became more active in advocating reforms in the global architecture, at the G20 as well as the UN and other platforms. Various economic developments have made India more visible and hence enabled international collaboration between India and other economies. Currently, the emerging market economies continue to account for the bulk of global growth. India seeks a financial system that is balanced and driven by ethics.
Looking for balance
In 2012, the G20 (excluding the European Union) comprised about 62 per cent of the world’s population; of this the G8 countries constituted only about 12.6 per cent. In the same year, India accounted for 17 per cent of the population, much more than that of the G8 countries put together. However, it lagged behind China, which accounted for 19 per cent. Read more
By R SEETHARAMAN