### Summary
Moneycontrol's 'Bullish on India' campaign highlights India's thriving economy and promising future, amidst global challenges.
### Facts
- 💪 India's economy shines as a beacon of hope in challenging times, with robust growth and a resilient spirit.
- 🌟 Prime Minister Narendra Modi praises India's economy, emphasizing the importance of continuing on this upbeat path and ensuring the well-being of the country's 1.4 billion people.
- 📈 The 'Bullish on India' campaign showcases India's ability to sustain economic growth across diverse sectors and raises awareness of the country's potential during a global economic slowdown.
- 🌍 This campaign aims to document India's development, metamorphosis, and advancement, capturing its evolution and progress.
State Bank of India Chairman Dinesh Khara emphasizes the importance of sustainable development, renewable energy, and financial inclusion in achieving India's goal of becoming a $5 trillion economy by 2037, while also highlighting India's resilience in the face of global banking crises and its remarkable economic growth in recent years.
India's G20 presidency has shaped its global future and brought the country to the forefront of the international stage, with discussions at the NDTV G20 Conclave focusing on energy transition, clean growth, digital economy, and India's rising global influence.
India's G20 Sherpa Amitabh Kant outlines India's positive agenda for the country's presidency of the G20, with a focus on digital transformation, infrastructure building, and women-led development. India has made significant achievements in areas such as housing, sanitation, water supply, and digital payments, and aims to promote inclusive growth, accelerate sustainable development goals, take climate action, and prioritize technological transformation and women's empowerment during its presidency.
India's digital public infrastructure, including Aadhaar and the unified payments interface, has transformed the country's informal sector economies into one integrated mega economy, achieving financial inclusion in just 9 years instead of the traditional 47 years, according to Infosys Chairman Nandan Nilekani.
Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual G20 summit, advocating for a comprehensive global framework for regulating cryptocurrencies despite India's own lack of regulatory clarity and high taxation.
India's sovereign credit rating, currently at the lowest investment grade, should be upgraded due to its status as the fastest-growing economy and its potential to become the third largest economy in the world, according to Madan Sabnavis, Chief Economist at Bank of Baroda. He highlights the importance of a good credit rating and emphasizes that India is an attractive destination for foreign investors. Sabnavis believes India deserves an upgrade to at least an A rating.
India's recent achievements and economic growth have positioned it as a rising global power, but the country must address its challenges in poverty, job creation, education, and inequality in order to fully realize its potential.
Indian Prime Minister Narendra Modi emphasized that the theme of India's G20 Presidency, 'Vasudhaiva Kutumbakam,' is not just a slogan but a comprehensive philosophy derived from the country's cultural ethos. He also highlighted the importance of including the African Union in the G20 and expressed his belief that India will soon be among the top three economies in the world. The G20 Summit, to be held in September, will see increased security measures with 1,500 Delhi Police personnel deployed outside the venue.
The economist Tharman Shanmugaratnam highlights India's challenges in achieving sustained economic growth, addressing social and economic disparities, and integrating with China and ASEAN. He emphasizes the need for India to focus on education, increase exports, reform employment and land acquisition laws, and take advantage of its untapped potential.
Prime Minister Narendra Modi has emphasized the importance of financial discipline and warned against irresponsible financial policies and populist measures, stating that they may deliver short-term success but will have long-term social and economic consequences. He also expressed confidence in India's rise and outlined his vision for the country's development by 2047.
Indian Prime Minister Narendra Modi discussed India's achievements during its presidency of the G20, highlighting its human-centric model of development and its response to the pandemic, which has gained recognition and appreciation from the international community; he also emphasized the importance of including the Global South and Africa in global affairs and addressing their needs. Additionally, Modi noted India's efforts in promoting renewable energy and the democratization of technology, while acknowledging the challenges of cybercrime and the need for global cooperation. He expressed confidence in India's future economic growth and its potential to become one of the top three economies in the world by 2030 and a developed country by 2047.
A policy paper prepared under India's G20 Presidency recommends licensing crypto service providers and implementing anti-money laundering standards in the sector, while cautioning against an outright ban on cryptocurrencies due to their borderless nature. The paper also addresses concerns about stablecoins and their potential impact on financial stability.
India's G20 presidency may be seen as a failure in terms of achieving global consensus, but it has been successful in boosting India's image, promoting its leadership in the "global south," and enhancing the personality cult of Prime Minister Narendra Modi domestically.
President Biden aims to offer alternative funding options to fast-growing economies in Africa, Latin America, and Asia at the G20 meeting in India, in an attempt to counter China's Belt and Road project, which has left many countries in debt.
India achieved an 80% financial inclusion rate in just six years with the use of Digital Payment Infrastructure (DPI) such as Jan Dhan Bank accounts, Aadhaar, and Mobile phones, resulting in decreased customer onboarding costs and significant savings, according to a G20 policy document prepared by the World Bank.
The International Monetary Fund's deputy director, Gita Gopinath, congratulates Prime Minister Narendra Modi on successfully hosting the G20 Summit in India, with the leaders discussing various crucial developments and signing a Memorandum of Understanding for the India-Middle East-Europe Economic Corridor.
Indian Prime Minister Narendra Modi called for global reforms and urged world leaders at the G20 summit to make global structures, including the UN Security Council, reflective of current realities and emphasized the need for India's permanent membership at the UNSC.
World Bank president Ajay Banga has stated that the bank's vision is being redefined to focus on eradicating poverty on a livable planet and includes elements such as climate, fragility, and pandemics, while also emphasizing the collaboration with multilateral development banks and the inclusion of the private sector in renewable energy investments.
The 2023 New Delhi Summit of the G20 has been a success, with India demonstrating its ability to organize a global event; however, the summit's ability to produce substantial solutions to world problems, particularly the geopolitical crisis, is questionable. The summit managed to come up with a joint leaders' declaration, including language on Ukraine that accommodates all shades of opinion. The summit also focused on issues such as debt restructuring, climate change, renewable energy, artificial intelligence, and terrorism financing. However, the effectiveness of these actions will depend on whether countries actually implement them.
The New Delhi Leaders’ Declaration highlights the commitment of the G20 countries to achieve global net zero emissions and triple renewable energy capacity by 2030, while also recognizing the principles of common but differentiated responsibilities and different national circumstances.
The G20 leaders have made a commitment to accelerate reforms of multilateral development banks (MDBs) in order to address global challenges and maximize developmental impact, with a focus on the needs of low- and middle-income countries. India, as the outgoing G20 President, has emphasized the need for MDBs to be more sensitive to the changing developmental needs of the 21st century, particularly in relation to climate change. A panel of experts has been set up to craft these reforms, which include tripling sustainable lending levels by 2030 and creating new funding mechanisms. The G20 has also called for ambitious implementation of a roadmap on the capital adequacy framework of MDBs, which could unlock $200 billion worth of extra funding potential.
The World Bank is seeking funding from the private sector to expand its lending capacity and address global challenges such as pandemics, climate change, and food insecurity, according to its president Ajay Banga; U.S. President Joe Biden has called on G20 leaders to support the World Bank in order to increase its ability to assist low and middle-income countries.
India's hosting of the G20 summit highlights Prime Minister Modi's dominance in the capital, with significant security measures and changes to the city's infrastructure, although issues of inclusivity, infrastructure, and human rights persist.
The G20 summit in India is expected to deliver a group agreement on the need for stricter global regulation on crypto assets, but the underlying fractures and shifting allegiances may render the focus more noise than substance.
The Indian G20 Sherpa Amitabh Kant achieved a historic moment at the G20 Summit by securing 100% consensus on all issues, demonstrating India's ability to bridge between emerging markets and developed countries and bringing multilateralism back to center stage.
Indian banks are becoming increasingly attractive to global investors due to higher credit growth, improved margins, and stable asset quality, with a significant rise in the total market value of foreign institutional investors' holdings in Indian banks. The country's economic growth prospects, solid performance of lenders, and the growth and profitability enabled by digitalization are driving this investor interest.
India's inclusion in JPMorgan's emerging market bond index signals major changes in the global capital markets, boosting capital inflows by $20-25 billion and improving liquidity for Indian assets and the rupee, ultimately attracting more investment. India's rise in the global economy will have significant consequences, positioning it as a nonaligned player and surpassing China in certain measures, while ongoing disputes with Pakistan and China continue to shape its geopolitical landscape.
