On Sunday, S Jaishankar, the minister of external affairs, presented a compelling case for a “more diversified and more democratic” re-globalization, arguing that the Global South cannot continue to be dependent on a small number of suppliers.
He claimed that the Global South was mostly reduced to being a consumer rather than a producer and could not fully benefit from economic transformation while speaking at the B20 Summit hosted by the CII in New Delhi.
“They (the Global South) not only did not profit fully from economic transformation, but also found themselves burdened with unsustainable debts resulting from murky projects. The combined shocks of debt, COVID, and violence hastened the crisis that had been slowly developing, according to Mr. Jaishankar.
