Volume : 10, Issue : 12, DEC 2024

INDIA IN THE GLOBAL SOUTH: A RISING ECONOMIC POWER

THE ROLE OF INDIA IN SHAPING ECONOMIC DYNAMICS OF THE GLOBAL SOUTH: OPPORTUNITIES AND CHALLENGES IN A MULTIPOLAR WORLD

DR. PANKAJ KUMAR BHALAWAT

Abstract

India has emerged as a pivotal player in reshaping the economic dynamics of the Global South, driven by its expanding economic footprint, strategic partnerships, and leadership in multilateral forums. This paper examines India's evolving role in fostering economic cooperation among developing nations, emphasizing trade, investment, technology transfer, and development aid. It highlights India's contributions to South-South cooperation through initiatives like the International Solar Alliance, its investments in Africa and Latin America, and its growing influence in regional and global institutions such as BRICS and G20.

The paper also explores the opportunities created by India's engagement, including access to new markets, enhanced energy security, and promoting sustainable development. Simultaneously, it addresses India's challenges in maintaining its leadership, such as managing geopolitical tensions, balancing domestic and international priorities, and navigating the complexities of a multipolar global order.

By analyzing the dual impact of these efforts on India's economy and its partner nations, this study provides insights into India's potential to drive inclusive growth and economic resilience within the Global South. It concludes by identifying key policy measures and strategies to strengthen India's role as a transformative force in a rapidly changing global landscape.

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