In this episode of Interpreting India, Sachin Chaturvedi joins Deep Pal to analyze what India’s G7 invite signifies amid a contentious geopolitical environment. How do the G7 countries perceive India? How can India partner with the G7 in achieving climate neutrality and green transition? What are the key takeaways of India’s participation in the Summit, and what relevance does this hold for India’s G20 presidency in 2023?
The Group of Seven or G7, an informal forum of leading industrial nations, comprising of the United States, the United Kingdom, Germany, France, Italy, Japan, and Canada, hosted its 48th Summit on June 26-28 in Germany. The Summit, which aims to coordinate global policy, has come at a time when countries across the globe are still coping with the economic and political disruptions caused by the pandemic and the war in Ukraine. The G7 is thus expected to lead a global recovery from the pandemic through initiatives like Build Back Better World (B3W) and take further action against Russia for its invasion of Ukraine. India, which is caught between its desire to build stronger ties with G7 countries, and its old friend, Russia accepted Germany’s invitation and attended the summit.
In this episode of Interpreting India, Sachin Chaturvedi joins Deep Pal to analyze what India’s G7 invite signifies amid a contentious geopolitical environment. How do the G7 countries perceive India? How can India partner with the G7 in achieving climate neutrality and green transition? What are the key takeaways of India’s participation in the Summit, and what relevance does this hold for India’s G20 presidency in 2023?
Episode Contributors
Sachin Chaturvedi is Director General at the Research and Information System for Developing Countries (RIS), a New Delhi-based policy research institute. He is also Member, Board of Governors, Reserve Bank of India. He was a Global Justice Fellow at the MacMillan Center for International Affairs at Yale University. He works on issues related to development economics, involving development finance, Sustainable Development Goals and South-South Cooperation.
Deep Pal is a visiting scholar in the Asia program at Carnegie Endowment for International Peace. His research and publications focus on the Indo-Pacific, Indian foreign policy in its immediate and greater neighborhood, and regional security of South Asia, with particular emphasis on China.
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Deep Pal
Sachin, hello and welcome back to interpreting India.
Deep Pal
As the world looks hopefully to emerge from the shadow of the coronavirus pandemic, the first few months of 2022 have been defined by another variant of COVID-19, precarious geopolitical relations, and a rapidly evolving technological landscape.
Deep Pal
This season, we at Carnegie India, are examining many of the challenges and opportunities that India will confront in the coming decade.
Deep Pal
I'm your host Deep Pal and this week, we are diving deep into the recent G7 summit, and what it means for India. The group of seven or G7, an informal forum of leading industrial nations, comprising the United States, the United Kingdom, Germany, France, Italy, Japan, and Canada, hosted its 48th summit on June 26 to 28 in Germany.
Deep Pal
The summit, which aims to coordinate global policy, has come at a time when countries across the globe are still coping with the economic and political disruptions caused by the pandemic and the war in Ukraine.
Deep Pal
The G7 is thus expected to lead a global recovery from the pandemic through initiatives like Build Back Better World and take further action against Russia for its invasion of Ukraine. India, which is caught between its desire to build stronger ties with G7 countries and its old friend Russia, accepted Germany's invitation and attended the summit.
Deep Pal
In this episode of Interpreting India, we analyze what India's G7 invite signifies amid a contentious geopolitical environment.
Deep Pal
How do the G7 countries perceive India? How can India partner with the G7 in achieving climate neutrality and green transition? What are the key takeaways for India's participation in the summit, and what relevance does this hold for India's G20 Presidency later in the year? Joining us today for this discussion is Doctor Sachin Chaturvedi.
Deep Pal
Dr. Chaturvedi is Director General at the Research and Information System for Developing Countries, a New Delhi-based Policy Research Institute. He is also a member of the Board of Governors at the Reserve Bank of India.
Deep Pal
He was a Global Justice Fellow at the MacMillan Centre for International Affairs at Yale University.
Deep Pal
He works in issues related to development economics, involving development finance, sustainable development goals, and South-South cooperation.
Deep Pal
Dr Chaturvedi, welcome to Interpreting India.
Sachin Chaturvedi
Thank you, thanks a lot Deep.
Deep Pal
Doctor Chaturvedi as we record this podcast, Prime Minister Modi is in Bavaria. He's attending the G7 summit, where he has been invited along with South Africa, Senegal, and Indonesia. Now, let's start with your thoughts on India's participation.
Deep Pal
This is not the first time India has been invited. The Prime Minister himself has been there twice before this. Prime Minister Singh has been there multiple years. Even Prime Minister Vajpayee attended in 2003.
Deep Pal
However, this time, the invite in the summit, it comes in the middle of significant challenges to the global order, redrawing of partnerships and India has been clear about keeping its options open and working with all parties.
Deep Pal
In fact, the Prime Minister attended a virtual BRICS summit just last week.
Deep Pal
Now in view of these developments, how different do you see this visit from being the previous one?
Sachin Chaturvedi
I think Deep you have set the right context and this context comes in from the contestations that we are viewing. Immediately after the G7 Summit countries, those who are members, would move to the NATO (North Atlantic Treaty Organization) alliance meeting.
Sachin Chaturvedi
Which is over the weekend, just before the these summit declarations etc. are coming out. The NATO alliance and the G7, which has emerged more as a grouping of rich democracies of the world, has invited India. And as you rightly said, South Africa and the Philippines have also been invited. Indonesia, as the current chair of G20, is important and this is where Argentina’s role is also of great significance.
Sachin Chaturvedi
I think these participations and being labeled at which German Presidency of G7 has pitched in to bring in G7 and G20 connect, which we would be discussing a little later. But from that perspective, the idea to engage with India is of great significance.
Sachin Chaturvedi
It's important because the Madrid NATO summit would be immediately after the G7.
Sachin Chaturvedi
And this is when the set of issues which are being forced here as we saw today's declaration that has come out in terms of bringing in the Partnership for Global Infrastructure Initiative as giving in the new generations to the BRI and our response to BRI.
Sachin Chaturvedi
But also our US delegation’s very clear demand of addressing coercive economic practices or unfair policies as some of the issues that have come in.
Sachin Chaturvedi
The global economy at this point is also grappling with the challenge of inflation.
Sachin Chaturvedi
It's across the globe.
Sachin Chaturvedi
Almost all countries are facing the disruption of supply chains and the issues that are related to climate change.
Sachin Chaturvedi
The need to have the BRI-related initiatives to be contested, not only through our monetary provisions, but through others so from that perspective.
Sachin Chaturvedi
Overall, I see this idea of inviting India to a great extent are very timely.
Sachin Chaturvedi
It is also important for us to see how we collectively respond to the WHO call for providing vaccination to 70% of the world population and that has to be done.
Sachin Chaturvedi
We begin the next two years as the deadline of the WHO
Sachin Chaturvedi
The idea of our investments in renewable energy is another dimension that requires India as a solution provider. So Deep, it is important for us to realize that India is now a connect.
Sachin Chaturvedi
India is now a connect between the two worlds, the two poles, which are confronting. The earlier position of NonAligned Countries is not something that we can afford now.
Sachin Chaturvedi
Now we are playing this very constructive and creative role that Prime Minister Modi took upon himself in 2015. When the COP was not moving at all in Paris, and this is where India’s role as a constructive, creative mega economy is something which is absolutely important.
Sachin Chaturvedi
And that is why I see this call of G7 to have India on the table is extremely important.
Deep Pal
You have touched upon a number of important points, and we will unpack them gradually. But if I can start from the fact that you know in the last couple of months there was a lot of conversation, even speculation or newspaper reports about India's position with relation to the entire Russia Ukraine issue, whether India would participate in the G7 now.
Deep Pal
The fact that India has finally been invited and we have seen the Indian officials right up to the External Affairs Minister talking about India's position, explaining India’s stand a number of times over the last weeks.
Deep Pal
Now the fact that India is finally participating, what does that signal about India's relation with G7 countries?
Deep Pal
Would you look at this as a better understanding of India’s Interests, of India's principles, India’s stand than there was, let us say a few months ago?
Sachin Chaturvedi
Well, certainly because I t hink if you look at the narrative setting that has come, in the dimensions of our engagement that have come in. I think they all are extremely important in terms of identifying the dimensions of engagement through some points which have been highlighted by Prime Minister Modi and by the External Affairs Minister, Dr Jai Shankar.
Sachin Chaturvedi
The idea of our commitment for democracy. The idea of our strategy to have people-centric development, the whole of society approach, and even in the COP 27 that we are going to highlight the issues in Egypt, which are more related to sustainable consumption and production.
Sachin Chaturvedi
And as you deferred earlier, we are also part of the BRICS process where India during the India’s Presidency last year emphasized on sustainable consumption and production.
Sachin Chaturvedi
So these various dimensions, they bundle up in a situation where when you talk from the perspective of a developing economy, an emerging market economy, and economy that is looking for New Horizons of Development.
Sachin Chaturvedi
I think the rule comes in with the huge developing balance that we command on both inward investment and in terms of outbound investment from our country.
Sachin Chaturvedi
So that's where India’s rule assumes much greater significance, and this is something that both the EAM and the PM have articulated.
Sachin Chaturvedi
And this is something with German Chancellor Scholz himself explained during the prime ministers visit last month.
Sachin Chaturvedi
The idea of India-German partnership for Just transition and that idea of triangular cooperation.
Sachin Chaturvedi
The idea of a new development paradigm which both Germany and India now are looking at post-Washington consensus.
Sachin Chaturvedi
They all are setting in new initiatives which are yet to be captioned. They can be captioned under a green and sustainable partnership, something that India and Germany signed together during the last visit of the Prime Minister, which was not far away. It’s a couple of weeks back.
Sachin Chaturvedi
So these are dimensions Deep, that have highlighted the role that India is willing to play in the days to come and this is something which is extremely important for us to take forward.
Sachin Chaturvedi
There are a couple of issues which have also come up during G7 Presidency, on which specific reactions are yet to be highlighted.
Sachin Chaturvedi
But definitely the idea of Healthy Lives, which German government has highlighted with support for COVEX and taking, as I said, vaccination program further forward. G7 is extremely keen to have India’s partnership impact in that and that gives the rationale in terms of what partnership we bring in.
Sachin Chaturvedi
The idea of investment in better future is something again which is of significance both, for food security and for girls’ education, the two areas that have been highlighted and this is equally good for climate and health-related issues which have also been so.
Sachin Chaturvedi
These are the four broad areas which have come in for a better future investment portfolio that G7 has highlighted and has asked the partner countries to cooperate, and this is largely I see in terms of a caption that Chancellor Scholz mentioned in his speech and tackled that as “stronger together.”
Sachin Chaturvedi
And that is where the German Presidency of G7 is vigorously trying to bring in all various actors together, and that's where Deep I feel.
Sachin Chaturvedi
That this is overcoming the failure of the Anglo-Saxon Development Initiatives where we saw huge exclusions, the mainland Europe, both France, and Germany are now trying to see how the international institutional architectures are accommodating new actors from various features.
Sachin Chaturvedi
They may be from Africa, African Union contacts or Senegal. The G20, so Indonesia and the forthcoming Presidency, India.
Sachin Chaturvedi
But also, we are seeing South Africa and Argentina on the table, and this is what I think explains the idea of taking this all together, both for economic stability and transformation.
Sachin Chaturvedi
But also, for sustainable economic recovery and inclusive economic growth. That gives the bandwidth in terms.
Sachin Chaturvedi
Of all initiatives that are there. There might be some agreement, some disagreements. Like for instance, the idea of a Sustainable Planet is something we all agree with. But the idea of Climate Club which has come on the table, the specific declaration of G7 is yet to be out.
Sachin Chaturvedi
But if you see the dimension is very clear in terms of Nordhaus, the famous economist who actually proposed the idea in 2015. The Climate Club is basically trying to address issues where everybody has to pay.
Sachin Chaturvedi
The historic emission labels would be undermined and everyone who is accessing new technologies would have to pay.
Sachin Chaturvedi
So, this is something that India may have some reservations for, but I think, uh, it's worth discussing and taking it forward.
Sachin Chaturvedi
The idea is also to sort of recalibrate couple of positions.
Sachin Chaturvedi
Like for instance, our common but differentiated responsibilities CPDR that we have been talking about.
Sachin Chaturvedi
India has been now emphasizing on common but differentiated responsibilities and their respective capability.
Sachin Chaturvedi
The capability is sharp in focus so it is CBDR but CBDR, CBDR-RC, the respective capabilities. So then you get the opportunity to dovetail your own concerns and priorities in the larger context.
Sachin Chaturvedi
But India is not a dissenting voice anymore and breaking out of the group anymore.
Sachin Chaturvedi
We are very much part of it.
Sachin Chaturvedi
We are engaged, we are constructively contributing.
Sachin Chaturvedi
We are taking upon ourselves responsibilities, like for instance in case of net zero emissions, we took up the responsibility upon ourselves.
Sachin Chaturvedi
We have given timeline and we have agreed for reduction in emissions that are there.
Sachin Chaturvedi
So Deep.
Sachin Chaturvedi
Some of these dimensions are absolutely clear.
Sachin Chaturvedi
We are no more norm take up.
Speaker 2
Right?
Sachin Chaturvedi
We are also suggesting new ideas like prime minister’s idea that came out of life.
Sachin Chaturvedi
The lifestyle for involvement and that has given us a sort of opportunity to have what Prime Minister called as Panch Amrit, where the five commitments were highlighted.
Sachin Chaturvedi
So increase of non-fossil energy capacity to 500 gigawatts by 2030, but this is something where our commitment on renewable energy is very much on track with what Germany, France, UK, Canada they have committed themselves to like.
Sachin Chaturvedi
Japan is just 38% and they want to announce it.
Sachin Chaturvedi
We are also announcing to 500 gigawatts, so that is they by 2070 when we are having the.
Sachin Chaturvedi
Net 0 idea. We are also very much keen to have by 2030, at least 50% of our renewable energy as source of energy for us.
Sachin Chaturvedi
We are also committed in terms of reduction in overall and disputed carbon emissions and 2030, India's economy would have to reduce carbon intensity by more than 45%. So these are some of the dimensions of our engagement with the life movement and global initiative where we are trying to see.
Sachin Chaturvedi
How some of these dimensions of engagement are very much part of the larger or sort of effort which we are making from the perspective of addressing not only the new norms that are coming in collectively from all countries, but India is also contributing to the new engagements that are on the table.
Deep Pal
Right, right. So, Sachin, you talked about the Panchama Amrit, right?
Deep Pal
The same document talks about two of major concerns that India brought up, one being climate financing and the other being affordable climate technologies, right and earlier we were talking about the partnership for Global Investment Infrastructure that's been announced, which as I understand, we'll invest in funds and companies that work on agriculture, food systems, climate, rural economy, and so on, right?
Deep Pal
So, while the climate finance aspect seems to have been taken care of.
Deep Pal
One of the major concerns continues to be climate technologies that developing countries can access, and can, you know, deploy right?
Deep Pal
Do you see India making?
Deep Pal
Do you see this being a conversation?
Deep Pal
Do you see India making, you know, some kind of advancement in this?
Deep Pal
Because this has been a traditional bone of contention in this discussion.
Sachin Chaturvedi
No definitely now the issue of India committing to, uh, climate change mitigation strategies only if new technologies are given or if funding is made available.
Sachin Chaturvedi
A sort of disconnect has come in and Prime Minister has suggested this point back, but absolutely clear that we are going to go ahead with our own responsibility.
Sachin Chaturvedi
We would need finance. We would need technology, but that would not be the fulcrum on which we would take the call. We have taken the call. We have provided the leadership, the global leadership that is needed on climate change.
Sachin Chaturvedi
We are going to bring in more countries be that as part of BRICS or within G20, even in the climate change. So on all we are going to go forward. But India is not forgetting the Addis Ababa action agenda. See, there are three broad conversations which we began in 2015.
Sachin Chaturvedi
One was the agenda 2030 in the SDG goals. The second was the climate deal at Paris.
Sachin Chaturvedi
Paris sort of agreement that we arrived for climate change.
Sachin Chaturvedi
And the third.
Sachin Chaturvedi
Was Addis Ababa Action Agenda
Sachin Chaturvedi
Addis Ababa Action Agenda (AAAA)was largely to have.
Sachin Chaturvedi
Finance made available.
Sachin Chaturvedi
Was largely to have global conversations that are needed in terms of both our idea of a partnership for global tax reforms, global reforms in terms of finance rules, and also global governance on illicit financial flows and these dimensions.
Sachin Chaturvedi
We are addressing both through the BEPS in the G20 process but also through other platforms in the UN and elsewhere. And this I think requires the global appreciation that India's commitments are no longer subject to financial assistance from the North or their support for the issues related to technology.
Sachin Chaturvedi
We are no more asking for that.
Sachin Chaturvedi
But what we are saying is that under Agenda 2030 Sustainable Development Goals, India, Brazil, and France are pressed for negotiations based on creation of technology facilitation mechanism (TFM) and this TFM should be operationalized for making climate sensitive technologies made available.
Sachin Chaturvedi
There are several new initiatives coming in. The whole idea of Climate Club, which I mentioned, undermines our commitment on 2030, which this G7 meeting is likely to propose. The German background note on G7, and since I was in Berlin just three weeks back for the.
Sachin Chaturvedi
Uh, for the T7 the thinking seven meeting I gathered details about the concept of Climate Club, and I think it undermines the proposal of the technology facilitation mechanism.
Sachin Chaturvedi
So developed countries would also have to realize that developing countries or countries like India, which are emerging economies are ready to play the ball, but it should not be formative in terms of foreclosing options for countries which are in the technology race and and those foreclosing.
Sachin Chaturvedi
Options would also have.
Sachin Chaturvedi
Their imperatives on finance and this is again Deep.
Sachin Chaturvedi
I want to reemphasize in terms of the point that I.
Sachin Chaturvedi
Raised earlier after global inflation.
Sachin Chaturvedi
All countries are grappling with the challenges of the post-COVID situation we are in
Sachin Chaturvedi
Our economies are bouncing back.
Sachin Chaturvedi
They are, they are coping up the tightrope walk of the monetary policy and fiscal policy we are witnessing in this country.
Sachin Chaturvedi
But many other countries are also doing that because we have seen.
Sachin Chaturvedi
The global destruction with the supply chains.
Sachin Chaturvedi
There is an important opportunity for us to work collectively, so such proposals should have the rationality, the policy space for countries that are ready to play this global role.
Sachin Chaturvedi
That should be created.
Sachin Chaturvedi
It should be insured and it should be respected. And that's where I think the role for G7 for a meaningful conversation with the larger community of G20 would be there. And that, I think creates the space for countries to have innovative proposals.
Sachin Chaturvedi
Which are going to bring everyone along on the same page.
Sachin Chaturvedi
So I think the idea of Climate Club would require bit of re-tweaking in terms of how we bring all actors together.
Deep Pal
I'm glad you brought it to the question of you know the G20 G7 synergies because with Indonesia, which is the current G20 president being present there, and India also being there poised to take over from Indonesia later in the year. Now, obviously, there is a lot of conversation about synergies.
Deep Pal
Between the two set of economies, the G7 and the G20, right, but at the same time, you know when we look at the priorities for G20, they are, as you also mentioned, inflation. There are questions of unemployment.
Deep Pal
And there are issues of the infrastructure, right?
Deep Pal
Which, to an extent, European Commissions, global gateway and the just-announced partnership for Global investment and infrastructure do address.
Deep Pal
But the focal areas as we have seen news coming out from Germany for G7 countries is a bit, has a lot more been on Russia. For G20 countries the focus areas are very different.
Deep Pal
So how do you?
Deep Pal
How do you see these two sets of different kind of concerns, different kind of priorities aligning ahead of the G20 meetings later in the year?
Sachin Chaturvedi
I think they would play an extremely important role in terms of how we allow our G7 engagement.
Sachin Chaturvedi
For setting the ball rolling for our G20 visits. We are already part of Troika with Italy, Indonesia and India.
Sachin Chaturvedi
We are going to play an important role which we are already engaged with in terms of the G20 process of providing policy inputs. We take over later this year for G20 Presidency.
Sachin Chaturvedi
So obviously there would be continuation of issues because same set of countries will come our side on several of these issues and there will be discussions.
Sachin Chaturvedi
So I think the.
Sachin Chaturvedi
The dimensions that are emerging now would have to be reconsidered and the world would have to work together.
Sachin Chaturvedi
The setting up of Quad, the setting up of the Indo-Pacific.
Sachin Chaturvedi
The idea of India working closely with the United States in the Indo-Pacific economic framework.
Sachin Chaturvedi
IPEF and also the idea of me contributing in the Partnership for Global Infrastructure PGI, we would have to see how we all put our energies together and this, I think would be very much evident in terms of how these engagements are taken forward, so in the G20 Presidency of India several of these issues.
Sachin Chaturvedi
Would come in.
Sachin Chaturvedi
Some of them would be contentious, some of them would provide scope for everyone to come along, and some of the proposals probably would have to be left outside because there may not be agreement on that. Now, the issues where immediate agreement may come in are giving scope in terms of how we all collectively move towards sustainable consumption production more through the net-zero commitments that we have.
Sachin Chaturvedi
We also have.
Sachin Chaturvedi
The opportunity to address the health infrastructure issues.
Sachin Chaturvedi
The agriculture issues, the rural finance and rural development issues.
Sachin Chaturvedi
There are also issues which are related to.
Sachin Chaturvedi
As I said in the beginning, the gender and girls’ child education-related issues. Those dimensions are important.
Sachin Chaturvedi
India's own development story of digitalization, the payment gateway and the architecture. The success that we have achieved.
Sachin Chaturvedi
In India As yesterday also Prime Minister highlighted 40% of the global transactions.
Sachin Chaturvedi
are coming from.
Sachin Chaturvedi
India. These are some of the issues which.
Sachin Chaturvedi
Are going to give greater sort of leeway within G20 as it is about finance.
Sachin Chaturvedi
It is also bringing the BEPS-related issues and also the development finance regulations.
Sachin Chaturvedi
The idea of our development.
Sachin Chaturvedi
Also requires revisiting and this is being highlighted by several global movements on the ground, and this, I think would be important for India to come in.
Sachin Chaturvedi
Be that through coalition of Disaster Resilient Infrastructure.
Sachin Chaturvedi
Be that through.
Sachin Chaturvedi
the issues which are coming through renewable energy and also what we established with Sweden on Leadership Group for Industry, our transition, the LeadIT.
Sachin Chaturvedi
So all these different permutation combinations would also play an extremely important role.
Sachin Chaturvedi
In terms of how we define our Presidency of G20 and in what we.
Sachin Chaturvedi
Take this forward.
Deep Pal
From the news that is coming from the G7 meetings.
Deep Pal
Right, the Russian issue.
Deep Pal
Seems to be front and center in the discussion right now.
Deep Pal
The G7 countries are quite united in their approach to Russia, whereas as far as G20 countries are concerned, including India, there are there is a far more layered reasoning and strategies right. Do you see this coming in the way of consensus.
Deep Pal
Building and working together between the two platforms.
Sachin Chaturvedi
Definitely the idea of sanctions.
Sachin Chaturvedi
The idea of quantum of sanctions, the idea of bandwidth of sanctions.
Sachin Chaturvedi
These all would probably be.
Sachin Chaturvedi
Taking all the countries on the table.
Sachin Chaturvedi
In different directions.
Sachin Chaturvedi
Initiatives that India and Brazil and South Africa have launched in the past.
Sachin Chaturvedi
If I can call them the ISBA countries.
Sachin Chaturvedi
Their positioning, their articulation has been quite different.
Sachin Chaturvedi
They have abstained from voting in the UN, and they have abstained from commenting in public in terms of how the.
Sachin Chaturvedi
The Russian position is to be explained, etc.
Sachin Chaturvedi
Those dimensions are absolutely clear, but whenever required, India has not minced words in terms of advising the Russia.
Sachin Chaturvedi
Follow the global norms and and that's what Brazil has also done, South Africa has also done in their own way.
Sachin Chaturvedi
So from that point of view, I see the opportunity of some of these countries going in different directions, so that consensus may not arrive, but I do not think if G7 or the invited.
Sachin Chaturvedi
Countries on the table all are looking for a collective statement at the end of the day. Probably it would be only the G7 declaration that will bring in.
Sachin Chaturvedi
The G7 consensus and these countries on the table.
Sachin Chaturvedi
The outreach.
Sachin Chaturvedi
Countries may not have to be part of the declaration that G7 countries may have. Obviously the issues for the Europe are far more challenging.
Sachin Chaturvedi
The idea of NATO and NATO’s positioning probably would shift from Germany to Madrid, where the NATO countries will be meeting.
Deep Pal
Right?
Deep Pal
Right, OK, one last question. Then, Doctor Chaturvedi net net. What are the kind of outcomes that India can expect to come out of G7 then that it will find to its advantage?
Deep Pal
Now, on one hand we talked about energy a little bit.
Deep Pal
The EU has already set a deadline on when they will stop purchasing Russian energy.
Deep Pal
Does that again bring about greater pressure on India to do something similar on climate change ahead of the COP meetings in Egypt later this year?
Deep Pal
In the earlier meetings in Bonn, India has reiterated its stand that it has had at the climate change conference.
Deep Pal
Is there something positive that India might look forward to or if there is anything else that you see coming out of the G7 that India might find to its advantage?
Sachin Chaturvedi
I think Deep in these platforms global platforms.
Sachin Chaturvedi
It is no more very important to see the outcome.
Sachin Chaturvedi
Probably conversations themselves also are badly needed.
Sachin Chaturvedi
The situations, the positions, the articulations, all are varying and sometimes too.
Sachin Chaturvedi
Are bringing divergences, plurality of perspectives and explaining the ground realities and it is important that the world's our top leadership should sit together to talk to each other, bring out the differences in opinions and approaches.
Sachin Chaturvedi
And Prime Minister Modi has been doing this fantastically well in terms of explaining the positions.
Sachin Chaturvedi
That we are having.
Sachin Chaturvedi
And same role at the same time.
Sachin Chaturvedi
The External Affairs Minister is doing in Africa at the CHOGM, so you are realizing that the importance of explaining our opposition is as important.
Sachin Chaturvedi
As have a position.
Sachin Chaturvedi
And fortunately now we have a government which is taking positions.
Sachin Chaturvedi
Which is explaining.
Sachin Chaturvedi
The position and convincing the global leadership.
Sachin Chaturvedi
So from that perspective, I see this as a great opportunity for us to.
Sachin Chaturvedi
Explain. That’s number one.
Sachin Chaturvedi
Number two in terms of net gains and outcomes of this, I see no pressure in terms of we feel.
Sachin Chaturvedi
Stressed in terms of energy purchase from Russia.
Sachin Chaturvedi
We have never been a major demandeur.
Sachin Chaturvedi
Nor we need any counter guarantees for that, but the global options have been restrained and have been squeezed.
Sachin Chaturvedi
We are prepared and we have in fact, so far taken far lesser than the European countries.
Sachin Chaturvedi
There is no intent to increase it as we hear from the leadership, but I think the, uh, changing position from Europe to US.
Sachin Chaturvedi
On this front is is equally important.
Sachin Chaturvedi
What is getting also shattered in this energy equilibrium is the idea of petrodollars and that would bring in new pressure on the way global financial architecture and payment gateways are construed to be understood.
Sachin Chaturvedi
Down so the new.
Sachin Chaturvedi
Currency and the new or dollar equilibrium that the world would see.
Sachin Chaturvedi
So that is another important dimension of this.
Sachin Chaturvedi
Your second component of your question is about climate change.
Sachin Chaturvedi
Discussions that have happened in Bonn and we would be articulating.
Sachin Chaturvedi
Yes, we would be articulating.
Sachin Chaturvedi
I think, the same position PM yesterday mentioned in his discussions with Diaspora in a very passing way.
Sachin Chaturvedi
But I'm sure today in the session it would get highlighted in terms of how we take our positions far more clear on climate change, so that I think would be extremely important.
Deep Pal
Dr Sachin Chaturvedi Thank you so much for joining us on Integrating India.
Sachin Chaturvedi
Thank you.
Deep Pal
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Deep Pal
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Deep Pal
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Deep Pal
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