Shaktikanta Das urges Global South unity
In a speech delivered on 29 September at the inauguration of the India and Emerging Economic Order Forum, former Reserve Bank of India governor and current Principal Secretary‑2 to the Prime Minister, Shaktikanta Das, called for a concerted effort among developing economies to protect their interests against unilateral moves by major powers.
Key points from Das’s address
* **Collective bargaining power** – Das argued that while individual developing nations have limited influence in global economic negotiations, a united voice can shape outcomes in trade, technology, finance and supply‑chain policy. * **Rising protectionism** – He warned that tariff barriers are tightening, making it harder for Global South firms to access the world’s richest consumer markets and advanced technologies. * **Supply‑chain vulnerability** – The Middle‑East conflict was cited as a reminder that energy‑importing economies face fiscal pressure when prices spike. Diversifying the energy mix with renewables, biofuels and technology transfer can reduce this risk. * **Youth employment challenge** – With about 1.2 billion young people expected to reach working age over the next decade, Das stressed that job creation will hinge on investment in physical infrastructure, human capital, a transparent regulatory environment and mobilisation of private capital. * **India’s role** – Das highlighted India’s strong economic performance – an average real GDP growth of 7.9 % between FY22 and FY26 and 7.8 % in Q1 FY27 – and its experience in digital public infrastructure. India has already signed cooperation agreements with 24 countries to share its India Stack solutions for digital identity and payments.
Implications for trade and finance
Das suggested that deeper bond markets, improved financial infrastructure and regulatory reforms could help emerging economies reduce external vulnerabilities. He also emphasised the need for greater cooperation in technology transfer and supply‑chain integration to counter the fragmentation of global trade.
Challenges ahead
Despite the growing economic weight of the Global South, Das cautioned that many member countries still face poverty, debt vulnerabilities, infrastructure gaps, food and energy insecurity, climate risks and unequal access to technology. Addressing these issues will require coordinated policy action and sustained investment.
What to watch next
The forum’s launch marks the beginning of a structured dialogue among developing economies. Future developments may include formal agreements on trade facilitation, technology sharing and financial market integration. Monitoring how India’s digital infrastructure initiatives expand to other countries will also be key.
Why it matters
Das’s speech underscores a shift in the global economic landscape where developing economies are increasingly aware of the need to act collectively. Strengthening their bargaining power could influence trade rules, climate finance, technology access and the reform of global financial institutions, thereby shaping a more balanced international economic order.