3 hrs ago
Global South Urged to Diversify Trade and Energy Sources
Shaktikanta Das said developing countries should not depend too heavily on a few trading partners or energy suppliers.
This is because wars and other global problems can make supplies more expensive or difficult to obtain.
India imports more than 80% of the crude oil it uses.
Das said renewable energy and biofuels could help countries become safer from energy disruptions.
He also said developing countries have valuable minerals, farm goods and young workers.
By working together, these countries could have a stronger voice in global negotiations.
Better roads, skills, rules for businesses and private investment could create jobs.
These steps could help economies handle higher prices, debt and other shocks.
Shaktikanta Das urged developing economies to diversify trade partners and energy sources to withstand geopolitical shocks.
He said Global South countries possess critical minerals, agricultural commodities and youthful human capital that could increase their collective influence.
Conflicts in Ukraine and West Asia have exposed the vulnerability of energy-importing countries and pressured fiscal balances and foreign-exchange reserves.
Das said renewables, biofuels, infrastructure investment and stronger domestic capabilities could improve energy security and economic resilience.
He called for greater cooperation among developing countries on trade, climate finance, technology transfers, supply chains and global financial reforms.
- Who
- Shaktikanta Das, principal secretary-2 to Prime Minister Narendra Modi, and developing economies in the Global South.
- What
- Das called on Global South countries to diversify their trade relationships and energy sources and strengthen cooperation.
- Where
- At an event organized by the Research and Information System for Developing Countries and the Delhi School of Economics.
- When
- Tuesday.
- Why
- To reduce vulnerability to geopolitical disruptions, energy-supply uncertainty, trade barriers, rising commodity prices, tighter monetary conditions and debt pressures.
Key facts
- Speaker
- Shaktikanta Das, principal secretary-2 to Prime Minister Narendra Modi
- Main recommendation
- Diversify trade relationships and energy sources
- India's crude-oil imports
- More than 80% of its crude oil requirements
- Energy alternatives highlighted
- Renewables and biofuels
- Global South resources
- Critical minerals, natural resources, agricultural commodities and youthful human capital
- Cooperation areas
- Trade, climate finance, technology transfers, supply chains and global financial institution reforms
- Event organizers
- Research and Information System for Developing Countries and Delhi School of Economics
Quotes
Shaktikanta Das
Principal secretary-2 to Prime Minister Narendra Modi
“The lesson is clear – diversification of energy mix can reduce vulnerability and strengthen domestic resilience. Renewables and biofuels can enhance energy security and economic stability.”
freepressjournal.in
“Global South economies possess a substantial share of the world's critical minerals, natural resources, agricultural commodities, and youthful human capital,”
freepressjournal.in
Sources
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