G20 Sherpa Warns of Global Instability, Urges Action onDebt Crisis

Amitabh Kant, India's G20 Sherpa, warns of escalating global instability due to the Russia-Ukraine war and Middle East tensions. He emphasizes the need for urgent action to address the global debt crisis and promote inclusive, sustainable growth strategies.

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G20 Sherpa Warns of Global Instability, Urges Action onDebt Crisis

G20 Sherpa Warns of Global Instability, Urges Action onDebt Crisis

Amitabh Kant, India's G20 Sherpa, has sounded the alarm on escalating global instability stemming from the ongoing Russia-Ukraine war and rising tensions in the Middle East. Speaking at the "Celebrating and Calibrating G20: The Sherpa Speaks" event organized by the Society of Indian Law Firms (SILF) in New Delhi, Kant emphasized the urgent need for action to tackle the global debt crisis affecting nearly 95 countries and to pursue inclusive, sustainable growth strategies.

Why this matters: The global debt crisis and rising tensions in the Middle East and Eastern Europe have far-reaching implications for global economic stability and security, affecting not only the countries directly involved but also having a ripple effect on the entire world. If left unaddressed, these issues could lead to widespread economic downturn, increased conflict, and humanitarian crises.

Kant warned, "Under Prime Minister Modi's leadership, India takes the helm of the G20 presidency amid a backdrop of profound geopolitical shifts... The resurgence of great power conflicts exemplified by the Russia-Ukraine war and escalating tensions in the Middle East alongside China's assertive regional policies poses significant challenges for global stability and economics." He added, "Moreover, the resurgence of protectionism and industrial policies threatens international institutions like the World Trade Organization. In the face of a global debt crisis impacting nearly 95 countries, urgent action is needed to pursue inclusive and sustainable growth strategies."

The G20 event served as a platform to celebrate India's monumental achievement in hosting the G20 Summit last year and to recognize the exemplary leadership of Amitabh Kant. Attorney General R Venkataramani and Dr. Lalit Bhasin, President of SILF, also spoke at the event, which included the participation of Heads of State from many countries and official and non-official delegates from diverse backgrounds.

Kant, who was honored with the Award for Outstanding Achiever India 2023 for his significant contributions to the success of the G20 in New Delhi, stressed the importance of multilateralism and international cooperation in addressing global challenges. He highlighted India's role in shaping the global Silk Route and its emergence as a central player in global governance.

The event underscored India's growing influence on the world stage and its determination to shape the future of global governance. As the world grapples with complex geopolitical challenges and economic uncertainties, India's leadership in the G20 and its call for urgent action on pressing global issues serve as a beacon of hope for a more stable and prosperous future.