The Tuesday Interview | SDGs, digital transformation, multilateral reforms India’s G20 priorities: Amitabh Kant

As the series of G20 meetings have got off the ground across the country, India’s G20 Sherpa Amitabh Kant is busy setting the tone and agenda for the grand finale – the grouping’s annual summit in September. He spoke to DH’s Gyanendra Keshri on India’s priorities during its G20 presidency. Edited excerpts:

India has assumed G20 presidency at a time when the world is grappling with multiple crises. What are our key priorities?

The world is facing several crises. There is a crisis of geopolitics in Europe. There is a war going on for about a year. There is a challenge of food, fuel and fertiliser. The post-Covid era has seen 200 million people go below poverty line, 100 million people have lost jobs. There is a slowdown in growth. One-third of the world is in recession. There is a huge global debt crisis – 25 countries in the world are facing a debt crisis. In addition to that, there is the crisis of climate action and climate mitigation.

In the midst of all this, India assumes leadership. We view every challenge as an opportunity. The Prime Minister has said that India’s presidency will be inclusive, decisive and action-oriented. And therefore, we will try and make the best opportunity to build an international consensus around inclusive and sustainable growth, around accelerating the pace of SDG implementation, around digital transformation, around multilateral reforms, and around food, fuel and fertiliser and definitely around climate action and climate finance. The Prime Minister’s programme of LiFE (Lifestyle for Environment), and women-led development, all these are our key priorities.

The theme of India’s presidency is ‘One Earth, One Family, One Future’. However, G20 seems to be deeply divided. How do you see India’s role in G20 amid the escalating geopolitical tensions?

India will play a key role, because our belief is that we may have different geographical boundaries, we may have different ideologies, we may have different perspectives, but eventually we are part of one large family, and there can be unity in diversity. We all come from the same cosmos, and therefore we need to work together. Covid in one part of the world is a danger to other parts of the world. Poverty in one part of the world is a danger to other parts of the world. So, all of us need to work together for the common good.

Which region and sectors of the domestic economy are expected to benefit the most from India’s G20 presidency?

Every region, every state will benefit. We are holding 215 events in 56 cities of India. Our objective is that every city should transform itself, our objective is that every state must become easy and simple. Every state must brand itself. Every state must push forward its soft power in terms of culture, cuisine and handicrafts.

All areas relating to growth, climate action, sustainability and women development will benefit.

Start-up engagement group has been set up for the first time in G20. How will it impact start-ups in India and their engagements globally?

When we launched Start-up India movement in 2016, there were just 456 start-ups. Today, we have around 90,000. We have 110 unicorns. So, we will continue to give a major push to start-ups, we will give a huge push to innovation, we will give a huge push to ensuring that our digital public goods and the digital transformation that India has carried out is spread across the world.

India and Singapore recently linked real-time payment systems to enable cross-border fund transfer using mobile apps. Are there plans to have similar arrangements with other countries?

Yes. What we have done with Singapore (UPI-PayNow linkage), we will do with many other countries. You will see many other countries working with India. We are willing to support not only with UPI but also with CoWIN and DigiLocker. A large range of digital public infrastructure that India has built can all be (offered to) assist and support (other countries)
during the course of our presidency.

India has been pushing for a collective norm among G20 countries to regulate cryptocurrencies. What is the thinking behind it?

You can’t have crypto rules in one country. You need everyone to arrive at a consensus and therefore, we are pushing for a common regulation. What will be done during G20 is to request the IMF to evolve the norms for cryptos. There have to be rules that are common to everyone in the world. Cryptos cannot be managed by one country. Everybody needs to work together.

How do you see the current funding winter, valuation troubles, among others in India’s start-up sector?

This is a matter of time. We are still getting a lot of funds. We still get about $28 billion annually, which is a lot of money for start-ups. Start-ups will continue to grow, they will continue to expand, they will continue to attract capital as long as their work is good business. The important thing to realise is that there will be no easy money. Only the best of start-ups, the best of entrepreneurs, the start-ups which grow on to bring financial discipline will attract money. There will be no easy capital. There will be good capital for those who are growing and progressing.