India can gift a 'just' market under PM Modi's G-20 leadership

Considering India’s dominance in various sectors, it’s time India starts claiming its past glory back under the leadership of Prime Minister Narendra Modi as he takes over the Presidency of G-20 nations.

- JIGNESH SHAH

Year 2022 is an auspicious year for India as we completed 75 years of independence and simultaneously India is bestowed with presidency of G-20 nations.

G-20 was formed in 1999 to discuss key issues in the global economy and these countries accounted for 80% of the Gross World Product (GWP), 75% of international trade, 66% of global population and 60% of world land area.

The forum further strengthened post 2008 financial crisis and G-20 declared itself the primary venue for international economic co-operation.

The world is currently grappling with challenges of inflation, high interest rate regime, recession, unemployment, however, growth in Indian economy is offering hope to the rest of the world in a recessionary economic climate.

It would also be most appropriate if India could also provide a market oriented growth model (MOGM) to the rest of the world which is self-sustainable and global. India’s market modernisation started in 1990s and has evolved as a modern market with all asset classes, like, equities, commodities, foreign exchanges, debt market, electricity and gas. However, deepening of Indian market is still to take place in most asset classes and also in its market penetration as may be seen from data.