Global Governance and The KAS Guidelines: The View From India
The KAS guidelines are a framework for discussions on issues of global economic governance that could be relevant for all G-20 countries.
This paper sets out to examine India’s approach to the guidelines against its internal and external policies and the general background of current changes and challenges in world economic governance. As a large emerging economy India has a series of national priorities that would not necessarily gel with those of the G-20. In common with some other developing economies, therefore, its attitude toward the guidelines may be somewhat ambivalent, especially in light of the imperatives facing the G-20 economies in the wake of the 2008–2009 economic crisis.
India has embarked on a path of reform and liberalisation but still has to address serious income imbalances and issues of social deprivation that may demand policy initiatives and structural changes incompatible with the guidelines. While in practice India would be a strong supporter of some of the guidelines, it would play only a secondary role in the articulation of others. India is conscious of its place on the global stage but nevertheless faces challenges in aligning its policies more closely with those put forward in the guidelines.