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5 key takeaways for India from the G7 summit

Indian Prime Minister Narendra Modi participated in the G7 summit at the invitation of German Chancellor Olaf Scholz as a partner country representative. Apart from several bilateral meetings with the top leadership of the world, PM Modi also made some pitches to the G-7 countries. Here are the key takeaways.

Mirror Now Digital

Updated Jun 28, 2022, 18:04 IST

Indian Prime Minister Narendra Modi at the G-7 Summit with world leaders. (Courtesy: PM's Twitter account).

Photo : Twitter

KEY HIGHLIGHTS

PM Modi called G7 countries to invest in India's emerging green energy market.
Launch of Partnership for Global Infrastructure and Investment to counter China's Belt and Road Initiative.
PM Modi also pushed for energy equity at a special session of G7 summit.

New Delhi: Prime Minister Narendra Modi departed for UAE, after a busy day in Munich with several world leaders during the G7 summit. Argentina, Indonesia, Senegal and South Africa were also invited to the summit. Here are the key takeaways from the visit, for India.

Clarified position on Russia-Ukraine crisis:

India once again clarified its position on the Ukraine crisis amid the pressure from the Western countries at the G7 summit. While G7 stands united against Russia over the invasion of Ukraine, India reiterated that there must be an immediate ceasing of all the hostilities and to take the route of dialogue and diplomacy.

PM also put forward the knockdown effect of the conflict on the food security crisis, especially on vulnerable countries due to the conflict, said India’s Foreign Secretary Vinay Kwatra after the meeting.

Pitch for India’s clean energy market investment:

Prime Minister Narendra Modi also pitched a lucrative offer for the G7 countries to invest in India’s emerging green and clean energy market.

“Today, a huge market for clean energy technologies is emerging in India. The G7 countries can invest in research, innovation and manufacturing in this field. The scale that India can provide for every new technology can make it affordable for the whole world,” PM said.

He insisted on the value of ambition shown by a large country like India and the circular economy being imbibed in the Indian culture.

Partnership for Global Infrastructure and Investment:

U.S. President Joe Biden made a formal announcement to mobilise $200 million for global infrastructure projects over the next five years. Led by the U.S., the total investment by the G7 countries is expected to hit $600 million over the next five years. It is largely seen as a counter to China’s Belt and Road Initiative.

China’s belt and road initiative has left many poor or low-income countries across the world in a debt trap and resulting in Chinese dominance over those countries, including in policies and even land, the latest example being Sri Lanka. This has made many countries around the world nervous and hence the initiative.

India has been one of the worst affected by China’s debt-trap diplomacy and this Global Infrastructure and Investment Partnership could in turn ease India’s neighbourhood tensions.

Push for energy equity

While making his special remarks at the special session of the G7 summit, Prime Minister Modi also pushed for energy equity. "All of you will also agree with this that energy access should not be the privilege of the rich only. A poor family also has the same rights on energy. And today, when energy costs are sky-high due to geopolitical tensions, it is more important to remember this thing," he said.

The statement was largely seen hinted at India’s response to align with the G7 agenda of cut-off India’s link to the Russian energy sector at a discount. They also intend to pressurise other countries like China, a major buyer into severing energy ties with Russia.

Bavarian band welcome

Prime Minister Modi was welcomed by a Bavarian band upon his arrival in Munich on Sunday. Such a grand gesture has only been received by former U.S. President Barack Obama when he visited Germany in 2015.

The Indian Prime Minister was also treated as the Guest of Honour at a dinner party hosted by Bavaria for all the G7 leaders.

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