India's Role in Global Economic Cooperation
Prime Minister Narendra Modi highlighted India's position as a stabilizing force amid global geopolitical and economic challenges during the Global Economic Cooperation (GEC) 2026 conference in Mumbai. He emphasized India's remarkable growth, low inflation, and its role as a credible voice for the Global South, which helps shape global conversations toward a balanced and inclusive world order.
India's Digital Public Infrastructure
- Facilitates welfare distribution to a maximum number of people with transparency and accountability.
GEC Platform's Significance
The GEC conference is viewed as a critical bridge for connecting ideas, capital, and innovation, essential for establishing a cooperative and interconnected global economic future.
Geopolitical and Economic Challenges
Jaishankar's Warning
External Affairs Minister S. Jaishankar warned of an increasingly volatile and uncertain global era. He noted the transformation in strategic, political, economic, and technological assumptions, highlighting shifts in the established global order.
- Weaponization of production and finance.
- Leveraging of market shares and tightening export controls.
De-risking and Diversification
Jaishankar stressed the importance of de-risking and diversification across sourcing, production, and markets. India's strategy involves building national capabilities while engaging globally from a strong position, emphasizing economic security through self-reliance and trusted partnerships.
Maharashtra's Economic Role
State’s Strategic Importance
Maharashtra Chief Minister Devendra Fadnavis linked global economic shifts to India’s economic geography, placing Mumbai at the heart of strategic ambitions. The state contributes significantly to India's GDP and industrial output.
- Maharashtra accounts for about 14–15% of India's GDP.
- It contributes nearly 20% of industrial output and over 60% of port container traffic.
Business and Economic Stability
Industry Leaders' Perspectives
Business leaders, such as Baba Kalyani of Bharat Forge, noted that global businesses face uncertainties and changes in the world order. For manufacturers, stability is as crucial as efficiency, positioning India as a "connector economy" offering growth, resources, and stability.
Trust in Global Partnerships
The overarching message from the conference was the importance of trust in global partnerships. As globalisation evolves, India positions itself not only as a growth destination but as a reliable partner in an uncertain world.
