Think-20 Meet: Role of developed, developing &least developed countries to global infrastructure

Think-20 participation discussed future-oriented, sustainable, environment-friendly infrastructure development in Bhopal. A brainstorming session took place in the plenary discussion of the Think-20 program on the role of developed, developing, and least developed countries in achieving SDGSDSDG goals related to global infrastructure construction.

Bhopal: January 16, 2023. Development of infrastructure and quality of life complement each other. Giving importance to both aspects in the global development model is essential for the formulation of policies and for a safe and secure future for the next generation. An eco-friendly lifestyle is absolutely necessary for the present global circumstances.

In the session “Financing Resilient Infrastructure and Sustainable Transition Towards Life” chaired by Smt. Shyamala Gopinath, Former Deputy Governor, Reserve Bank of India, at Kushabhau Thakre International Convention Center, Bhopal on the topic “International Solidarity, State-of-the-art Technology and Availability of Adequate Finance”, a brainstorming discussion took place in the second plenary session of the special Think T-20 program under the G-20.

Mrs. Gopinath mentioned India’s Panchamrit goals to the world as aspired by Prime Minister Narendra Modi. He said that the availability of finance is important for the world along with India to adopt an environment-friendly development path. In this, determination of the role and cooperative attitude of development finance institutions (DFIs), multilateral institutions, carbon market instruments, and various nations will facilitate the achievement of the goal.

Pro. M. Suresh Babu, Advisor to the Prime Minister Economic Advisory Committee, New Delhi, said that today the world is grappling with a pandemic and extreme weather events. These incidents have adversely affected the infrastructure. It shows a need that infrastructure should be developed in such a way that it can withstand the ravages of time and the changes of nature. Along with this, the development work should be environment friendly. In this direction, along with technology and research, global cooperation is also required in the availability of finance. Along with the calculation of the initial expenditure in infrastructure development, their maintenance should also be included in the consideration, so that it will be useful for future generations as well. Social participation and shared responsibility are vital in this process. Along with the prevailing financing tools, attention should be given to innovative finance sources, it is necessary to have a strong legal framework with inclusive finance availability.

Dr. Nicolas Buchou, Cofounder and President, Grand Paris Allinas for Metropolitan Development, France, underlined that innovation comes from the intelligentsia, the private sector, and industry, not from the government system. Therefore, harmony is necessary for various enlightened classes and the global system.

Pro. Soni Kapur, European University Institute, Italy, said that the capital cost of meeting energy needs with renewable and eco-friendly resources is three times higher than existing resources. There is a secondary relationship between development and the environment. You emphasized that India’s per capita carbon footprint is very low compared to developed countries. But keeping the environment in mind, human capital cannot be ignored in global development. Paying attention to human capital, if we can meet the finance and other basic requirements for the development of human resources, it will give a great boost to global development.

Pro. Nagesh Kumar, Director Institute for Studies in Industrial Development, India, said that the implementation of SDG targets is slow due to the non-availability of finance. Even during the Kovid epidemic, a large part of the resources of the nations was spent in the health sector. In such a situation, external and additional resources are needed to achieve the goal. During his speech, Prof. Kumar made suggestions to impose an international tax to get finance.

Priyanto Rahmatullah, Director, of State Apparatus and Bureaucratic Transformation, BAPPENAS, Indonesia, gave a brief overview of the efforts being made by Indonesia to achieve the SDG goals. He said that India and Indonesia are walking together in promoting low-carbon technology.
Pro. NR Bhanumurthy, VC, Dr. B.R. Ambedkar School of Economic University, Bangalore, while emphasizing social infrastructure development, said that today it is necessary to work on a bottom-up approach. Along with urban, you are also advised to pay attention to rural infrastructure development. During this, you mentioned the “Vocal for Local”, and “One District, One Product” initiatives under the leadership of Prime Minister Narendra Modi.

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Pro. Rajat Kathuria Dean School of Humanities and Social Science, Shiv Nadar University, said that the world is not short of resources, it is lacking. Global commitment based on the philosophy of “One Earth, One Family, One Future”. He said that with global development, the situation of increasing inequality on the global and national levels is worth considering. The global community should do strong and there should also be dedicated work done in this direction. Minister of Science and Technology, Micro, Small and Medium Enterprises, Omprakash Sakhalecha, was also present along with eminent people from different countries, and representatives of international organizations in the session.