Professor Core, Professor Amitabh Mitra, Professor Prabid, distinguished panelists, colleagues, students, media, ladies and gentlemen. Welcome everyone. Thank you for being here today. What we are going to discuss? We are going to discuss about the emerging economic order and what is new about this order? Because nowadays if you read the newspaper, you will learn new words — maybe resilience, strategic interdependence, geopolitical friendshoring, onshoring — and the fact is that whole interdependence is being weaponized. So there is an emerging world order. The old world order has not been eliminated or diminished. A new world order is emerging. Old assumptions are being challenged, and therefore we are in a transition phase at the moment. And why it's a transition phase? Even if you see this month, three particular events happened: one at the WTO, second in the United Nations, third at the BRICS summit. At the WTO, a world trade report came out which mentioned that the share of the Global South in international trade has increased substantially over the last three decades. But the rules which are governing the international trading system are outdated and not reflecting the socio-economic situation of the Global South. Second event: the same message was conveyed in the UN General Assembly, where it is frequently mentioned that the current UN bodies are not reflecting the current affairs of economics, political, or security, and the system needs to change. Third event: the BRICS summit which happened in Delhi, where Prime Minister Modi said that if there is a crisis situation, the Global South is always in the front seat, but when it comes to decision-making, we are at the back seat, and the time has come that the Global South or developing countries need to amplify their voices and they need to become rule-shapers rather than rule-takers. So this transition is happening, and that's why the Delhi School of Economics and RAIS have joined hands, because these discussions can't be confined to government files. It can't even be confined to academic journals, and therefore policy needs the discipline of scholarship, and scholarship needs to understand the type of challenges the policymakers confront. With this background, RAIS and the Delhi School of Economics have come together with the India and Emerging Economic Order Forum. This forum is conceived because we wanted to give a platform to academia, policymakers, diplomats, business, and research, and translate whatever conversation we have into policy ideas. We therefore don't see this forum as a one-off event. This will be a continuing process. We will do a series of events. And today is the inaugural address by Shri Shaktikanta Das. [applause] On record, I also would like to thank Professor Yogesh, Vice Chancellor, Delhi University, as well as Professor Ram Singh, Director, Delhi School of Economics, that we have come together and we are starting this forum. Now, three questions are there: what is happening at the national level and international level? Who is writing the rules of the global economic order? How can the Global South amplify their voices? And last, how India can navigate the uncertainty we are confronting at the moment. So these are the questions, and in this context we are privileged that with us we have Shri Shaktikanta Das ji with us. Huge round of applause. [applause] Let me also confess that there are only a few policymakers who have witnessed this transition through different vantage points — whether it is fiscal policy, through monetary policy, or engagement with international economic institutions. Sir, we are really very interested to hear your views about how India is navigating this uncertainty. And sir, one more thing: your association with RAIS is older than mine. I have just been associated with RAIS only one year back, but your association is since 2016, when you were the ex-officio General Council member, being Secretary, Finance. [applause] Thank you, sir. And you also participated in some of the events, especially the BRICS Economic Forum in 2016, sir, in Goa. Thank you, sir. Thank you very much for being here with us. Now, dear friends, we are starting this forum with the inaugural address by Shri Shaktikanta Das ji. And yes, we got a very good response — more than 1,000 registrations, more than from 100 institutions, more than 10 universities — that's the response we have got. And we are also live on YouTube. And the last thing I just wanted to mention about the students — just see the energy here. Just see the upper hall and here down here in the hall, full of energy. And your participation is extremely important when we are discussing this new economic world order. Why? Because you are going to inherit this world order. You are going to do research. You are going to write. You are going to negotiate and you will write the rules. And let me make it very clear that it's a long-drawn battle and you will be our torchbearers. So huge round of applause for all young minds. And the last thing about RAIS is a four-decade-old institution where research meets policy. I will not take much time. I will just request to run the video of RAIS. But thank you for your attention and thank you all the panelists and sir for joining us and accepting our invitation on behalf of Delhi School of Economics and RAIS. Thank you, sir.
As the voices of developing countries struggled to find adequate space in global economic discussions, the need emerged for a dedicated policy think tank — one that would represent the concerns, aspirations, and development priorities of the Global South. From that vision, RAIS was born. More than four decades ago, a quiet idea took shape to create a space where the voices of developing countries could truly be heard. In 1983, RAIS, under the Ministry of External Affairs, was established with a clear purpose: to strengthen policy research on international economic issues and to bring the concerns of the Global South into global conversations. At a time when the world economy was rapidly changing, developing countries needed stronger representation and deeper evidence-based insights. RAIS stepped in to fill that gap. Over the years, RAIS evolved into a leading policy think tank under the leadership of eminent economists, visionary policymakers, and high-ranking diplomats. RIS leadership also included distinguished scholars, eminent academicians, and leading intellectuals whose contributions to research, policy discourse, and international development have significantly enriched contemporary academic and strategic thought. RAIS has become a platform where research meets policy, where ideas are not just discussed but shaped into action. Through studies, reports, and dialogues, RAIS is consistently focused on issues that matter most to developing economies. Guided by its distinguished Governing Council and Research Advisory Council, RAIS continues to advance as a leading policy institution dedicated to articulating and strengthening the developmental aspirations, strategic priorities, and collective voice of the Global South in an evolving international order. As globalization deepened, RAIS expanded its engagement. It actively contributed to debates on trade, development, technology, and sustainability. From WTO negotiations to South-South cooperation, RAIS has played a quiet but important role, bringing balanced, development-focused perspectives to global platforms. At its core, RAIS has always remained committed to one idea: ensuring that the Global South is not just included but meaningfully heard. Whether it is trade rules, climate concerns, or development priorities, RAIS has consistently highlighted the need for fairness, inclusivity, and equity through flagship publications and wide-ranging consultations led by different centres, including RICD — the Global South Centre of Excellence — which was inaugurated by the Honorable Prime Minister Shri Narendra Modi. I firmly believe that countries of the Global South have a lot to learn from each other's development experiences — RICD, Development and Knowledge Sharing Initiative, Global South Centre for Excellence. Other important centres of RAIS include CME, the ASEAN India Centre, and FTTM, which engage several ministries and institutions of the Government of India, like NITI Aayog, the Ministry of Commerce and Industry, Ministry of Finance, Ministry of Agriculture and Farmers Welfare, the Ministry of Ports, Shipping and Waterways, Ministry of Ayush, Ministry of Science and Technology, among others. Moreover, RAIS has established a wide institutional network comprising more than 200 think tanks across around 150 countries, fostering sustained policy dialogue and South-South cooperation at the global level. RAIS's engagement with major international institutions and multilateral forums such as the G20, WTO, IPSA, BIMSTEC, Indian Ocean Rim Association, and BRICS — BRICS in particular has become an important platform for RAIS to contribute to the evolving development and cooperation agenda of the Global South. During India's BRICS chairship in 2026, RAIS made substantive contributions to eight line ministries through research and policy dialogue, including its engagements with the BRICS Civil Forum and BTTNF. These initiatives constitute an important dimension of its policy outreach and contribution to global and regional governance discourse. RAIS has brought together policymakers, scholars, and practitioners from across the world. Today, RAIS stands as a dynamic institution, engaging with new challenges in a changing world. More than 43 years on, the journey continues with the same commitment, the same purpose.
Shaktikanta Das ji, Principal Secretary to the Honorable Prime Minister, Professor Yogesh Singh, Vice Chancellor, University of Delhi, Dr. Sheshadri, Dr. Sachin Sharma, our distinguished panelists who will be speaking on the panel after this session, highly distinguished accomplished guests, members of University of Delhi faculty and students, colleagues from RAIS, dear students. We just witnessed the unique and exemplary role played by RAIS in advancing India's interest at home and more specifically abroad. We consider it a matter of pride at Delhi School of Economics to partner with RAIS. This forum — India and the Emerging Order Forum — is a foundational cornerstone of our partnership with RAIS. Dr. Sachin Sharma and your team, we consider it a great pleasure to partner with you. The forum will be discussing important issues. It aims to serve as a platform for a serious, continuous dialogue on strategic and economic aspects, where India is at the center and the focus is going to be outward-looking in general and more specific on the Global South.
Today we are in a situation where we have to ask: how can we mitigate our vulnerabilities while capitalizing on our strengths? We have to ask and address this question in a world where established global powers take approaches that are protectionist and occasionally extortionary. We have to navigate our ways in a highly uncertain world, in a volatile world. And this forum is expected to produce not only ideas but also tangible outcomes in terms of discussion papers, policy papers. We consider it to be our unique, singular privilege that Shri Shaktikanta Das ji has agreed to launch this forum by delivering the inaugural address. [applause] Uncertainty is not new for Shri Das ji. He led India's banking system as Governor of the RBI when uncertainty changed its nature from being sporadic events to becoming a paradigm-defining order of the day. He uniquely contributed to strengthening India's economic systems through his novel and unique monetary policy interventions. He provided great resilience, where India stood out not only among the developing world but also the developed world. In recognition of his contributions, he was awarded Central Banker of the Year by the Financial Times in 2020. Subsequently, he was awarded Governor of the Year in 2023. Therefore, it is a matter of great honor and privilege for us to be guided by his vision and his guidance as to how we should go about navigating the new and emerging world order. Shri Shaktikanta Das ji. The motivation and inspiration for this forum came from our Honorable Vice Chancellor, Professor Yogesh Singh. During his multiple visits at Delhi School of Economics, every time he came visiting Delhi School of Economics, he gave us new ideas. He presented new issues for us to think about, to work upon. That process motivated us to think of this forum — to think seriously, to debate seriously, to produce tangible outcomes. It is because of his guidance and unwavering support that we are able to launch this event today. Professor Yogesh Singh sir, we continuously look forward to your guidance and support in our activities. Finally, I want to thank our distinguished guests, colleagues, and students who have come in such a large number that it will keep us energized and motivated for months and years to come. Thank you so much. Thank you.
Thank you, Pankuri. Respected Shri Shaktikanta Das ji and very great practicing economists on this dais — and I don't have to tell you how difficult it is for me to be fitting into this group. The challenge before India and the challenge before me are the same. So, without acknowledging much of the challenges, I take this opportunity to thank our Director General, Professor Sachin Sharma, for mentioning the role of RAIS in providing actionable policy for the government. In these four decades, there have been innumerable instances of the reports prepared by RAIS which have been considered by the government, including the idea of RICD, which RAIS has been working for for more than 30 years. Some of the former Director Generals here would bear me out on the reports that we prepared sometime in 2003 and 2004, and even before that — the kind of reports that we have done. So, as our Director General very rightly mentioned, we are passing through a very critical period of international affairs. In geopolitics, things have started changing almost on a daily basis, or sometimes even on an hourly basis. So we do not know what's going to happen in West Asia. We do not know what is going to happen in the conflict between Russia and Ukraine as it is going on. So these are all some things that change very fast. But as we are looking at navigating uncertainty, the Global South, and the emerging new economic order, we are all aware — especially persons like Dr. Shaktikanta Das — that we are passing through a time when there is absolutely no difference. Geopolitics and geoeconomics, they have become two sides of the same coin. You cannot think of geopolitics without thinking of geoeconomics, and you cannot find a solution for geoeconomics without getting involved in the geopolitical drivers. So one of the most important drivers for the new economic order itself is geopolitics. And if you go by the recent events in geopolitics — whether it is the Trump-Xi Jinping meeting, or whether it is the BRICS meeting, or whether it is the continuation of India's prominence as far as South-South cooperation is concerned — what we have seen is there is a new narrative that is being built: the narrative that South-South cooperation doesn't matter anymore, or that the Indo-Pacific is the past or has no relevance. And these new narratives are not going to help the world, and they are not going to help India either. So if you have to tackle the new situation, we will have to also understand that we will have to not only go back to the old narrative but also strengthen the narrative that India is the most important leading factor as far as South-South cooperation is concerned, and India's responsibility as far as the Indo-Pacific Economic Framework is concerned is very important. So in this context, it is India's responsibility to not only strengthen the Indo-Pacific but also strengthen the Indo-Pacific Economic Forum and make it more vibrant. Along with it, sir, for your consideration, I would suggest that since India is the most leading member of the Global South, like the Indo-Pacific Economic Forum, it is high time that India should seriously start considering forming a Global South-South Economic Forum, so that we are able to not only actively participate in the geopolitical events of the Global South but also lead the geoeconomic aspects of the Global South. India is poised for a leadership role as far as the Global South is concerned. So these are all some of the areas that we should start looking at, and I would really appreciate if you are able to guide the RAIS especially on these factors, so that we will be able to produce more research documents which would later on be translated into policy documents for the Government of India and also for laying the foundation for the new global economic framework that is emerging. So we look forward to your cooperation. We look forward to your guidance, and we look forward to your handholding as far as RAIS is concerned. Thank you, sir.
Thank you, sir. We now come to the address by the chair of this session. I request Professor Yogesh Singh, Vice Chancellor, University of Delhi, to share his thoughts with us.
