History doesn't end today, our old compass has run its course. Here's a new one for India, Pg13

Key Highlights:

• The global order is experiencing fragmentation due to trade disputes, geopolitical tensions, and ineffective multilateral institutions.
• India is promoting trade in rupees with over 22 countries and encouraging investment in Indian assets.
• Climate change caused insured losses of $145 billion in 2025, potentially rising to $300 billion in the future.
• India achieved 50% non-fossil fuel capacity, ahead of its Paris NDC targets.
• Global AI funding reached $120 billion in Q3, highlighting the need for India to invest in AI and quantum computing.

Detailed Insights:

• The post-Cold War order is declining due to great-power rivalries and a resurgence of mercantilism, impacting global trade and supply chains.
• India is actively pursuing Free Trade Agreements (FTAs) to boost growth and using rupee settlement mechanisms to promote financial sovereignty.
• The US faces fiscal challenges with a rising federal deficit, leading countries to reduce dependence on the dollar.
• India advocates for reforms in multilateral institutions like the UN Security Council to better represent the Global South.
• Demographic shifts, particularly an aging global population, necessitate a new global compact focused on migration and human welfare.
• An unreformed United Nations and a narrowly focused G20 highlight the need for a fresh approach to global governance.
• India needs to maintain fiscal discipline, enhance technology investments, and align climate action with economic growth.
• Sustaining macroeconomic stability, freeing land, labor, and capital, and attracting global investment are crucial for India's growth.

Key Concepts Involved:

• Multilateralism: A system of international relations based on cooperation and collaboration among multiple countries.
• De-dollarisation: The process of reducing reliance on the US dollar in international trade and finance.
• Fiscal Deficit: The difference between a government's total revenue and its total expenditure.
• Strategic Autonomy: A country's ability to make independent decisions in foreign policy and defense.