The West-led economic order that shaped the last century is undergoing a structural reset. Geopolitical fragmentation, supply chain shocks and demographic divergence are accelerating the shift towards a multipolar world. The result is a new, more distributed economic architecture led increasingly by Asia, Africa and Latin America.
This shift is not cyclical; it is structural. The 'global south' now accounts for 85% of the world's population and nearly 40% of global GDP. Over the next decade, global goods trade is expected to reach $32.6 tn, with the 'global south' driving 44% of all exports.
Intra-Asian trade alone has risen to 59% of Asia's total trade, and trade corridors linking South Asia, Southeast Asia, Africa and West Asia are set to grow nearly 4 percentage points faster than the global average. Southeast Asia, South Asia and Africa will account for three of the five fastest-growing regions in the world through 2030 (IMF). By 2030, the 'global south' is expected to host two-thirds of the world's middle class, creating an unprecedented wave of consumption.
What is unfolding is a new reality: the 'global south' is trading more with itself, investing more within its network, and innovating at scale. This has profound implications for supply-chain diversification, technology flows, and new trade agreements built around resilience, inclusion and value addition.
The 2023 G20 New Delhi Leaders' Declaration captured this shift sharply - reaffirming the aspirations of the 'global south' and calling for a more representative, sustainable and digitally enabled global growth model.
India is emerging as a pivotal driver within this rebalanced order. From digital public infrastructure that delivered real-time financial inclusion to vaccine and pharmaceutical innovations that reached more than 150 countries, India has shown what scale + innovation + purpose can achieve.
Over the next five years, India will contribute nearly 6% of global trade growth, behind only China and the US. It ranks 7th globally in services exports, accounting for 4.3% of global services trade and climbing. India will add $1 tn to its GDP every few years, as per Morgan Stanley. India already contributes 18% of the world's digital transactions - more than the US, the EU and China combined.
India's expanding engagement across Africa, Latin America and West Asia positions it uniquely to shape the emerging South-South economic architecture. Its model - scalable, frugal and tech-driven - has powerful resonance across the 'global south'.
Future growth will be anchored in a dual engine: a globally competitive services sector + high-end value-added manufacturing (electronics, RE, defence, semiconductors).
As emerging economies across Asia, Africa and Latin America expand, India's partnerships will increasingly be built on long-term investment rather than short-term trade, co-creation rather than one-way value flows, and mutual development rather than dependency. Growth corridors - spanning West Asia, Africa and Latin America - will become nodes of resilience, enabling new supply chains in energy, digital infrastructure, food security and circular manufacturing.
Government-led innovations have powered India's rise so far. But the next leap - from a major economy to a global power shaping the 'global south' - must be driven by Indian businesses. For this, three shifts are essential.
Scale outbound ambition Outward direct investment (ODI) from India has grown 1.5x in the past year, signalling rising global ambition. Indian FMCG, financial services, pharma and telecom companies are expanding, moving from 'exporting to markets' to 'building ecosystems'.
Invest in basics Investments in rural infrastructure - electrification, logistics, healthcare, water, sanitation - remain one of India's highest-return levers. These are not social outlays, they are growth multipliers.
Build digital and AI infra India can become the AI backbone for emerging economies. It must set up large-scale AI data centres, export compute, tokens and intelligence, as India once exported software talent, and build platforms that democratise access to digital services across Africa, Asia and Latin America. This reduces dependency on Western digital ecosystems and creates a trusted, affordable and sovereign alternative for the 'global south'.
India's rise is not accidental. It is built on a decades-long combination of innovation, institutional scale, public goods and private enterprise. As the world's economic centre of gravity shifts southward, India has the opportunity - and responsibility - to shape the next chapter of globalisation, a chapter defined by inclusion, not polarity; by digital empowerment, not digital divides; by shared prosperity, not zero-sum competition.
If India can mobilise its private sector, deepen its global partnerships and scale its innovations, it will not just participate in the South's rise - it will lead it.
The writer is CEO, Deloitte South Asia
This shift is not cyclical; it is structural. The 'global south' now accounts for 85% of the world's population and nearly 40% of global GDP. Over the next decade, global goods trade is expected to reach $32.6 tn, with the 'global south' driving 44% of all exports.
Intra-Asian trade alone has risen to 59% of Asia's total trade, and trade corridors linking South Asia, Southeast Asia, Africa and West Asia are set to grow nearly 4 percentage points faster than the global average. Southeast Asia, South Asia and Africa will account for three of the five fastest-growing regions in the world through 2030 (IMF). By 2030, the 'global south' is expected to host two-thirds of the world's middle class, creating an unprecedented wave of consumption.
What is unfolding is a new reality: the 'global south' is trading more with itself, investing more within its network, and innovating at scale. This has profound implications for supply-chain diversification, technology flows, and new trade agreements built around resilience, inclusion and value addition.
The 2023 G20 New Delhi Leaders' Declaration captured this shift sharply - reaffirming the aspirations of the 'global south' and calling for a more representative, sustainable and digitally enabled global growth model.
India is emerging as a pivotal driver within this rebalanced order. From digital public infrastructure that delivered real-time financial inclusion to vaccine and pharmaceutical innovations that reached more than 150 countries, India has shown what scale + innovation + purpose can achieve.
Over the next five years, India will contribute nearly 6% of global trade growth, behind only China and the US. It ranks 7th globally in services exports, accounting for 4.3% of global services trade and climbing. India will add $1 tn to its GDP every few years, as per Morgan Stanley. India already contributes 18% of the world's digital transactions - more than the US, the EU and China combined.
India's expanding engagement across Africa, Latin America and West Asia positions it uniquely to shape the emerging South-South economic architecture. Its model - scalable, frugal and tech-driven - has powerful resonance across the 'global south'.
Future growth will be anchored in a dual engine: a globally competitive services sector + high-end value-added manufacturing (electronics, RE, defence, semiconductors).
As emerging economies across Asia, Africa and Latin America expand, India's partnerships will increasingly be built on long-term investment rather than short-term trade, co-creation rather than one-way value flows, and mutual development rather than dependency. Growth corridors - spanning West Asia, Africa and Latin America - will become nodes of resilience, enabling new supply chains in energy, digital infrastructure, food security and circular manufacturing.
Government-led innovations have powered India's rise so far. But the next leap - from a major economy to a global power shaping the 'global south' - must be driven by Indian businesses. For this, three shifts are essential.
Scale outbound ambition Outward direct investment (ODI) from India has grown 1.5x in the past year, signalling rising global ambition. Indian FMCG, financial services, pharma and telecom companies are expanding, moving from 'exporting to markets' to 'building ecosystems'.
Invest in basics Investments in rural infrastructure - electrification, logistics, healthcare, water, sanitation - remain one of India's highest-return levers. These are not social outlays, they are growth multipliers.
Build digital and AI infra India can become the AI backbone for emerging economies. It must set up large-scale AI data centres, export compute, tokens and intelligence, as India once exported software talent, and build platforms that democratise access to digital services across Africa, Asia and Latin America. This reduces dependency on Western digital ecosystems and creates a trusted, affordable and sovereign alternative for the 'global south'.
India's rise is not accidental. It is built on a decades-long combination of innovation, institutional scale, public goods and private enterprise. As the world's economic centre of gravity shifts southward, India has the opportunity - and responsibility - to shape the next chapter of globalisation, a chapter defined by inclusion, not polarity; by digital empowerment, not digital divides; by shared prosperity, not zero-sum competition.
If India can mobilise its private sector, deepen its global partnerships and scale its innovations, it will not just participate in the South's rise - it will lead it.
The writer is CEO, Deloitte South Asia
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Romal Shetty
CEO, Deloitte South Asia