India was also invited to the summit of the G-7, an organization of seven rich countries of the world, although India is not a member of it. This means that India has enough potential to reach the ranks of these prosperous nations. In this conference that was held in Germany, Prime Minister of India, Narendra Modi took part in a warm meeting with all the leaders, mentioned India’s achievements and also set some new goals in front of this organization.
Modi also freely revealed the fact that India’s population is 17 percent of the world, but it is polluting only 5 percent. In other words, he also gave a signal to the prosperous nations to control their pollution. Apart from this, he appealed to the prosperous nations to give full help to the developing nations. They should remove the increasing inequality in the countries of the world. US President Joe Biden and other leaders announced on the occasion that they would invest $600 billion around the world over the next five years to enable construction work in all countries and improve the standard of living of common people.
It is obvious that the idea of such a huge financial investment was born in these prosperous countries only because of China. In 2013, China launched the ‘Belt and Road Initiative’ (BRD) and has burdened about 40 countries of the world with its debt. Sri Lanka and Pakistan have already become its victims. China has not hesitated to pledge the sovereignty of almost all the neighboring countries of India, but Joe Biden has said without naming the Chinese plan that this plan of the G-7 is neither a charity nor it is a help to the nations. There is a net laid in his name.
This is pure investment. The nations concerned will not only benefit immensely from this, America will also be in profit. It will provide money to the developing nations to build roads, bridges, ports etc. On implementation of this scheme, people will get direct benefit, their poverty will be removed, their employment will increase and their faith in democracy will be strengthened. This scheme will also make a significant contribution in increasing mutual trade and economic cooperation between the countries concerned.
It is also possible that there may be free-trade agreements between the countries participating in this plan. If this happens, not only will the world trade increase, but things will be available cheaply to the common people in the respective countries. Their standard of living will also improve. This view of Biden and other G-7 leaders is commendable, but the dollar has long been said to return manifold wherever it goes. See how little it cheats against the Chinese Yuan?