The panel consisted of notable Indian and German experts. The panelists especially focused on the impact of globalization on the global economy and the international system. It was stated that the constantly changing, globalized world was continuously presenting the global economy with new challenges. Especially for the OECD countries, globalization has become an issue as it has led to reluctance regarding further deepening of regional integration. People have also become suspicious of globalization because they are increasingly questioning what benefits it actually brings and, above all, for whom. It was stated by the panelists that the globalization, as it has been unfolded, was not in contradiction to the nation state and it not only supported, but and needed it. Thus, the 1990’s naïve perception of globalization that the world would become one and nation states would disappear is no longer valid. However, there is no doubt that globalization has boosted the rise of many states.
China in particular has been able to turn globalization to its advantage. The panelists argued that the country had become a superpower because it was able to pick and choose out of the existing international organizations and institutions and in this way, was in a position to globalize selectively. At the same time, it has established its own alternative institutions. This success story has contributed to globalization enjoying greater popularity among the emerging economies and countries of the Global South. According to a recent study, 83 per cent of the Indian population are in favor of globalization because they think that it will contribute to the country’s prosperity. Even though China does not necessarily want to export its own system, it wants to convince the world of the righteousness of its actions. The European Union (EU), in close cooperation with other multilateral organizations and countries like India, must analyze which aspects of Chinese globalization contribute to the maintenance of an international rules-based order and a stable global economy and are therefore worth supporting and which aspects endanger it.
The panelists stated that growth and connectivity are very central to India’s foreign policy thinking. This is where India and Europe are on the same platform. It has been argued that India and the EU should enhance their partnership in this regard and that the focus on connectivity associated with globalization will contribute to the EU's growing importance as an actor in the future. This is particularly the case against the background that there is currently a shift from hard connectivity to soft connectivity. While the Chinese Belt and Road Initiative might threaten a further regional integration in the Indo-Pacific, other countries’ connectivity strategies can contribute to it, especially if they join forces.
Both, FICCI and the India Office of the Konrad-Adenauer-Stiftung were grateful for the valuable exchange and the contributions of the distinguished panelists as well as of the industry representatives present in the audience the audience.