… the G20 embodies a shift in global attention from national living standards (real per capita income) to the size of the economy. The doctrine of poorer countries receiving special treatment has been replaced by expectation of burden-sharing, irrespective of the level of development. Two critical domains are in rules for trade and expected action on climate change. As the poorest (and least urbanised) G20 member, India’s particularly affected.
Changes in the political economy of intergovernmental relations have been accompanied by unsettling global economic changes that could be seen as a ‘new normal’. One feature is the collapse of inflation, particularly in the advanced economies, but even flirted with by China.
— Read on bruegel.org/2020/02/india-navigates-a-new-global-order/