Emerging Markets and Global Governance. An Indian Perspective

China's emergence as an economic and military power has given rise to apprehensions globally, related not only to China's cultural and historical 'alienness', but also to its apparent willingness to challenge the global system and architecture of global governance. While non-Western countries are wary of the possible impact on them and on the global order of Chinese actions, they appear to be willing to cooperate with China on some global issues in order to change a system often seen as inequitable and unbalanced. Yet, the West seems to conflate the idea of a rising China with that of other emerging markets. Given their historical, political and cultural experiences, however, their access to power and influence, if and when it happens, need not necessarily take the same route as China. This is true particularly of India; India is likely, at least for the foreseeable future, to remain within the existing paradigm of global governance, though it may seek to adapt the rules and structures to better reflect its economic, political and security interests. This would not preclude cooperation on a selective basis on specific global issues with different partners, particularly in the realm of global challenges such as climate change, non-proliferation, international trade and finance and the global commons, such as space, the oceans and cyberspace.