India, April 26 -- A new, multipolar economic order is taking shape, led by nations like India, whose demographic strength, resource wealth, and deeply rooted ethos of fairness position it as a key architect of a more just and sustainable global economy

The world economy is in for a big churning, a severe shake-up. The reasons are primarily two - a debt-based capitalistic model of development and the dominance of the dollar as the international monetary currency, delinked from any traditional tangible material resource like gold.

In the last 75 years, the economic models of the USA, Europe, and a major part of the rest of the world have been built on a typical capitalist ecosphere in which large funds, banking institutions, and a domina...