India issues warning at UNSC: urges nations to beware of vicious debt trap cycle, implicitly targets China

India, in a veiled critique aimed at China, urged the international community to focus on transparent and equitable financing to avoid unsustainable debt traps. Speaking at the UN Security Council open debate on 'Maintenance of International Peace and Security: Promoting Sustaining Peace through Common Development,' India's representative, R Madhu Sudan, emphasized the importance of vigilance against hidden agendas in financing that may lead to a vicious cycle of debt traps.

India's Global efforts and G20 Presidency

Madhu Sudan highlighted India's efforts in various forums, including its G20 presidency, to advocate for reforms in International Financial Institutions. He stressed the need for transparent and equitable financing to ensure sustainable development.

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India has consistently urged countries in the Indian Ocean region to address development challenges and be cautious of hidden agendas, particularly in unviable projects or unsustainable debt. This caution is seen as a reference to China's alleged "debt trap" diplomacy.

Sustained, reformed multilateralism

India emphasized the importance of sustained, reformed multilateralism, especially in the expansion of both categories of membership in the UN Security Council. Madhu Sudan expressed India's commitment to choosing peace, cooperation, and multilateralism for a collective future free of conflicts and threats.

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While acknowledging the multidimensional nature of security, Madhu Sudan cautioned against the Security Council assuming all functions, emphasizing that the involvement of the Security Council in every aspect may not be advisable. India stressed the need to maintain international peace and security and reiterated its commitment to Agenda 2030 for Sustainable Development.

*Global Focus on Sustainable Development Goals*

India highlighted the urgency of reversing the concerning trend of faltering on Sustainable Development Goals (SDGs) and emphasized the importance of not diluting or cherry-picking from Agenda 2030.