India acquired the grand presidency of the G20 Summit on Dec 1, 2022. The journey of the G20 started in 1999 after the Asian financial crisis. G20 Summit is an international forum for discussing international economic and financial concerns. It is called the “premier forum for International economic cooperation.”
It is a group of twenty members which include France, Canada, Australia, Argentina, Brazil, China, Germany, Mexico, India, Japan, Indonesia, the Republic of Korea, Italy, Russia, Saudi Arabia, Turkey, South Africa, U.K, U.S.A., and the European Union. The members represent 85% of the global GDP.The newly acquired position will help India to bring the key issues to the forefront of the world table. The year-long Presidency meetings will be held across various cities of the country. The theme of India’s G20 Presidency i.e., “VASUDHAIVA KUTUMBAKAM” means “One Earth. One Family. One Future.“ carries the broad vision of India which it endeavors for the world. PM Shri Narendra Modi said, “India’s G20 agenda will be inclusive, ambitious, action-oriented, and decisive.”
Challenges under the G20 presidency
India’s newly acquired position in the G20 summit comes at a time when the world is already struggling with the aftereffects of the COVID-19 pandemic and the ongoing Ukraine-Russian conflict. The real challenge for India is to maintain the same balance under the presidency also as it has now maintained on crucial issues as most of the countries are inclined towards it. The position in G20 places India in a place where it has to balance and tackle pressurizing issues in a just and fair way keeping in mind the global scenario.
This for sure would not be an easy challenge to overcome. India will also face challenges regarding climate change, nuclear proliferation (keeping in view the ongoing Ukraine-Russian conflict), sustainable development, environment, trade, etc. But challenges always open doors for opportunities to bring about significant changes and the G20 presidency is one such opportunity.
This for sure would not be an easy challenge to overcome. India will also face challenges regarding climate change, nuclear proliferation (keeping in view the ongoing Ukraine-Russian conflict), sustainable development, environment, trade, etc. But challenges always open doors for opportunities to bring about significant changes and the G20 presidency is one such opportunity.
Way Forward for India In G20
India has got the great opportunity to Pivot the focus of the world to developing communities or the Global South and emerging markets. India’s presidency in the G20 Summit will be essential for global stability. India has got a great opportunity to work with the African continent to work on concerns of geopolitics and technology. In terms of geopolitics and technology, India has got a way to unlock the potential of digital technologies and digital economies to benefit its people in various ways.
India’s newly acquired position in G20 presents a unique chance for entrepreneurs. It’s an opportunity for nations to recover from the pandemic aftermath and Ukraine’s conflict. It is of utmost importance in tackling climate change.
India will attract a lot of attention. The social, political, and economic stability of the country will surely come under closer scrutiny as a result. The political establishment as a whole will be put to the test, not just the governing party.
India’s Prime Concerned Sectors
India established 13 working groups under the sherpa track. They would be providing direction on the dimensions of employment, digital economy, and trade and investment. Similarly, under the setup of the financial track will be deliberating on the issues of macroeconomic development, economic risks, and international financial architecture. PM Modi seems to emphasize that the foundation of India’s G20 Presidency is the “one-ness” of the human race.
The advent of a multipolar world presents India with new opportunities to harness its untapped moral and intellectual resources.
Renewable resources:
India is ranked 5th largest solar installed capacity. India is advocating the Promotion of ‘climate justice’ central to global climate change discourse. Faster adoption and manufacturing of Electric Vehicles (FAME) are the new initiatives. The project of NAMAMI GANGA is a mission for conserving and rejuvenating the national river Ganga.
Tourism and Hospitality sector:
India’s G20 Presidency brings hope to the hospitality industry. This is the ideal time for the government to promote tourism under the “Incredible India” theme. The country’s hospitality sector is prepared to celebrate the nation’s rich and diverse heritage and diversity while showcasing its top-notch standards and amenities to the world.
Digital India:
India sees the G20 Presidency as a means to achieve its potential in the field of digital and technological advancement.
Climate Change:
India will require substantially more funding to help developing nations adapt to climate change and help with climate mitigation. With the help of the G20 Presidency, India can stand out and work as a leader in climate projects.
Multilateral Reforms:
In terms of Multilaterateral cooperation, India along with leading efforts to enhance the G20 and bridge gaps that have emerged as a result of the geopolitical environment. India must also set the tone for future multilateral collaboration in several areas of the group’s multifaceted agenda.
As the President of the G20, India is aiming to achieve a strengthened partnership with international organizations such as WHO, IMF, OECD, and others.
Trade and Investment:
India’s position in G20 gives India a chance to initiate a transformation of the global regulatory structure. This will be done by setting up the International Institute for regulatory Development (IIRD)
Financial Inclusion:
India’s position in G20 has got the Financial opportunities to grow big cities in India under the Finance and Central Bank Deputies Meeting. The G20 Presidency will provide India an edge over subjects related to debt relief and regulations of cryptocurrency.
Women-led Development:
India aims at achieving inclusive and speedy growth with special emphasis on women’s empowerment and representation.
India has achieved the highest ranking among the G20 nations in the climate change performance index for 2023. Placing it among the top 5 nations in terms of sustainability. It holds the Presidency of the G20 from December 1, 2022, to November 30, 2023. The 43 Heads of Delegations- the largest ever in G20-will be participating in the final New Delhi Summit in September next year.
–JASMINE CHOUDHARY and SURABHI SINGH
