G-20 Presidency: A Unique Opportunity
Theme – “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future”
A new beginning
India took over the G20 presidency on December 1, 2022. India has achieved a critical milestone in its global leadership role with its G20 presidency. India is directing conversations and actions among the main economies of the globe to handle complex challenges as it assumes the presidency for the first time.
Objectives of G-20 The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to inter-alia include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption.
India is concentrating on several prospects during its presidency:
- Inclusive growth,
- Digital innovation,
- Climate resilience, and
- Equal access to global health care.
About G-20
Facts
The G20 represents:
- Around 85% of global GDP.
- More than 75% of global trade, and
- About 2/3rd of the world’s population.
It is the most important forum for international economic cooperation. India will be hosting approximately 200 meetings during its G20 Presidency in 32 sectors at several locations throughout the country.
Background
- The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues.
- It was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007, and,
- In 2009, was designated the “premier forum for international economic cooperation”.
What are India’s Priorities?
| Green Development, Climate Finance & LiFE | Understanding that the issue of climate change cuts across industry, society, and sectors, India offers the world LiFE (Lifestyle for Environment) -a behaviour-based movement that draws from our nation’s rich, ancient sustainable traditions to nudge consumers, and in-turn markets, to adopt environmentally-conscious practices. |
| Accelerated, Inclusive & Resilient Growth | An accelerated, resilient and inclusive growth is a cornerstone for sustainable development. During its G20 Presidency, India aims to focus on areas that have the potential to bring structural transformation. This includes an ambition to accelerate integration of MSMEs in global trade, bring in the spirit of trade for growth, promote labour rights and secure labour welfare, address global skills gap, and build inclusive agricultural value chains and food systems etc. |
| Accelerating progress on SDGs | India’s G20 Presidency collides with the crucial midpoint of the 2030 Agenda. As such, India acknowledges the detrimental impact of COVID-19, which changed the current decade of action into a decade of recovery. In line with this perspective, India wants to focus on recommitting G20’s efforts to achieving the targets laid out in the 2030 Agenda for Sustainable Development |
| Technological Transformation & Digital Public Infrastructure | As G20 Presidency, India can foreground its belief in a human-centric approach to technology, and facilitate greater knowledge-sharing in priority areas like digital public infrastructure, financial inclusion, and tech-enabled development in sectors ranging from agriculture to education. |
| Multilateral Institutions for the 21st century | India’s G20 priority will be to continue pressing for reformed multilateralism that creates more accountable, inclusive just, equitable and representative multipolar international system that is fit for addressing the challenges in the 21st century. |
| Women-led development | India hopes to use the G20 forum to highlight inclusive growth and development, with women empowerment and representation being at the core of India’s G20 deliberations. This includes a focus on bringing women to the fore, and in leading positions, in order to boost socio-economic development and achievement of SDGs. |
Troika
Troika refers to the top grouping within the G20 that consist of the current, previous and the upcoming presidencies (Indonesia, India and Brazil).
Way Ahead
India has participated actively in G20 meetings and has assumed a leadership position in a number of sectors, including encouraging inclusive growth, raising infrastructure investment, and tightening financial regulation.
India has additionally used its G20 membership to advance the interests of developing nations and encourage trade and economic integration between developed and developing nations. Startup20 is the first of its kind official engagement group initiated under the Indian presidency of the G20 2023. The engagement group would act as the voice of the global start-up ecosystem bringing together varied stakeholders on a common platform.
By exchanging cultures and promoting cultural norms at an international level, such as yoga and Ayurveda, the Indian G20 presidency is surely paving the way for it to become a significant global soft power.
Global South’s contribution to Global Growth
80% of the global growth is going to come from the Global South, largely attributed to their favourable demographics.
The share of the developed world has come down to 55% and the share of developing countries is increasing substantially.