India assumes key role in G20

From December 1 this year, India will assume the presidency of the G20 for a year, and will chair over 200 meetings aimed at securing prosperity and growth in the global economy. India was handed over the presidency of the influential organisation at the end of the two-day G20 summit held in Bali, Indonesia.

The G20 has no parallel among intergovernmental forums that comprises of major developed as well as developing economies, thus offering a unique platform. The G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, the United Kingdom (UK), the United States (US), and the European Union (EU). 

G20 accounts for 85 per cent of global GDP, 75 per cent of international trade and two-thirds of the world population, making it a premier forum for international economic cooperation. Indeed, the alignment of G20 cooperation in the post-COVID-19 world could be the game changer in an otherwise dark scenario.

With India set to take the presidency of the organisation that represents the world's top 20 economies, the world economy is embroiled with many issues at the intersection of geopolitics and economics. 

India’s G20 presidency would be an unprecedented opportunity to shape the global narrative in favour of reducing the carbon footprint and encouraging green energy and digitalisation as significant components of transformational changes. 

India’s G20 presidency should be also used to pursue its thought leadership role and the broader goal of reducing polarisation, channelise resources in an inclusive manner, and firm up optics in favour of developmental priorities.

India’s G20 Sherpa Amitabh Kant said India faces many challenges at a time of global turmoil and when the world economy is still recovering from the aftereffects of Covid-19.

“There are many challenges. Not only geopolitics, but the world is also still facing problems in the post-Covid-19 era in terms of falling education, health rates and Sustainable Development Goals. There is also the huge challenge of global debt, in which China plays as major role. There are also challenges of climate action and global supply chains,” he said.

He noted that India would like to highlight its developmental achievement of the last seven years in digital transformation, social and economic sectors during its G20 presidency next year, and implore ways how these can be replicated by other countries.

Meanwhile, Prime Minister Narendra Modi said India's G20 presidency will be inclusive, ambitious, decisive, and action-oriented, noting that the country is taking the charge at a time when the world is grappling with geopolitical tensions, economic slowdown and rising food and energy prices.

The PM said India's G20 presidency is a proud occasion for every Indian and that the country will organise G20 meetings in different cities and states.

"Our guests will get full experience of India's amazing diversity, inclusive traditions, and cultural richness. We wish that all of you will participate in this unique celebration in India, the 'Mother of Democracy'. Together, we will make the G20, a catalyst for global change," he said.

The 18th G20 Heads of State and Government Summit will take place on 9-10 September 2023 in New Delhi. The Summit will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies.

Furthering India’s vision and the common objective of bringing the whole world together for a better future, PM Modi gave examples of One Sun, One World, One Grid which has been India’s clarion call for a revolution in the world of renewable energy, and the global health campaign of One Earth, One Health.

He further added that India's G20 mantra is: One Earth, One Family, One Future. “It is these thoughts and values of India that pave the way for the welfare of the world ... I am sure, this event will not only be a memorable one for India, but the future will also assess it as a momentous occasion in the history of the world," he said.

Another valuable window of the G20 Presidency is its tradition of inviting some guest countries and international organisations to its G20 meetings and summit. These include guest countries such as Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain, and the United Arab Emirates (UAE), as well as International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI).

Despite India’s outlier domestic performance, the threats to the global economy are not over and they will impact India too—rising energy and food prices, rising inflation, rising interest rates and slowing global growth will continue through the next 12 months. Driven by the intrusion of geopolitics into economics and the resultant global readjustment underway cannot be the new normal. And even though they seem to be fused together, the G20 under India’s presidency must find ways to decouple the two. This needs a very high degree of international consensus.

Brazil will take over the presidency after India.