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DAILY NEWS ANALYSIS

  • 07 December, 2022

  • 6 Min Read

G20 Presidency of India as a Watershed Moment

G20 Presidency of India as a Watershed Moment

  • On December 1, 2022, India will formally assume the G-20 presidency.
  • India will hold the presidency until November 30th, 2023.
  • According to the Prime Minister, India's theme is "One Earth, One Family, One Future."

More on the news:

  • Agenda: The Prime Minister described India's G-20 agenda as "inclusive, ambitious, and action-oriented."
  • Sharing India's experience: "During our G-20 presidency, we will present India's experiences, learnings, and models as possible templates for others, particularly the developing world," he added.
  • The significance of the 2023 G20 Summit, which will be held in New Delhi:
  • The G20 summit would be unlike any other multilateral summit that India has hosted in the past.

Meeting of the World's Largest Economies:

  • None of the previous summits brought together the world's largest economies, nor did they include the entire P-5 (permanent members of the UN Security Council).
  • In that regard, the G-20 summit would be the first in Indian history.
  • Depoliticization: In order to promote harmony within the human family, we will work to depoliticize the global supply of food, fertiliser, and medical products, so that geopolitical tensions do not lead to humanitarian crises.

About the G20:

  • The G20 was formed in 1999 in the aftermath of the late-90s financial crisis that ravaged East Asia and Southeast Asia in particular.
  • Its goal was to secure global financial stability through the participation of middle-income countries.
  • According to the official G20 Website, "on the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began holding meetings to discuss the response to the global financial crisis that occurred."
  • Goals: Policy coordination among its members in order to achieve global economic stability and sustainable growth; promotion of financial regulations that reduce risks and prevent future financial crises; and creation of a new international financial system.

Members and visitors:

  • Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, United Kingdom, United States, and European Union are all members.
  • Spain has been invited as a permanent guest as well.

Others:

  • Every year, the Presidency invites guest countries to participate fully in the G20 exercise. Several international and regional organisations also take part, giving the forum a more diverse representation.
  • The G20 countries collectively account for 60% of the world's population, 80% of global GDP, and 75% of global trade.

G20 and Troika Presidency:

  • The G20 presidency is rotated among members each year.
  • To ensure the continuity of the G20 agenda, the country holding the presidency, along with the previous and next presidency-holders, form the 'Troika.'

What will India bring to the world during its presidency?

  • Presenting Diversity: The G20 presidency is an opportunity to showcase India's diversity to the rest of the world.
  • Management during pandemic: Among large democracies, India has fared the best in dealing with the Covid-19 pandemic.
  • The Indian public goods delivery mechanism, on a billion-plus scale, has set a new template for the rest of the world.
  • India's economic management during the pandemic has been extraordinarily prudent, with foresight in decision-making.
  • Independent foreign policy: India's independent foreign policy, as seen in the ongoing NATO-Russia (Ukraine) conflict, has made the rest of the world sit up and take notice.
  • The assertion of its national interests differs significantly from the "glory" days of the Non-Aligned Movement.
  • Employment and the environment: The G20 can serve as a forum for exchanging experiences on societal benefits and growth as complementary goals, leading to new perspectives on employment and the environment.
  • India has its own initiatives to offer the world, such as the "LiFE Movement" and "The One Sun One World One Grid."
  • India's own success models to offer the rest of the world
  • From scaling up a seamless digital payment model based on public digital infrastructure (UPI) to the unique digital identity, and from the successful bottom quintile financial inclusion model to the seamless transition to green energy, India now has many models to showcase, particularly for the developing world.

Global challenges, opportunities, and the road ahead

There are currently five global challenges that the G20 can attempt to address:

  • The first and most pressing issue is the open conflict between Russia and Ukraine.
  • The second challenge is that food prices are rising.
  • The third issue is one of energy.
  • Russia is teaching the world that, while sanctions against it may have an impact on its economy in the future, these sanctions are failing in the short term.
  • As rising food and energy prices cause inflation, the fourth challenge is how countries are attempting to address the issue.
  • The threat of stagflation is the fifth challenge.

Opportunities:

  • Hosting the G20 Presidency would also result in economic opportunities in various sectors such as tourism, hospitality, information technology, and civil aviation, to name a few.
  • Energy, agriculture, trade, digital economy, health and environment would be significant sectors, as would employment, tourism, anti-corruption, and women empowerment, as well as focus areas that impact the most vulnerable and disadvantaged.

Source: The Economic Times


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