India’s G20 agenda will be inclusive, ambitious, action-oriented, and decisive.
The G20, or Group of 20, is an intergovernmental summit in which states discuss various global economic areas such as international financial stability, climate change mitigation, and sustainable development. It was established in 1999 as a response to multiple global economic crises. Since 2008, it has met yearly for summits attended by the heads of government or state, finance ministers, foreign ministers, and other high-ranking officials from each member nation. It had a significant impact in 2008 when it helped to decrease worldwide panic induced by a slowing economy and restore economic growth.
The objectives of the G20 are a) Policy coordination between its members in order to achieve global economic stability and sustainable growth, b)Promoting financial regulations that reduce risks and prevent future financial crises, and c)Modernizing international financial architecture.
The European Union and several of the world’s leading economies are among the participants. The G20 comprises Argentina, Australia, Brazil, Canada, China, the EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. Currently, these countries account for more than 80% of the global GDP, 75% of global trade, and 60% of the global population.
The Presidency of G20 rotates annually among its nations, where the President nation determines the agenda of the summit held every year. Many organizations that are not members of the G20 also take part in its meetings on a regular basis. These include the International Monetary Fund (IMF), the World Bank, the United Nations, and the World Trade Organization.
The Presidency is supported by the Troika – previous, current, and incoming Presidencies. During India’s Presidency, the troika will comprise Indonesia, India, and Brazil, respectively.
India succeeded Indonesia as president of the Group of 20 (G20) on December 1, initiating a one-year term that concludes with the summit in New Delhi on September 9-10, 2023. As president, India will establish the global economic governance agenda for the year, giving the country a rare chance to shape the international policy discourse and match its national priorities with its global aspirations. India’s long-awaited opportunity to lead and drive new policies at the negotiation table has arrived as it assumes its first-ever global leadership role.
The Indian government has modernized its intellectual, administrative, infrastructural, and social capital, improved bureaucratic decision-making procedures, and developed an agenda for the year in preparation for its G20 leadership. These are being designed with care in conjunction with critical stakeholders, such as corporations, think tanks, universities, civic society, labor unions, and the scientific community.
The recently declared theme for India’s G20 year, “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future,” is derived from Sanskrit scriptures and emphasizes the connectivity between many kinds of life – human, animal, plant, and microorganisms – as well as their role and significance on Earth and in the greater universe. One of India’s G20 Presidency pillars is PM Modi’s Lifestyle for Environment (LiFE) idea, which was launched during COP26 in 2021. The objective of the LiFE initiative is to place the individual at the center of the discussion and to sensitize every person, regardless of ethnicity or location. It can make a significant difference if individuals become more conscious of their lifestyle choices and act more responsibly.
Prime Minister Modi remarked that global growth is impossible without women’s engagement. In recent years, India has taken the lead in recognizing this reality, opening doors for women in every area. Indian society is quickly evolving, from the education of young girls to special loan disbursements for women entrepreneurs and women in the military. In the coming years, the G20 agenda must also prioritize women-led growth. Under India’s leadership, the G20 can and must speak for the entire world, particularly the Global South, reach consensus, and serve as a catalyst for genuine change.
India would charge various task committees with recommending multiple projects and measures.
The first task force on “Macroeconomics, trade, and livelihoods” is to give suggestions about coordination within the G20 to achieve consistency in monetary and fiscal policy, trade, investment, and supply chain resilience. The “Digital Futures” task force will strive to construct an inclusive digital public infrastructure to enable affordable and secure access. Universal interoperability of digital services will be discussed. In addition, it will address issues of digital financial inclusion and skills, both of which are essential to economic progress.
In a post-pandemic world, the Green Transitions Task Force will attempt to “Refuel growth” as it offers pathways for a smooth transition to clean energy without compromising efforts for global economic resurgence. The “Global financial order” task team will investigate the possibility of realigning the global financial architecture. Today’s problem is restructuring institutions in light of modern economic requirements, including infrastructure. Innovative ways for expanding access to development financing and resource mobilization are of paramount relevance.
“Accelerating SDGs” is the topic of a separate task force that will investigate innovative routes for delivering on the 2030 agenda through enhanced and sustainable partnerships. Given the finite nature of the earth’s resources, a shift toward a circular economy and mindful consumption is expected to reduce waste and contribute to the formation of a virtuous cycle for development.
India’s leadership in the areas of sustainability, digitalization, and inclusivity will assist the G20 in advancing its agenda over the next year. In a time of evident shifts in geopolitical alliances, India’s role as G20 presidency will be crucial to global stability and macroeconomic coherence as nations work to recover from the consequences of the epidemic and confront climate change.