G20 and India's presidency

Introduction

G20 is a forum that was created by the world leaders to enhance trade, investment and financial cooperation among member countries for development of their economies (Globalization, 2009). The twenty largest economies in the world gather frequently to address the most important issues affecting the global economy in the G20 meeting.

Together, the G20 accounts for more than 80% of world GDP, 75% of global trade and 60% of the population of the planet. The current members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States, plus the European Union.

 

Background

When we look at what G20 was, it can be seen that members of this forum are developed countries who are involved in manufacturing, trading and other sectors of the economy. Following the Asian financial crisis, the G20 was established in 1999 as a platform for the discussion of international financial issues by the finance ministers and central bank governors of the major industrialised and developing nations.

It developed into the Leaders' Summit during the 2008 global financial crisis, a venue for presidents and prime ministers to meet for two days in an effort to address the world's economic issues. Following meetings of G20 leaders in Washington, DC in 2008, London in early 2009, and Pittsburgh in late 2009, these gatherings have subsequently established themselves as yearly events.

Senior officials, referred to as "sherpas," negotiate the topics for summits in an effort to persuade the G20 members to come to consensus. They serve as their leaders' guides across the often difficult terrain, much like sherpas in the Himalayas, and carry out diplomatic duties.

Meetings of trade representatives, central bank governors, and anti-corruption working groups are also held.

Role of Indian in G20

India was one of the first countries to join G20 and it became very active in joining this country. The president from India visited many countries, meetings and conferences and she actively participated in forums as well as conferences. For instance, the meeting that was done in Nairobi, Kenya, which was attended by over 400 delegates of 180+ nations, showed her commitment to developing Asia and making sure that all its people feel safe and secure. In 2010, she attended the Global Summit that was organized in Jakarta, Indonesia, where more than 100 countries participated. She also made a speech that expressed concern for the plight of human rights in Islamic regions. Her participation in the summit brought her recognition by various organizations across the globe. It also helped boost her political image making India to become an international celebrity.

Her participation in this forum also shows her interest in globalization and development. This is because many countries, especially those in the third world are struggling economically. As a result, they do not have a chance to participate in these forums, hence she used her time to champion their cause in different forums. Her participation in the forum enhanced cooperation of the nations, especially those who were disadvantaged. For example, there was a case when she advocated for aid allocation in Afghanistan to poor regions, including women, children, widows, orphans etc. She also contributed to the formulation and the signing of the Regional Trade Agreement (RTA) with other member states such as Japan, Korea, Mexico and Philippines.

India was able to achieve her goals through leadership at both national and local levels.

On her part, Mr. Modi has gone a long way towards realizing her aspirations through his administration. As an example, the most recent conference of trade Ministers was held under her reign and she addressed some of the issues affecting farmers. However, this is not enough because there is still much work needed in terms of promoting peace of mind. There is need to invest in education so that youth can understand how to deal with conflicts in society (Kamravarty, 1998 Para 1).

Indian’s leadership was marked by economic recovery and expansion. His success has been recognized worldwide because of his dedication, energy and competence in bringing together regional cooperation and building trade relationships with emerging markets. He also initiated several projects around the world, including the Asean Economic Community (AEC) which promoted economic integration by providing infrastructure to support business operations. His government has also started initiatives like Agribusiness and Industrialisation Programmes which aim at promoting industrialization and agricultural growth while at the same time supporting tourism. In addition, he has focused on improving health care system which includes provision of healthcare and rehabilitation. On his part, he has invested heavily on infrastructural development. He has improved road network, electricity sector, water supply and wastewater treatment facilities (Kamravarty, 1998).

The main focus of his policies has been foreign investment and attracting investments in Pakistan and his economic agenda was aimed at lifting up the nation’s standards of living. He has launched ambitious programs aimed at reducing poverty and social inequalities while strengthening democracy. He has made efforts to promote equality, dignity and respect while improving education standards. Through reforms, he has boosted exports, reduced income inequality, widened opportunities for employment and incomes and established public institutions through mergers and privatization (Kamravarty, 1998). He has also reformed the banking sector, which has led to the emergence of new banks. During his tenure the value of the rupee strengthened while the unemployment rate declined. He invested heavily in information technology, electronic commerce, transport and telecommunication sectors. All these initiatives have contributed towards the development of the nation.

Indian Presidency in G20

The theme of India's G20 logo is "Vasudhaiva Kutumbakam," which translates to "One Country, One Family, One Future."  The vibrant colors of the Indian national flag—saffron, white, green, and blue—serve as inspiration for the G20 logo.

Ø India's pro-planetary approach to life, which is in perfect harmony with nature, is reflected in Earth.

Ø The theme also emphasizes Life—Lifestyle for the Environment—and the environmentally sustainable and responsible choices that go along with them. These choices can be made at the individual lifestyle level as well as at the national development level, resulting in globally transformative actions that will make the future cleaner, greener, and bluer.

Ø  For India, the G20 Presidency also marks the beginning of the "Amrit Kaal," which will last 25 years and begin on the 75th anniversary of India's independence on August 15, 2022, and end on the 100th anniversary of India's independence. The goal of the "Amrit Kaal" is to create a futuristic, prosperous, inclusive, and developed society that is centered on a focus on each person.

What India's G20 presidency means:

Ø With roughly two-thirds of the world's population, over 75% of global trade, and approximately 85% of global GDP, the G20 is the most important forum for international economic cooperation.

Ø India will host approximately 200 meetings in 32 different sectors across the country during its G20 presidency.

Ø Delhi will host the G20 Summit of Heads of State and Government on September 9 and 10, 2023.

Ø  PM, Modi says that this term could be a chance for India to show the world its expertise in digital technology, democracy, and women's empowerment.

Ø  India can demonstrate to the world that when democracy becomes a culture, the scale of conflict can be reduced. This is because India is a nation based on fundamental democratic principles. During the current conflict between Ukraine and Russia, this becomes even more significant.

Ø  The "global common good" is at the center of India's foreign policy. India hopes to extend this principle to finding sustainable solutions to some of the most important global challenges brought on by the interconnectedness of the world, such as climate change, new and emerging technologies, food and energy security, and so forth, through its leadership of the G20.

Ø The G20 troika would include India, Indonesia, and Brazil during India's presidency.

Ø The Troika would be made up of three emerging economies and developing nations for the first time.

Ø  As a consequence of this, it is anticipated that the G20's power structure will sway in the direction of emerging economies, giving them a larger stake in decision-making.

Ø  India has a fantastic chance to correct the long-standing flaws that disadvantage developing nations, particularly in the area of agricultural and food subsidies, during its presidency of the G-20.

Obstacles for the G20 nations

Ø Widening geopolitical divides: The growing geopolitical rifts, such as the conflict between the world's two largest economies, the US and China, or the decline in trade between the UK and the Eurozone following the Brexit vote, are putting pressure on the global economy.

Ø  Major economies' slowdown: Due to the ongoing real estate crisis, China, one of the main engines of the global economy, is experiencing a severe slowdown at the moment.

Ø  Expected economic downturn: While recession is anticipated for some of the world's largest economies, such as the United States and the United Kingdom, others, such as the nations of the Eurozone, are more likely to slow down or even stop.

Ø Steadily rising inflation: Global economic expansion has slowed as a result of persistently rising inflation, which has reached historic highs in many nations.

Ø  The consequences of Russia's invasion of Ukraine: The Russian invasion of Ukraine has significantly raised global inflation in addition to significantly raising geopolitical ambiguity. The situation deteriorated as a result of Western sanctions. In the linked article, learn more in depth about the conflict between Russia and Ukraine.

Ø The effect of rising prices: In response to high inflation, central banks around the world have increased interest rates, which has further slowed economic activity.

Indian Presidency in 2023

 India has taken over as G20 Presidency  On December 1, 2022.

Ø During its G20 presidency, India will host nearly 200 meetings in 32 sectors at various locations across the country.

Ø  Theme of G20: India's G20 presidency focuses on Vasudhaiva Kutumba-Kam, or "One Country, One Family, One Future."

Ø  India will make every effort to ensure that "only one world" exists instead of "first world or third world."

Ø  India's efforts to realize its vision of uniting the world in pursuit of a common goal and a better future is embodied in the G20 theme.

The following highlights the significance of India hosting the Summit in 2023:

Ø India's presidency of the G20 is a unique opportunity for the country to influence global policy on pressing issues.

Ø  The creation of an international agreement to reform multilateral organizations like the United Nations was the first step toward a new world order for the post-Covid era.

Ø  You have the chance to assume leadership of the Global South.

Ø  The growing significance of the G20 in light of pressing issues like the conflict in Ukraine, the COVID-19 pandemic, and global warming.

Conclusion

 In conclusion, both domestically and internationally, India has successfully carried out its mandate through leadership and management. It was able to transform its economy into one that ranked high among Asian nations. She established realistic challenges and priorities when she took office based on the experiences she had already had during her tenure. Without necessarily increasing debt levels, governments must devise strategies to assist the most vulnerable. In this regard, a major concern would be the requirement to closely monitor external risks. To alleviate global supply shortages, leaders of the G20 must advocate for "more open, stable, and transparent rules-based trade."