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The G20 is a group of twenty international economic cooperation. It was founded in 1999 after the Asian financial crisis to discuss global and financial issues. Every year G20 Summit is held under a rotating presidency. For the year 2023, India holds the Presidency of G20 from December 1st, 2022 to November 30th, 2023.
The country that has the G20 presidency is responsible for bringing the G20 agenda together in consultation with other members or other developments in the global economy. The members of the G20 comprise 19 countries and the European Union.The G20 members are as follows:
In the G20 Summit of 2023, the leaders from the most powerful nations visited India for the G20 Summit which was held on September 9-10 in New Delhi. It was organised at the Bharat Mandapam International Exhibition-Convention Centre.
The aim of this summit includes trade, health, and climate-related issues around the globe. Along with this reform of the World Bank, IMF, new rules related to cryptocurrency, energy security and the economic and social impact of the Russia-Ukraine war.
There are six agenda priorities for the G20 Summit, 2023:
In an interview on 26 August 2023, Prime Minister Narendra Modi expressed the agenda of G20 under the presidency of India. It includes climate change, debt restructuring, and a strategy for regulations related to cryptocurrency.
The G20 summit is important for the world because it includes more than 75% of global trade, around 85% of global gross domestic product and two-thirds of the world population - G20 Organisation.
According to the experts of the B20 Summit and G20 Summit - this year's summit will impact the trade and investment markets of India positively. Also, creates opportunities for Indian businesses which eventually help in global expansion.
The stock indices grew positively after the G20 Summit and then continued with foreign investment. As per the data of the World Bank, India is the only major global economy which has a 6%+ GDP. Last year it outpaced the United Kingdom (Britain) and became the fifth-largest economy. Presidency at the G20 Summit this year will give unique opportunities to strengthen the role in the world economic order.
The theme of the G20 Summit was “Vasudhaiva Kutumbakam” which means “One Earth, One Family, One Future.” India is leading an agenda to address global challenges and help the economy to grow. The presidency of G20 shows the emerging soft power of India and the growing influence of the country on a global stage.
The view of PM Narendra Modi sees the presidency of the G20 Summit as a diplomatic milestone to solve the South’s Global concerns. At the summit, India is leveraging its economic significance and getting support from other G20 members. The timing of the summit was also perfect as India’s Chandrayaan-3 program was successful.
All 83 paragraphs of G20 Summit 2023 received 100% approval, even though China and Russia are in agreement. This declaration does not receive any footnote or summary from the chairperson, which was a historic moment.
In the declaration, more importance is put on mobilizing “US $5.8 to $5.9 trillion in the pre-2030 period for developing countries” and “US $4 trillion per year for clean energy technologies by 2030” to attain net-zero emissions by 2050.
A suggested framework for the development has been accepted by the G20 member countries. The declaration also mentions the approval of India’s plan to build and maintain a global repository, which will be a virtual stack where non-G20 and G-20 countries can voluntarily share their open-source mechanisms to drive a mutually beneficial ecosystem.
India can contribute to global economic growth through domestic policies. To attract foreign investment, the Indian government created many economic reforms over the past few years. Also to improve infrastructure and to promote entrepreneurship. And these forms work and increase economic growth.
Here take an example of the “Make in India” initiative to promote manufacturing and create more jobs. The Digital India campaign was launched to improve the digital infrastructure and improve technology access. So, by sharing these experiences with other G20 countries, India can help other economies to adopt similar policies.
India is a part of the World Trade Organisation (WTO) and involved in different negotiations of trade such as agriculture, intellectual property rights, services etc. So, India can use their experience in these negotiations in G20 and can promote a rule-based trading system.
Similarly, India’s financial sector has gone through many reforms in recent years, including the bankruptcy code which helped improve the banking sector. In this way, India is promoting financial stability and reforms in the global financial system.
As stated above, the African Union became a part of G20, so now the name changed to the G21 summit. The idea of adding the African Union was floated in June 2023 this year, when PM Narendra Modi proposed this idea. The US and France showed their support.
The African Union became a permanent member at the summit, and it is the second African member of the G20 after South Africa. African Union which represents the 55 countries in the African continent given a full membership.
The PM shares that this decision was in the spirit of “Sabka Saath, Sabka Vikas”. The chairperson of the African Union, Azali Assoumani joined the other G20 leaders at a high table. Now when the African Union is added, it will strengthen the “Voice of the Global South” as the only country from South was the part of G20 which is South Africa.
According to the officials, this is the right step towards a fair and more inclusive representation of global governance. India gets a permanent seat at the UNSC with the help of the African Union as it represents itself as a champion for developing and undeveloped countries. India also invited Nigeria, Egypt, and Mauritius as part of the “Guest Countries” at the summit.
Also read: About JIO Financial Services as a Second Largest NBFC Company in India
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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