India's G-20 Presidency

Recently, the 17^th annual summit of G-20 was hosted by the Indonesian G20 presidency in Bali under the theme ‘Recover Together, Recover Stronger’.

Now, India has assumed the charge of the G20 presidency and the 18^th summit will be held in India in 2023.

What is G20?

It is an informal group:19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
The G20 Presidency rotates annually.
Every year the G20 selects a country from another group to be president.
The G20 does not have a permanent secretariat or Headquarters.

What are the current issues?

Developing countries: are facing an extended, multi-faceted shock of great magnitude
Increased poverty
Worsening of social indicators and inequality.
The UN says: the world is off track on the Sustainable Development Goals (SDGs).
Climate-change disasters and conflicts.
Ukraine-Russia war
Food, fuel and fertilizer crisis
Inflation-recession.
Terrorism persists: the zero-tolerance stance and counterterrorism focus of the international community seems diluted.

Thematic priorities of India’s G20 presidency:

Accelerating progress on SDGs
Technological transformation and digital public infrastructure
Accelerated, inclusive and resilient growth
Lifestyle for environment (LiFE), green development and climate finance
Finding solutions for the “3 Fs: food, fuel and fertilizer-related crisis.
Women-led development and multilateral institutions for the 21st century

What steps India can take?

Previous summits: India can build on the decisions and mechanisms of previous summits.
Mobilizing global solidarity for solutions to pressing problems of humanity.
India’s multi-alignment can be leveraged to bridge systemic and ideological differences and spark a “mindset change”.
India can drive consensus on key reforms of the UN, World Bank, IMF etc.

How can G20 help to furnish these objectives?

G20 could adopt actionable norms and policies
Grow data and knowledge hubs and best practices
Launch mechanisms for financing and implementation
Advocacy campaigns
Impactful programmes on the ground — individually, collectively and for the benefit of the Global South.

Way Forward

India is seen as a bright spot in the global economic horizon. It can play a “lighthouse role” by regionalisation and globalising its achievements.
PM’s LiFE initiative: global high-level principles and the creation of an ecosystem of government and businesses covering demand, supply, policy signals and economic framework could be envisaged.
PM seeks to drive a veritable “Jan Andolan: A people’s movement based on being “One India” as much as “One Earth, One Family, One Future”.
Voice of the Global South Summit’ under the theme – ‘Unity of Voice, Unity of Purpose: It essentially envisages bringing together countries of the global south and share their perspectives and priorities on a common platform across a whole range of issues,”

India’s G-20,India’s G-20