G20 2023 India – How can India establish prominence?

G20India summit!

This event is making headlines throughout the world & entire India is eager to cherish this golden opportunity.

India has assumed Presidency from December 2022 for a period of 1 year and is confident that the summit would ace the country’s future endeavors.

India plans to hold as much as 200 meetings ranging across 32 sectors for development!

Why is the summit that important?

What is G20?

The G20 is a group of 20 countries accounting for 60% of the world population, 75% of global trade, 85% of GDP!

Being a President of such powerful grouping isn’t a great thing as many experts say. The real challenge for India is how it utilizes the position for the benefit of G20 as well as India.

THE TIMELINE:

YEAR	THE PROGRESS
1975	Group of 7 (G7) was formed. The group comprised of DEVELOPED countries.
1997	1997 Asian Financial crisis occurred. It had ‘ripple effect’ on developed countries. There was a need for the global economies to cooperate.
1999	G20 was formed.
Post 2008 Financial crisis	G20 meetings became regular & started taking productive decisions.

DISCUSSIONS AT G20?

There are two tracks of discussions among the delegates related to Finance and policy making..

TRACK 1 FINANCIAL TRACK	TRACK 2 SHERPA TRACK (GUIDING TRACK)
Global economic growth Tax information exchange Financial regulatory reforms Financial Inclusion Remittances across the world Fossil fuel subsidies Green finance Anti-terrorism financing	Employment Climate change Agriculture & Food security Anti corruption measures UN Sustainable Development Goals Improvement of Healthcare

In Track 1, The Finance Ministers, Central Banks discuss policies to run global economy at right pace.

In Track 2, Discussions on Foreign policies by diplomats occur covering tourism, Environment etc.,

POWERS OF G20 PRESIDENCY:

1. INVITE NON-MEMBER COUNTRIES

The host country has the privilege to invite countries of strategic importance to the table for discussion. It poses an opportunity to showcase India’s soft power.

For example, India has invited UAE, Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain for the summit.

By this, The Government of India plans to become the ‘Voice of Global South‘. Here the term ‘Global South’ refers to Asia, Africa and South America!

This is because many multilateral institutions like UN, WHO, WTO are highly polarized towards the global North. At the current situation, India’s diplomacy should be taken advantage, to establish leadership.

2. GREEN ENERGY & UPI

The recent advancements in Renewable energy and Digital payments has to be propagated to the world to show that India is not only a big market but also a competitive force.

With the Developed countries resorting back to coal and oil after the Russia- Ukraine war, thereby sacrificing climate commitments & stopping promised climate finance to the developing and underdeveloped countries, India is now in a hot seat to take immediate decisions for Climate Change.

The same goes for Food security. Russia and Ukraine being the largest Wheat exporters, are making the world suffer by stopping exports.

The UPI is a revolution that the world must know.

For all this, the opportunity to hold Presidency has to be utilized to its maximum potential in a manner that it will decide India’s future for the upcoming decade and bring in a positive image for the country.

Related articles:

G20 summit 2022 Indonesia – https://www.scrolledstories.com/2022/11/g2o-summit-2022-highly-polarised.html

INTERNATIONAL ISSUES – https://www.scrolledstories.com/category/international-issues