India gained from G-20 Summit

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During India’s year-long G20 Presidency from 01 December 2022 to 30 November 2023, over 200 meetings were conducted across all Indian States and Union Territories. The two-day-long G-20 Leaders’ Summit successfully held at New Delhi; which resulted in various deals, pacts and other cooperation agreements between global leaders. Looking at a comprehensive information about the highlights of new initiatives and developments gained during the G20 Leader Summit under India’s Presidency, we may say that India gained from the G-20 Summit.

The G20 chief coordinator Harsh Vardhan Shringla said that theprinciple of “Vasudeva Kutumbakam,” or “the world is one family,” is the most important lesson to be learned from the G20 leaders’ summit. There are other key objectives and achievements of G20 Summit 2023, which we would like to discuss as any other Indian.

India’s G20 Presidency’s theme, “One Earth, One Family, One Future” reflects our G-20 Presidency’s priorities, which include advocacy for inclusive and resilient growth; progress on Sustainable Development Goals; green development and Mission LiFE; technological transformation and public digital infrastructure; reforming multilateral institutions; women-led development; and international peace and harmony. Further, India is also amplifying the voices and concerns of the Global South and developing countries.

India’s achievements in multilateral events like the G20 reflect the country’s higher standing and greater influence in various international institutions and multilateral forums, and in the larger footprint of Indians in every walk of life across the globe, contributing to stronger global common good. There is a global recognition today that India is a force of global good in the world, that is contributions to regional and global stability, peace, and prosperity.

India’s G20 presidency was significant. India is about to experience a strategic window of opportunity. This year, the country’s economy is predicted to grow at the quickest rate among developed nations, surpassing China. India may also gain from the US-China trade war as nations look to break their ties to China in the sectors of crucial and developing technologies.

There are some early indications from the 18th G20 presidency which further marks climate policies and Digital Public Infrastructure (DPI) agendas as crucial. DPI in particular presents a potential low-cost software substitute for China’s “Belt and Road” Initiative.

Also, India is attempting to maintain a delicate balance between pushing for a fairer distribution of power within the international order and averting the perception that it is supporting anti-Western causes.

As per media reports, PM Modi as the president of G20 is determined to make the global table larger, ensuring that every call is heard and every country gets a chance to contribute. He said, “Our presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the African Union as a permanent member of the G20.”

The G20 this year can be viewed as the (first) “green summit” because India is promoting a number of climate policies, such as the International Biofuels Alliance, “Mission LiFe” -which promotes the idea of a circular economy, and green hydrogen standards. In order to promote green funding, India is also urging international development banks to undergo reform.

The Group of Twenty (G20), an association of twenty of the biggest economies in the world, was created in 1999 with the intention of bringing the most significant industrialized and developing economies together to debate global economic and financial stability. It was established at the end of 2008 to deal with the biggest financial crisis ever, which was brought on by American banks and their officials.

The annual summit of G20 started in 2008 has grown into a significant forum for talking about economics and other urgent global concerns. The principal topic on the agenda of each summit is still economic and financial coordination, but recurring concerns include the future of labour, climate change, and global health.

G20 helped the world to a great extent. The G20 brings together the largest and most crucial economies in the world. Its members account for two-thirds of the world’s population, 75% of international trade, and 85% of the global GDP. According to the foremost organization for international economic cooperation, the Group of Twenty (G20) is essential in guiding the world economy through the major obstacles it is currently facing.

India has passed the gavel of G-20 to Brazil, which will have 21 members inclusive of 19-member countries and 2 unions – European Union and newly inducted African Union. While handing over the gavel, PM Modi said, “We have unwavering faith that they will lead with dedication, vision and will further global unity as well as prosperity.India assures all possible cooperation to Brazil during their upcoming G20 Presidency.”

India’s G20 presidency is viewed as having won a huge triumph with the New Delhi Declaration. Its adoption demonstrated that members were able to forge an understanding despite rising tensions and opposing viewpoints. After the event, PM Modi addressed the world leaders and suggested holding a virtual G20 meeting at the end of November 2023.

During the Presidency of G20, India could successfully motivated world leaders to induct India in to the UN Security Council as a permanent member. World leaders could get a glimpse of the developments, which has been brought in India. Tourism at Indian heritage sites, will certainly get a spirited increase and we may hope to get tremendous footfall at all our monuments, including the Sun Temple, Konark. Trade and commerce with India may be lucrative for MNCs and export of Make in Indian products will be on demand. India may attract FDI to invest in Indian Companies, considering the mindset of Indian government in New Delhi. Foreign Policy of a country seldom change; although it is kept polished with the passage of time. Hopefully, we have successfully polished our image through successful conduct of G20.

 

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