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India assuming a pivotal role in the world economic system under PM Modi’s leadership: All you need to know about India’s G20 Presidency

The G20 presidency is a very important opportunity for India, as it gives India an opportunity to become a major player on the global stage.

The G20 Summit is held annually under a rotating presidency, which currently rests with India for 2023. The group does not have a permanent secretariat and is supported by the previous, current, and future holders of the presidency, known as the troika. In 2023, the troika consists of Indonesia, Brazil, and India. Indonesia President Joko Widodo handed over the G20 Presidency to India at the closing ceremony of the 17th intergovernmental summit in Bali in November 2022.

India officially assumed the G20 presidency on December 1, 2022, and since then it has been hosting meetings in cities including Bengaluru, Chandigarh, Chennai, Guwahati, Indore, Jodhpur, Khajuraho, Kolkata, Lucknow, Mumbai, Pune, Rann of Kutch, Surat, Thiruvananthapuram, and Udaipur.

The New Delhi G20 Summit, which will bring an end to a series of meetings over the course of the year, is going to be held in New Delhi on 9-10 September this year. The 43 Heads of Delegations- the largest ever in G20-will be participating in the final G20 Summit.

The G20 Summit is a forum for international economic cooperation and represents 85 per cent of the global GDP, over 75 per cent of the global trade and two-thirds of the global population. The G20 presidency is a very important opportunity for India, as it gives India an opportunity to become a major player on the global stage.

The G20 summit is an annual meeting of the leaders of the world’s major economic countries, which was first organized in the year 2008 in Chicago (USA). These summits bring together representatives from 20 major countries to discuss the global economy, finance, trade, investment, climate change and other important global issues. The G20 summit has helped in the stability and prosperity of the global economy.

Which countries are included in the G20?

The G20 Summit, or Group of Twenty Summit, is an international forum for governments and central bank governors from 19 countries and the European Union. The G20 represents a mix of the world’s major advanced and emerging economies. The 19 individual member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.

Names of leaders participating in G20 summit

  • Prime Minister of India: Narendra Modi
  • President of the United States: Joe Biden
  • President of China: Xi Jinping
  • Prime Minister of Japan: Fumio Kishida
  • Chancellor of Germany: Olaf Scholz
  • Foreign Minister of Russia: Sergey Lavrov
  • Prime Minister of the United Kingdom: Rishi Sunak
  • President of France: Emmanuel Macron
  • Prime Minister of Italy: Mario Draghi
  • Prime Minister of Canada: Justin Trudeau
  • Prime Minister of Australia: Anthony Albanese
  • President of Brazil: Jair Bolsonaro
  • President of Argentina: Alberto Fernandez
  • President of Indonesia: Joko Widodo
  • President of South Africa: Cyril Ramaphosa
  • Saudi Arabia: Mohammed bin Salman-Crown Prince
  • President of Turkey: Recep Tayyip Erdoğan
  • President of Mexico: Andres Manuel López Obrador

Besides, representatives of other international organizations will also participate in the upcoming G20 Summit.

Why is India hosting the event?

G20 is a group of the world’s largest economies, and India is going to become the world’s third largest economy in no time. India, as a member of the G20, has the right to participate in discussions on the global economy and other important issues. The G20 summit in India is also an important economic opportunity for India.

During the summit, India will provide a platform to attract leading businesses and investors from the world. India is hoping to take advantage of this opportunity to boost its economy and create employment opportunities.

Overall, India will benefit greatly from the G20 summit. It will give India the chance to become a significant player on the international stage, boost its economy, and create employment opportunities for its citizens.

India became a member of G20 in 2008. The G20 is a grouping of the world’s 20 largest economies, representing approximately 80% of the world economy. India was the 8th country to become a member of the G20.

What is India’s standing in the G-20?

India makes use of the G20 to increase its influence in the world economic order and work with other nations to address global issues. India participates in the G20 and focuses on subjects including economic development, health, and climate change. India is a trustworthy and accountable G20 member. India is dedicated to attaining the G20’s objectives and supports the group’s guiding principles and values.

India will convene the G20 Leaders’ Summit for the first time in 2023. After this summit is over, the presidency of the G20 will go to Brazil.

During its chairmanship, India focused on encouraging G20 country cooperation to address global concerns. In order to address challenges like climate change, health, and economic development, India collaborated with the G20 nations. The international community has given India’s G20 chairmanship positive reviews. Through the G20, India has improved its standing and influence on the international stage.

How is India’s position going to be on global platforms after G20?

India is likely to maintain its strong position on international forums after the G20. India has prioritized encouraging G20 country cooperation to address global concerns while holding the G20 presidency. India has collaborated with the G20 nations to advance causes like economic development, health, and climate change. The world community has expressed support for India’s G20 presidency. India would keep working to boost its status as a prominent player in international fora beyond its G20 Presidency. India would prioritize encouraging global cooperation to address challenges on a global scale.

India has a few important aspects that can help it improve its standing in international forums. India has a considerable economic impact on the world as the fifth-largest economy in the world. India, a democratic nation, is dedicated to maintaining world security and peace. India is a global cultural powerhouse with a strong global presence. In order to improve its standing in international forums, India can benefit from these aspects. By encouraging international cooperation to address global concerns and by amplifying its voice in the global economic order, India will support world peace and security.

What are India’s G20 Priorities?

The G20 Presidency also heralds for India the start of “Amritkaal,” a 25-year period commencing from the 75th anniversary of its independence on August 15, 2022, leading up to the centenary of its independence.

Vasudhaiva Kutumbakam, which translates to “One Earth, One Family, One Future,” is the theme of India’s G20 presidency. It is inspired from the Maha Upanishad, an old Sanskrit scripture. The theme fundamentally highlights the importance of all life—human, animal, plant, and microorganism—as well as their interdependence on Earth and across the universe. The theme also exemplifies LiFE (Lifestyle for Environment), which highlights the importance of environmentally sustainable and responsible lifestyle choices, both at the individual and national level, in creating a cleaner, greener, and bluer future.

  • Green Development, Climate Finance & LiFE: The opportunity to lead G20 comes at a time of compounding existential threat, with the COVID-19 pandemic having exposed the fragilities of our systems under the cascading impacts of climate change. In this regard, climate change is a key priority for India’s presidential Presidency, with a particular focus towards not only climate finance and technology but also ensuring just energy transitions for developing nations across the world.

Understanding that the issue of climate change cuts across industry, society, and sectors, India offers the world LiFE (Lifestyle for Environment) -a behaviour-based movement that draws from our nation’s rich, ancient sustainable traditions to nudge consumers, and in-turn markets, to adopt environmentally-conscious practices. This ties closely with India’s G20 theme: ‘Vasudhaiva Kutumbakam’ or ‘One Earth. One Family. One Future.

  • Accelerated, Inclusive & Resilient Growth: An accelerated, resilient and inclusive growth is a cornerstone for sustainable development. During its G20 Presidency, India aims to focus on areas that have the potential to bring structural transformation. This includes an ambition to accelerate the integration of MSMEs in global trade, bring in the spirit of trade for growth, promote labour rights and secure labour welfare, address the global skills gap, and build inclusive agricultural value chains and food systems etc.
  • Accelerating progress on SDGs: India’s G20 Presidency collides with the crucial midpoint of the 2030 Agenda. As such, India acknowledges the detrimental impact of COVID-19, which changed the current decade of action into a decade of recovery. In line with this perspective, India wants to focus on recommitting G20’s efforts to achieve the targets laid out in the 2030 Agenda for Sustainable Development.
  • Technological Transformation & Digital Public Infrastructure: As G20 Presidency, India can foreground its belief in a human-centric approach to technology, and facilitate greater knowledge-sharing in priority areas like digital public infrastructure, financial inclusion, and tech-enabled development in sectors ranging from agriculture to education
  • Multilateral Institutions for the 21st Century: India’s G20 priority will be to continue pressing for reformed multilateralism that creates a more accountable, inclusive just, equitable and representative multipolar international system that is fit for addressing the challenges in the 21st century.
  • Women-led development: India hopes to use the G20 forum to highlight inclusive growth and development, with women’s empowerment and representation being at the core of India’s G20 deliberations. This includes a focus on bringing women to the fore, and in leading positions, in order to boost socio-economic development and achievement of SDGs.

Health: The G-20 countries contain the majority of the world’s population, so it is an important forum for promoting global health. Encouraged G20 countries to take action to improve access to health care, prevent infectious diseases, and promote innovation in health care.

Poverty Alleviation: The G-20 countries are expected to play an important role in reducing global poverty. Encouraged G20 countries to take action to reduce poverty by improving access to education, healthcare and employment opportunities.

Counter-Terrorism: India is committed to global counter-terrorism efforts and has been active in discussions on countering terrorism financing and promoting international security.

International Relations: The G-20 is an important forum for promoting global peace and security. Encouraged G-20 countries to take action to resolve conflicts, promote international cooperation, and strengthen global security.

Besides G20, India is a member of several important global groups and organizations, including but not limited to:

  1. United Nations (UN): India is a member of the United Nations and actively participates in various UN bodies, including the UN General Assembly, the UN Security Council (as an elected non-permanent member for the 2021-2022 term), and various UN specialized agencies.
  2. BRICS: India is a member of BRICS, a grouping of major emerging economies that includes Brazil, Russia, China, and South Africa. BRICS aims to promote cooperation on economic, political, and security issues among its member countries.
  3. Shanghai Cooperation Organization (SCO): India is a full member of the SCO, a Eurasian political, economic, and security organization. The SCO focuses on regional stability, security, and economic cooperation.
  4. ASEAN Regional Forum (ARF): India participates in the ARF, a regional security forum in Asia that addresses security issues and promotes dialogue and confidence-building measures.
  5. South Asian Association for Regional Cooperation (SAARC): India is a founding member of SAARC, which brings together South Asian countries to promote regional cooperation in various fields, including trade, economic development, and cultural exchange.
  6. Commonwealth of Nations: India is a member of the Commonwealth, an organization of countries that were formerly part of the British Empire. The Commonwealth promotes political, economic, and cultural cooperation among its member states.
  7. World Trade Organization (WTO): India is a member of the WTO, an international organization that deals with global trade rules and negotiations.
  8. International Monetary Fund (IMF): India is a member of the IMF, an organization that promotes international monetary cooperation, exchange rate stability, and balanced growth of international trade.
  9. World Bank Group: India is a member of the World Bank Group, which provides financial and technical assistance for development projects and programs around the world.
  10. Group of 77 (G77): India is a member of the G77, a coalition of developing countries that advocates for their collective economic interests in various international forums.
  11. IBSA: India is a member of IBSA, a grouping of India, Brazil and South Africa. IBSA is an important economic and political grouping, and India works to promote global economic growth and improve the global order through IBSA.

Through all of these organizations, India aims to improve its standing and influence on the international scene. India is dedicated to developing collaboration to address global issues and advance peace and security around the world.

Please note: This is a translation of an article originally written in Hindi. The original report can be read here.

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श्रवण शुक्ल
श्रवण शुक्ल
Shravan Kumar Shukla (ePatrakaar) is a multimedia journalist with a strong affinity for digital media. With active involvement in journalism since 2010, Shravan Kumar Shukla has worked across various mediums including agencies, news channels, and print publications. Additionally, he also possesses knowledge of social media, which further enhances his ability to navigate the digital landscape. Ground reporting holds a special place in his heart, making it a preferred mode of work.

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