G20- INDIA TO LEAD

NEW DELHI: From December 1 this year, India will assume the presidency of the G20 for a year and chair over 200 meetings with the aim of securing global economic growth and prosperity. Together, G20 members represent more than 80% of the world’s GDP, 75% of international trade, and 60% of the world’s population.

The declaration of the leaders of the G20 summit held in Bali this month spoke of a period of ‘unique multidimensional crisis’ that the world is currently experiencing. It resolved to increase public investment while promoting private investment and strengthening multilateral trade.Many of its policy actions related to the global economy, sustainable development and digitization were in line with recommendations made by the B20, the G20 business engagement group.
At a time when there are marked shifts in geopolitical alignment, India’s role as G20 chair will be central to global stability and macroeconomic coordination as nations look to recover from the pandemic and the conflict in Ukraine and deal with climate change. The theme of Vasudhaiva Kutumbakam or “One Earth One Family One Future” is perfectly suited to the current challenges. As emphasized by Prime Minister Modi during the G20 Summit in Bali, “India’s G20 Chairmanship will be inclusive, ambitious, decisive and action-oriented.”

India has constituted 13 working groups under the Sherpa track that will provide recommendations on areas such as employment, digital economy and trade and investment. Under the finance track, G20 finance ministers and central banks will discuss macroeconomic developments, economic risks and international financial architecture, among others.
The priorities identified by India represent important issues facing the world.

On sustainability, India has emerged as one of the top 5 ranked countries in the Climate Change Performance Index for 2023, the highest among the G20.

Digitization is happening rapidly in India, giving a boost to retail, fintech, education and many other sectors.
India’s leadership in these areas will help the G20 advance its agenda during the year ahead. This will be supported by suggestion from the world business, which will develop ideas under the B20 group. As the designated B20 secretariat, the Confederation of Indian Industry (CII) has outlined nine priority areas for discussion in consultation with stakeholders including the government.