G20 – The Progress of India and The World

(Image credit: Aljazeera)

India’s involvement in the G20 revolution arises from the actualization that as a crucial evolving economy India has a significant interest in the peace of the global financial and economic policy.

The G20 impacts the world in a powerful way, bringing together the world’s central and systemically vital economies. Its partners account for 65 % of the world’s population, around 75 % of global trade, and 85 % of global GDP. The conference has convened every year since 1999, with rulers gathering since 2008 for an annual G20 Leaders’ Summit.

The G20 (Group of Twenty) plays a substantial part in constructing and strengthening international cooperation and management on all primary global economic issues. India is organizing the Presidency of the G20 from 1st December 2022 to 30th November 2023.

In establishing an encouraging platform for broad universal progress and expansion the G20 plays an integral role. Its function of securing financial strength, facilitating development, and controlling problems are vital in funding the openings and confronting difficulties for low-income generating or developing countries.

The member nations of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, as well as the European Union.

India’s G20 Presidency – Vision for an Undivided World Order

Established in 1999, G20  is a premier international forum embodying 20 nations, both developed and developing nations around the world and the European Union. Built in the wake of the Asian Financial Crisis, the group does not have a lasting secretariat, and each annual meeting is funded and arranged by the Troika – the past, the existing, and the incoming presidency. For the 2023 G20 forum, the Troika includes Indonesia, India, and Brazil. 

So far, the earlier 17 Presidencies have provided considerable outcomes while honoring the most stressing global problems of macro-economic power, rationalization of worldwide taxation, relaxing debt burden on countries, financial vitality, climate relief, and change, and sustainable growth.

Attending the presidency of Indonesia this year, India is all set to reckon from 1st December 2022 the presidency for 2023. India will handle more than 200 seminars in over 50 regions across the nation. Under the eight operating groups, the Finance Track will concentrate on key topics such as financing for infrastructure, financial sector policy changes, financing for health care, and financing for sustainable progress. 

The Sherpa Track will direct on thirteen matters like agriculture, anti-corruption, the digital economy, and climate change, and two initiatives – G20 EMPOWER (This initiative pursues to empower women and stimulate their leadership in the private sector by leveraging coalitions between business leaders and G20 nations) and RIIG (Research and Innovation Initiative Gathering endeavors to improve research and invention collaboration among the G20 member nations). Finally, the eleven Engagement Groups, involving non-government players from G20 member countries, will submit policy suggestions.


(Image credit: News Nine)

Creating on the belief produced by India’s age-old traditions, the G20 presidency will work around the themes of the widespread feeling of one-ness – ‘One Earth, One Family, One Future’ – defining ‘that all of the world, universe or reality is one, founded on the proverb ‘Vasudhaiva Kutumbakam’.

  • One Earth: Cure the earth by enabling tolerable and environment-friendly lifestyles founded on Indian beliefs.
  • One Family: Doing away with politics and promoting peace within the human tribe by proper supply chains of food, medicines, and fertilizers. This is done with the goal to deter humanitarian hardships due to geo-political conflict.
  • One Future: Facilitate ethical dialogues among the most influential countries of the world observing core problems of climate difference and ease of risks posed by weapons of mass destruction to increase global security.

This notion drawn from the ancient Sanskrit text of the Maha Upanishad strives to reaffirm the importance of all lifeforms – humans, animals and microorganisms and their interrelationship with each other and the globe. The symbol and the theme together communicate a powerful meaning of India’s G20 Presidency which is of an even and bearable future for all on the planet. 

The theme additionally shows in Hon’ble PM Narendra Modi’s revolutionary concept of Lifestyle for the Environment or LIFE, which is related to the necessity to make sustainable and honest options starting on an individual degree for a bluer and greener future.

The presidency’s schedule further accentuates the desire to work together on a common level rather than resorting to wars and battles for survival. PM Modi emphasized in his address the greatest challenges that the world confronts today – climate change, terrorism, endemics, and pandemics – and how they can be settled not by protesting but, relatively, by helping each other. There will also be a key emphasis on the use of technology to develop digital outcomes which can be executed at an international level to build permanent and significant changes.

Human-centric globalization is India’s Presidency all about, and is anticipated to have a large-scale influence on the intergovernmental policy formulations and conversations that will affect the New World order and set the worldwide post-pandemic economic program.

-Shashi Thakur

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