As the photos of Prime Minister Narendra Modi with Indonesian President Joko Widodo at the Bloc Summit swayed the dialogues of newsrooms and social media platforms. Let’s dive into the intricacies of what India bagging the illustrious G20 presidency would entail for the county.
India is set to assume its role as the President of the G20 summit from 1st December 2022.
This occasion was commemorated in Bali as the Indian Prime Minister took over the gavel from the Indonesian President at the end of the G-20 summit. This position will solidify India’s newfound role as a facilitator of global dialogue as the world grapples with a major conflict, rising energy prices and inflation. The country will host over 200 meetings to strengthen the global economy and prosperity.
Table of contents
The Objective of the G20 Summit
The G20 is an international association featuring nineteen countries and the European Union. This intergovernmental forum intends to stimulate the global economy by collectively countering a diverse set of economic challenges. The group also ensures to synergise sustainable development with the plans framed to burgeon the economic opulence of its member countries. The relevance of this influential bloc shapes the economic path of the world as it constitutes:
- 80% of the World’s GDP
- 60% of the world’s population,
- 75% of International Trade
India’s Ambition with the Presidency
The Prime Minister of India shared India’s intent to navigate the group towards economic prosperity as the Russia-Ukraine conflict dismantles global trade. India aims to incorporate democratic morals during its one-year presidency to counter the struggling world economy with action-oriented, inclusive and ambitious plans. Echoing the words of our esteemed Prime Minister, India is set to become a ‘Catalyst of Global Change.’ In his speech, the call to action to bridge the digital divide in the developing world was also made, as a major population of the country is yet to benefit from the digital revolution that continues to shape the world.
India is set to spread head the forum by employing data to stimulate the economic development of countries. A major emphasis of an impending digital revolution is to enrich every facet, from personal development to governance. The Prime Minister stressed the importance of making digital architecture more inclusive for the masses and substantiated its potential to transform the socioeconomic strata of the country.
see also – Modi Highlighted India’s Stand in Energy Security and Food at G20 Summit
G20 Presidency: Duties to Adhere
As India assumes the presidency of the G20 Summit, the country is required to carry out the following responsibilities:
- India will host the leader’s summit and pilot the agenda of the G20 Agenda.
- The presidency will offer India an opportunity to steer the summit’s dialogue and echo its voice on a global stage.
- A Troika will champion the presidency – Indonesia, India and Brazil.
- Harsh V. Shringla, the former foreign secretary, has been designated as the Chief G20 coordinator for India. The secretariat would execute all the policy decisions and arrangements.
- The G20 facilitates its initiatives through a two-track model.
- Finance Track: Marshalled by Finance Ministers and Governors of Central Banks of the member countries.
- Sherpa Track: Comprises the personal envoys of leaders. The sherpas would chair the negotiations throughout the tenure of the presidency. And would partake in negotiating and synchronising the directives of the summit. The summit would also comprise ten engagement groups of civil societies, parliamentarians, and researchers from the member countries.
- Amitabh Kant, a former IAS official that led the Niti Aayog for six years was appointed as the Sherpa for India.
- The centre declared that India’s presidency would abide by the direction of the principles of
Vasudhaiva Kutumbakam (the world is one family).
The state has announced that India’s leadership would seek sustainable solutions for the world’s well-being.
- Amitabh Kant hinted that India aims to discover sustainable solutions to counter challenges that could potentially deteriorate the world’s economy. He identified the bearish global economic growth and impending debt crisis that might impact at least 70 countries. India’s plans with the presidency aim to raise funds for the ‘Global South’ that is still recovering from the grave consequences of the Covid-19 virus.
- India also aims to align the reforms of International Monetary organisations such as the IMF and WTO with the refreshed economic ambition of the ‘developing world.’
Batting for an Indian Century
As India embarks on its presidency for the G20 summit while the global economy is at crossroads, it provides a golden opportunity for the country to voice the aspirations of the east in shaping the global economy. Being the largest democracy in the world, India is set to host and partake in the dialogue of the new multi-polar world facing insurmountable challenges, from a lethargic global economy to an impending climate crisis. India finds itself in an appealing position that could align the rationale of the western and eastern blocs. This presidency commemorates India’s newfound role in the global dialogue, enthralling a vibrant democracy and boasting one of the fastest-growing economies in the world. s
