Photo by Gayatri Malhotra on Unsplash
“Alone we can do so little; together we can do so much” – Helen Keller.
The G20 framework exemplifies this idea, illustrating how a coalition of nations can artistically forge a triumphant route towards worldwide economic prosperity.
In the symphony of global economics, the Group of Twenty (G20) emerged in 1999 as a unique ensemble, featuring the economic powerhouses of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom (UK), and the United States. Initially conceived to harmonize the discordant notes of industrialized and developing economies in discussions on global economic and financial stability, the G20's annual leaders' meeting has evolved into a grand stage for addressing a myriad of global concerns. Beyond the formalities of the summit, this eclectic gathering has been known to birth remarkable international agreements from the impromptu cadenzas of bilateral talks. Notably, the G20's resounding response to the 2008 financial crisis echoes as one of its magnum opuses. In this economic sonnet, India takes center stage as a virtuoso, orchestrating initiatives within the G20 to compose a melody that bridges economic disparities and champions inclusivity. This essay embarks on a journey through India's G20 initiatives, exploring the intricate notes of its contributions, priorities, achievements, and challenges, all of which harmonize to create a symphony contributing to the stability of the global economic opera.
India’s inclusion in the G20 back in 1999 marked a turning point in its diplomatic journey. With a population and a thriving economy, India’s participation in the G20 reflects its growing influence. Within this forum India consistently advocates for fairness and inclusivity understanding that promoting growth is not only important domestically but also globally crucial. This perspective guides India’s approach to G20 initiatives. Looking ahead to 2023 the G20 holds importance for India as it provides an opportunity to engage with global economic players advance its own interests and address pressing global concerns. With its economy and sizable population India aims to leverage this platform to protect its interests while contributing to global issues like climate change, trade and economic stability. Therefore, the G20 Summit is more than a meeting of nations; it represents a coming of economic powerhouses that shape the global economic landscape and foster extensive co-operation.
The notion of inclusive economic growth is a beacon that illuminates the path towards ensuring that the fruits of economic progress are shared across all strata of society, particularly among those historically pushed to the sidelines. India, a steadfast advocate for this ethos within the G20, underscores the significance of tackling income disparities, alleviating poverty, and championing sustainable development. The nation's dedication to fostering inclusivity radiates through a tapestry of pivotal initiatives and policy stances within the G20 framework:
The G20 affirms its steadfast commitment to nurturing fair competition, eschewing protectionism, and promoting a market free from distortions—a realm conducive to universal benefits in trade and investment. Their expansive vision encompasses providing sustainable financing for comprehensive social protection and exploring agreements facilitating the transfer of social security benefits. Additionally, a dedication to heightened macro policy coordination surfaces, fortifying the 2030 Sustainable Development Agenda. The New Delhi Leaders Declaration emphasizes the imperative of flexible responses, citing recent financial crises where swift actions by authorities upheld financial stability. Commending initial efforts by the Financial Stability Board (FSB) and standard-setting bodies (SSBs), the summit urges their persistence in extracting insights from recent banking crises.
The 18th G20 summit illuminates key facets for a brighter future: nurturing inclusive growth, empowering women, enhancing well-being, sustaining development, and advancing health and education. Despite the midpoint to 2030, progress on Sustainable Development Goals (SDGs) crawls, with only 12% of targets on track. In pursuit of societal prosperity, the G20 commits to fervently execute the 2030 Agenda, using its convening power to hasten SDG strides. The Delhi declaration accentuates the role of digital transformation, AI, and data in Data for Development (D4D), unveiling the Data for Development Capacity Building Initiative. Globally, leaders steadfastly fortify food security and nutrition, aligning with the G20 Deccan High-Level Principles in 2023. Additionally, the G20 prioritizes foundational learning—literacy, numeracy, and socio-emotional skills— as bedrocks for education and employment, shaping a resilient, inclusive, and sustainable future.
In navigating the 21st century's intricacies, a pressing demand emerges for an international development finance system tailored to the specific needs of developing nations, especially those grappling with extreme poverty and vulnerability. This system must flexibly address the scale and intensity of their challenges. Shifting from dealing in billions to handling trillions in development funding requires reinforcing the resilience of Multilateral Development Banks (MDBs). Finance Minister Nirmala Sitharaman introduces a groundbreaking framework for debt relief, expanding its scope to financing resilient and sustainable cities in nations like Zambia, Ghana, and Ethiopia—an adaptable approach for MDBs. Strides in sharing information on immovable properties align with the G20's international taxation goals. Sitharaman secures unanimous approval for MDB restructuring, aligning them with 21st-century challenges. G20 members, in their declaration, commit to transformative reforms amplifying MDB effectiveness, ensuring their adeptness in addressing global challenges and maximizing developmental impact.
Enter the realm of "digital public infrastructure" (DPI), an ever-evolving ensemble of shared digital systems collaboratively developed and utilized by both public and private entities, fortified by secure and resilient foundations. Crafted through open standards, specifications, and open-source software, DPI serves as the conduit for delivering societal-scale services. India's finance minister proudly announced the realization of the triumvirate of "foundational" DPIs, encompassing real-time rapid payments (the UPI), digital identity (Aadhaar), and a secure platform for sharing personal data while upholding privacy. The visionary proposal to establish a "Global Digital Public Infrastructure Repository (GDPIR)," essentially a virtual vault of DPI innovations, garnered accolades in the declaration, extending its reach to G20 members and beyond.
The G20 spearheads a robust commitment to the 2030 Agenda, strategically investing in empowering every woman and girl, emphasizing the pivotal role of gender equality. At the forefront stands EMPOWER, the G20 Association for Women's Economic Representation, uniting government officials and business leaders in a mission to drive women's leadership and empowerment within the private sector.
The G20 gathering puts emphasis on timely and adequately mobilizing resources for climate finance. “We recall and reaffirm the commitment made in 2010 by the developed countries to the goal of jointly mobilizing $ 100 billion climate finance per year by 2020, and annually through 2025, to address the needs of the developing countries, in the context of meaningful mitigation action and transparency in implementation. Developed country contributors expect this goal to be met for the first time in 2023”, the declaration said.
The leaders' proclamation from the heart of Delhi at the G20 summit unequivocally denounces terrorism in all its forms, be it grounded in religious ideologies, philosophical beliefs, racism, xenophobia, or other intolerances. Recognizing the commitment of major religions to global peace, the declaration underscores terrorism as a paramount threat to international peace and security. As the G20 Summit of 2023 unfolds, the call resonates to support these imperatives and encourages global counterparts to do the same, extending into the forthcoming round of mutual assessments. The Financial Action Task Force (FATF) and its regional counterparts are grappling with escalating resource demands in their ongoing efforts.
Under India's G20 leadership, the Declaration resonates a call for global unity, warmly embracing the African Union as a permanent member with unanimous approval. In this era, the MAHARISHI initiative acts as a catalyst, fostering connections among researchers, facilitating information exchange, and leading capacity-building across G20 nations with unwavering support from MACS. A visionary spectacle unfolds at the New Delhi summit, revealing a groundbreaking global accord on railways and ports connecting the Middle East and South Asia. This transformative infrastructure pact not only benefits low- and middle-income countries but also amplifies the Middle East's role in international trade. Prime Minister Narendra Modi and the UK's Rishi Sunak pledge collaboration, steering a fair and progressive free trade agreement. Beyond economics, the summit illuminates the interconnectedness of freedoms, embracing religion, expression, assembly, and association in the collective fight against intolerance and discrimination based on belief.
Throughout India's year-long stewardship of the G20, spanning from December 1, 2022, to November 30, 2023, over 200 meetings convened across every Indian State and Union Territory. The climactic two-day G20 Leaders' Summit in New Delhi culminated in the successful forging of agreements and collaborations among global leaders. In a symbolic transfer of the G20 Summit baton for 2024, Prime Minister Narendra Modi passed the Gavel to Brazil's President Lula da Silva. G20's chief coordinator, Harsh Vardhan Shringla, stressed a profound lesson from the summit—the ethos of "Vasudeva Kutumbakam," encapsulating the idea that the world is one interconnected family.
India's G20 endeavours toward inclusive economic growth reverberate globally. As one of the world's major economies, India's unwavering dedication to curbing inequality and promoting inclusiveness sets a noteworthy precedent, particularly inspiring nations in the Global South. India's vibrant engagement in G20 dialogues spanning sustainable development, digital inclusion, and healthcare access advocates for a comprehensive approach to global economic challenges. Moreover, India's accentuation on the significance of South-South cooperation and capacity-building finds resonance among fellow emerging economies. By generously sharing its experiences and optimal strategies, India assumes a pivotal role in fortifying international alliances and nurturing collaboration across G20 nations.
In conclusion, India's active involvement in the G20 mirrors its dedication to fostering inclusive economic growth, both within its borders and on a global scale. Through innovative ventures in financial inclusion, sustainable development, education, digital accessibility, and healthcare, India has significantly enriched the G20's pursuit of economic stability and the reduction of inequalities. Despite persistent challenges, India's role within the G20 remains pivotal, acting as a bridge to narrow economic disparities and advance the noble cause of inclusive growth. In the face of ongoing global economic and social challenges, India's commitment to inclusivity within the G20 assumes heightened significance, poised to serve as a beacon inspiring other nations. Collaboratively, with India at the forefront, the global community must persist in working towards a more inclusive and fair economic future for all. India's G20 initiatives transcend national development, embodying a collective endeavor for the prosperity and well-being of the global economy and its inhabitants.